So, you’re looking to start a small business. You’ve gone through your checklist hundreds of times, making sure that you have all your bases covered. Obtain licenses and permits, open a company bank account, get a Federal Employer Identification Number. The list goes on and on.
Another item is to make sure you are set up as a merchant service provider, or MSP. An MSP allows you to accept both credit and debit cards as payments, as well as help you meet security standards put forth to protect those who give you their card information. This is essential for your business.
Similar to an MSP is a PSP (payment service provider). One of the top PSPs for smaller businesses is WePay.
Today, we’re going to break down Inuit Merchant Services vs. WePay, as well as give you some tips and tricks for finding the best MSP for you.
Overview of Intuit Merchant Services
Intuit Merchant Services, which is also often referred to as QuickBooks Payments, is an MSP that is an internal division of the software company Intuit. Intuit has been around for a while now. They first came into existence in 1983 and are credited as being one of Silicon Valley’s first startups. With a solid reputation, Intuit is a trusted software supplier of small and large businesses alike.
Realizing a need for more MSPs, they started providing their credit card processing services in 2003. Because they already had their accounting software (QuickBooks), it was easy for them to create an MSP that would easily integrate with QuickBooks. Since then Intuit Merchant Services has helped many new businesses thrive.
Overview of WePay
WePay is a newer company, founded in 2008 in Boston and is now headquartered in Redwood City, California.
WePay is an online payment service provider which offers small business, crowdfunding sites, and marketplaces integrated and customizable payment solutions. In addition, they also provide their partners with fraud and risk protection, which Inuit Merchant Services does as well.
WePay is also commonly recognized for their customer support, which features three different levels. Silver is the base level and Gold is a higher up and features faster response times to questions and concerns. Platinum is at the top and promises 24/7 all-week service through all mediums, as well as a dedicated technical account representative.
Inuit Merchant Services Vs. WePay
An important feature to mention for both of these products is that Inuit Merchant Services is only available if you use QuickBooks. Keep this in mind if you are using QuickBooks, as Inuit Merchant Services is a good fit then. On the other hand, WePay can be used in conjunction with a variety of other construction software.
Intuit Merchant Services can be difficult to use when it comes to larger purchases, which is why it is ideal for small businesses and contractors.
Meanwhile, WePay integrates with Buildertrend and also has a client portal that makes things very simple. So, if you’re on Buildertrend, it makes perfect sense to go with WePay.
How to Find the Right Merchant Service Provider
So, what happens if you don’t have QuickBooks as your accounting software? Then which MSP should you go with? As with any decision you make that involves your business, you should be thoughtful and strategic in your choice. To help make sure that you choose the best Merchant Service Provider, follow these helpful tips.
- Make sure you do your research and read reviews. This is the best way to gain insight into how an MSP will work for your business. The previously mentioned Merchant Maverick is an excellent place to start. They promise unbiased reviews, company backgrounds, pros and cons lists, and in-depth analysis.
- Identify the big needs for your business and find out which MSPs include these features in their services. Sometimes the best-reviewed MSPs aren’t going to be the best fit for you if their offerings are limited.
- As this Software Advice article puts it, with some MSPs, “the more you make, the more you pay.” Many MSPs incorporate extra fees and costs, especially when it comes to reaching a certain amount in sales. Sometimes there is no avoiding this, so be aware of this if pricing is a factor.
- Pay attention to customer service reviews, as well as any outlines of customer support provided on the MSP’s website or when you speak to a salesperson. Are there any additional costs that come with training or support? Which issues can you troubleshoot on your own, and which would you need to reach out for assistance. No one wants to be wasting valuable time waiting on hold.
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