When you accept money for your products or services from customers, you want access to those funds as soon as possible. Merchant processing solutions enable you to accept and process credit card payments, and facilitate depositing the money you make from sales of your products or services into the right accounts so you can access them when you need them.

You might be tempted to sign on with the merchant processing service that offers the lowest rate. However, be sure to investigate your options before you make a final decision. Technology involved with payment processing changes frequently, and you want to make sure the service you choose utilizes the most updated technology. The vendor should also offer security solutions that keep credit card and other personal data safe, decreasing the risk of data breach for you and your customers.

As you select a merchant processing vendor, look for quick turnaround time between payment acceptance and availability of funds in your business account. A good merchant processing solution will deposit funds and make them accessible the same day or the next day. Longer processing times can negatively affect your cash flow and complicate the payment collection process.

Your business may also accept payments in more than one form--checks, cash, wire transfers, gift cards, ACH/electronic check, mobile, etc. Financial institutions offer merchant processing services that can handle all types of payments and often ensure next-day availability of the funds when they are deposited into your business account at the same bank. This is a big advantage of choosing a business banking package that includes several cash management services and products and links to your business accounts.