As a Small Business owner you are constantly making decisions that impact your business future, especially decisions are centered around managing your business efficiently. Making informed decisions is paramount to insuring your business is successful. But how do you start to decipher the endless amount of information and make a decision based on your needs?
To help you through this process we have complied some of the most frequently asked questions our sales teams hears. Here is what they had to say!
What is a merchant account?
A merchant account is just the name for a service that allows you to accept credit and debit card payments. A merchant account is not referring to a specific bank account you have setup but an account that connects your existing bank account to the payments network run by Visa/MasterCard/Discover/American Express. PaySimple includes a merchant account as part of our overall package, so rather than having to get setup with one company for software and another company for a merchant account, PaySimple combines both for an all in one solution.
What is ACH?
ACH stands for Automated Clearing House which is an electronic network for financial transactions in the United States. ACH allows you to process checks electronically which means you can convert a paper check received from a customer into an electronic transfer that takes funds from your customer’s account and deposits them into your account. With an ACH account your business pays a flat fee of only 60 cents per transaction. In short, it’s a faster, less expensive way to get your money.
How do you help my business accept payments on my website?
PaySimple can help you collect payments on your website by using our online payment forms. We help your customers pay for a single service or they can setup subscription billing whatever better suits your business needs. With our platform you can even use the web payment forms to have customers register for classes or events.
Why do you have a monthly fee?
Our monthly fee covers the cost of system maintenance, upkeep, and ongoing upgrades to our platform. When you go with a lower priced system, you’re usually sacrificing value in the features and service they offer. With other solutions you will find your business manually logging payments, updating billing schedules, and tracking overdue invoices. When you add up all the time spent on those other tasks it turns out those lower-priced systems end up costing you more in the long run.
Why do I have to go through the application process? I’m not asking for a loan or anything.
The credit card and ACH processors are giving your business the ability to collect payments out of your customer’s bank accounts and credit and debit cards; with that the processors are exposing themselves to risk. There is always a chance that the customer you are collecting payments from could dispute that charge and in that scenario, the processor would be on the hook for that payment (hopefully the disputed charge will be resolved in your favor). Because of this risk, the processors needs to have a thorough understanding of your business and background before allowing you to accept payments; hence the reason for the application.
Do you have any setup, contract, or termination fees?
PaySimple never has any setup fees, contracts, or termination fees. We do not want to lock your small business into something that does not fit your needs and leave you with a bad taste in your mouth. Additionally, since we are a month-to-month solution, if we’re not the right fit for your particular business needs, you are free to leave the next month. Our main goal is to be here to help your small business succeed.
Do you have any minimums or maximums for payments or customers on the system?
PaySimple does not have any minimums or maximums; you can use us as little or as much as your business dictates. You can have an unlimited number of clients, payments, and users in the system at any time!
How are you different than PayPal?
The reason why most small business come to PaySimple and stay with us after using our platform is because they’re needing something more than just a way to run payments. Our customers are looking for a way to run their business. We offer CRM tools, end-to-end payment tracking, customer support, and a customized system – things you can’t find with a basic PayPal account.
So, that’s it. Those are the 8 most frequently asked questions of our sales team. Is there something we missed? Let us know by commenting or giving us a call at 800-466-0992.