It’s the Visa Global Registry of Service Providers, and it’s “The List” to consult before you sign up for merchant services.
If you’ve been in business for long, chances are you’ve been approached by an agent or broker offering you the best credit card processing services under the sun. Some sales pitches tend to be deceptive and long-winded, adding more confusion to the already complicated electronic payments industry. So how do you sift through the thousands of merchant service providers who want your business?
First off, going through agents and brokers is like letting plus ones come to your party. They might seem to add convenience for the other guests, but they cost you more as the host and they don’t really need to be there. They will want to be paid on top of what you owe the provider they connect you to. By cutting out these extra middleman fees through a bank-direct program, you can minimize your processing rates.
Next, it’s important to check on resources that were created to help you find merchant services you won’t regret signing up for down the road.
Visa created the Visa Global Registry of Service Providers to promote awareness among businesses processing credit cards. Providers on “The List” are able to showcase their compliance with Visa regulations, industry security standards and best practices. Visa recommends it to businesses as a due diligence resource before they sign up for merchant services.
If the provider you’re considering is not on the list, look elsewhere!
Still, the list is quite long, so to narrow down your search you may want to consult consumer resources like the Better Business Bureau. Also, it’s important to consider the best fit for your business type, as some providers hone in on niches such as offshore, domestic high risk or strictly low risk businesses. If your business is considered high risk, some merchant service providers won’t approve your application, and others might charge exorbitant processing rates. BankCard USA regularly underwrites merchant accounts for low to high risk businesses, new or existing, and extends a low rate guarantee—we will beat the rate of any verified provider.
Don’t get duped by a fast-talking agent or broker who will have you overpaying for services. We’re on the list, and we’re here to help.