What is a Merchant Broker?
When it comes to payment processing, businesses have a lot of options. With so many providers offering different rates and services, it can be overwhelming and time consuming to choose the right one. That’s where merchant brokers come in. A merchant broker acts as a middleperson, helping businesses navigate the complexities of payment processing by finding the best deals and tailored solutions.
But is going through a broker really worth it for your business?
In this blog, we’ll explore the key benefits of using a merchant brokerage and why it could save you time, money, and hassle in the long run.
Negotiating Power
The main reason why merchant brokerages are attractive to businesses is for their expertise in their field, guaranteeing competitive prices by utilising their pre-established relationships with banks. On average, businesses can save up to 35% by using merchant services, often outweighing the cost of the brokerage – resulting in more money being able to go back into the business. Furthermore, the convenience of having someone else do the work for you means that you’re saving time which allows you to do what you do best and run your business.
Compliance
Another one of the benefits of using a merchant brokerage for your business is the assistance with PCI compliance, this is a set of guidelines that help businesses protect cardholder data and prevent fraud. The downsides of not being PCI compliant are severe for any business. In 2013, Adobe was forced to pay out a total of $1 million as well as a year’s free subscription to everyone affected following a data breach which leaked 38 million customer’s login information. All because Adobe wasn’t compliant with the State legislation such as the California Consumer Privacy Act (CCPA), the US equivalent of the DPA.
Support
Brokerages offer comprehensive support and guidance from experts who can explain contract terms, fees and hidden costs as well as deal with technical issues or billing discrepancies. Moreover, experts will also help you to select only the services that will be beneficial to your business, tailoring the contract to your specific needs to ensure efficiency.
Technology
Finally, the last big benefit of using a merchant brokerage is that they can help you to adopt the latest advancements in payment technologies to improve the customer experience and streamline operations. Some examples of new technologies offered by brokerages include; The latest
Finally, the last big benefit of using a merchant brokerage is that they can help you to adopt the latest advancements in payment technologies to improve the customer experience and streamline operations. Some examples of new technologies offered by brokerages include; The latest The latest POS and EPOS systems, Virtual Terminals, and E-Commerce.
In conclusion, utilising a merchant brokerage can offer significant advantages for businesses looking to optimise their payment processing systems. From negotiating power that leads to cost savings, to the peace of mind that comes with ensuring PCI compliance, brokerages provide expertise that is hard to match when doing it alone. On top of that, they offer tailored support to meet your business’s unique needs, ensuring you’re not wasting time or money on unnecessary services. Plus, brokerages give you access to cutting-edge payment technology, helping your business stay ahead of the curve in an ever-evolving market. Overall, using a merchant brokerage is an investment that can save time, money, and a lot of hassle, making it a smart choice for any business looking to grow and thrive.
