Starting your own real estate firm is no easy task. Not only do you have to get licensed as a real estate broker in your state, but you also need to become accredited and join the National Association of Realtors. Once you are able do this, and have a bit of experience under your belt, you can then actually start your own real estate firm and start making deals and hiring other agents. Because most people who get involved in real estate are not aware of the operations side of starting a business, selecting a merchant services provider that is flexible enough to accommodate real estate transactions is often overlooked. With that in mind, here are the criteria you real estate firm needs to look for in a merchant services provider.
The Ability to Process Large Transactions without Hidden Fees
You may be tempted to just go with the cheapest merchant services provider in your area, but that would be a huge mistake. Because in real estate, you’ll be processing large transactions, the best merchant account provider will be one that has experience working with enterprise-level businesses and processing large transactions. This is particularly important if you’re involved in commercial real estate, as B2B transactions are fundamentally different than B2C ones. If you’re merchant services firm doesn’t understand this – or doesn’t have experience with these types of transactions, then it’s best to look elsewhere for your payment processing needs.
Experience Working with Real Estate Transactions
Real estate transactions are complex, and as such, you need an agile and flexible merchant services company. A flat-fee based approach may not be the most advantageous to you here, as startup real estate firms often have variable income. Instead, you’ll want to find a merchant services provider with a flexible pricing model that is friendlier to real estate transactions. This way, you’ll be able to do the deals you want to do in the timeframe that is most advantageous to you without having to worry about what you’ll be paying per month. You don’t want to feel alienated or taken advantage of by the terms of your agreement with a merchant services provider, and as such, you’ll want to make sure that the fees you are charged for your payment processing are commensurate with the types of real estate deals you are doing.
While finding a merchant services provider to work your real estate firm can be a challenge, finding the right partner can be rewarding in its own right. This service provider will be a key part of your business, and will help you close deals with more favorable terms toward both yourself and your clients. No matter who you choose, make sure that the merchant account provided by your merchant service provider can accept various payment options and doesn’t charge you any hidden fees for holding funds in escrow. This is common to the real estate industry at large, and you cannot work with a merchant services provider that will charge you these kinds of fees on every real estate transaction that you make.