Choosing a Merchant Services Provider

 Merchant services, often known as credit card processors, handle electronic payment transactions. Choosing the right merchant services provider is important for growing your revenue. It also ensures that your customers’ credit card needs are met with excellent support, service, and the right technology solutions.

Several considerations are worth noting as you choose a merchant services provider. To ensure smooth business operations, card processing uptime is critical. Typically, the more payments you process, the higher the revenue. The longer the card authorization network is down, the more revenue you stand to lose. Therefore, look for a merchant services provider with proven systems that address authorization outages whenever they happen and one with a long track record in reliability.

Although a processor may not prevent all system outages, such as those within the card brand network, at least they can institute mechanisms to help mitigate their impact on your business. Learn how potential service providers handle unexpected network outages and how outages can impact your business operations.

Without proper guidance, it can be challenging to sign a merchant processing agreement, particularly because of unfamiliar industry terminology that can create confusion. A merchant services provider who is willing to go the extra mile and help you to understand the terminology, terms, and conditions is key to a successful working relationship. That will also strengthen the trust levels between the two parties.

In addition, exceptional providers take the initiative to assist your customers through every facet of credit card servicing. They should provide knowledgeable, experienced, and dependable staff to address each customer inquiry promptly. This dynamic approach also builds confidence among your customers.

When vetting a potential merchant services provider, get a clear understanding of specifically who will support you in case of payment-related issues and when and how you can access that support. A good merchant services provider offers several support options, such as email, live chat, or 24/7 support via phone. Also, clarify whether the support comes at an additional fee or is part of an all-inclusive package.

Additional resources provided by the merchant could include, among others training on software and hardware. Most providers will charge you a one-time purchase price for all necessary hardware, monthly subscription fees for software, and per-transaction card payment processing fees. The latter could vary depending on the features you select and whether you can sign up for a monthly or annual plan. Also, processing software on multiple registers may require you to pay more.

For processing costs, many merchant service providers give you different pricing plans to choose from. These include a flat-rate cost per transaction or a tiered structure that allows you to pay different fees based on the type or size of a transaction. Ensure the pricing structure is simple to understand. That also facilitates easy comparison between different providers.

Because payment technology solutions tend to evolve fast, choosing a merchant services provider that offers a wide range of emerging payment technologies that also match your evolving business needs is important. Equally important is to choose a provider that doesn’t lock you into staying with their product payment technology solution to the exclusion of other providers. Sometimes, you may want to use several merchants, particularly if you handle bulk payments or varied product catalogs.

Key Benefits of Membership with the CMTA

 A non-profit association founded in 1958, the California Municipal Treasurer's Association (CMTA) provides support to government finance professionals serving throughout California and exists to advance the treasury management profession. It also encourages cooperation between local, county, and state agencies. The CMTA provides a diverse range of educational resources and networking opportunities for individuals who manage public funds. The association also ensures public accountability and high professional standards are upheld within the industry. Members of the CMTA serve at the local, state, and federal levels. Membership with the CMTA provides a diverse range of benefits.

The CMTA partners with the California Debt and Investment Advisory Commission (CDIAC), Fixed Income Academy, and the CFA Institute to offer relevant education to government finance professionals. Learning opportunities are available at one-day seminars and pre-conference workshops held throughout the year. For example, the association has a two-day seminar focused on Advanced Public Funds Investing on an annual basis.

CMTA Conversation is a lunch-and-learn event held frequently throughout California and designed to stimulate meaningful discussion between commercial vendors and peers. Previous topics explored at CMTA Conversations include Fixed Income Topics for 2020 and When and How to Use Money Market Funds and Other Short-Term Investments.

Typically held in April, the CMTA annual conference provides in-depth training on various debt and treasury topics. This event features motivational speakers, roundtable discussions, educational breakout sessions, and opportunities for peers to network with each other.

Committed to offering career development opportunities for members working as public agencies and treasury officials, the CMTA offers two different certification programs. These programs provide a standardized learning curriculum to meet its members' professional learning needs. The Certified California Municipal Treasurer (CCMT) designation is specifically designed for individuals who manage public funds. To retain this certification, individuals must remain current on industry happenings and complete 40 hours of professional education courses every two years.

The Investment Policy Certification program is designed to aid CMTA members and professionals with creating and enhancing existing investment policies. This program was developed by the California Municipal Treasurers Association (CMTA) with the assistance of the California Debt and Investment Advisory Commission (CDIAC).

To facilitate communication between members of the CMTA regarding treasury functions, the association operates a members-only online platform called List Serves. This platform enables an instant connection between members from different states and can be used to seek advice, send requests for proposals, and receive recommendations from consultants. Additionally, List Serves can disseminate surveys to members of other divisions and across the state, inform members of division meetings and CMTA events, and provide updates regarding membership.

List Serves is accessible to all members of the CMTA. The CMTA annual membership directory also provides a means to connect with other association members. This directory includes contact information for all members and commercial vendors.

Multiple types of memberships are available with the CMTA, including government associates, commercial associates, and alumni members. The CMTA membership cycle is from July 1st through June 30th. Members of the CMTA have direct access to the association's education and networking opportunities and receive discounts on the ongoing professional development training events and the annual conference