There are quite a few credit card processors out there. As a business owner, it can be hard to pick one that you will take your business to. For you to make the right choice, you need to be smart and do your homework. Look at each processor’s background and what they can offer. The best way to learn more about these processors is to ask them direct questions of what they can offer.
Here are some questions that you should bring up when you’re in talks with a credit card processing company to learn what they can deliver to your company:
What cards do you accept? Not all credit card processing companies are equal. Some credit cards are strict about who they allow to process their cards. Some don’t go with some companies because of security concerns or limited coverage. If you want your business to be able to accept a lot of types of credit cards, then you’ll want to know if your potential processor has them available. If you’re not that concerned, at least choose a processor that has the major cards like Visa available to them.
What fees go into each transaction? As a business owner, you should be looking out for your bottom line. This means making sure that the fees don’t eat too much into your profits. Having a credit card terminal may increase your sales, but the higher volume does not mean higher profits if there are also high fees. Additionally, you should ask about the additional fees. The standard rate is $200 but it can go as high up as $300 annually. Try to find a processor with fees that you can live with.
Is interchange-plus pricing an option? Their answer should be a yes. Without it, you won’t know exactly what your processor is charging you. Different payment structures can allow for processors to easily raise their prices without you knowing it. If they say no to this question, it is best to look for another option out there.
Will your payment processing work with my online shopping cart? If your business sells online, you need to know this. Some processors use proprietary software that doesn’t work well with others. You want to be able to integrate your offline and online payment solutions to make it simpler and cheaper for you.
Is there a termination fee? Most processors work on a contract basis. This means that they lock you in for a period of years. If you want to opt out earlier, some processors charge you a fee between $200 to $400. There are even some companies that ask for a liquidated damage fee that has you pay for the remainder of the contract if you want to leave. This is obviously a bad choice.
What is your security solution? Security is very important when it comes to credit card payments. You want a processor who knows what they’re doing on the security end. Listen to their security plan and determine if it is the right choice.
With these questions, you should be able to make an informed decision on which processor you should be taking your business to. Visit creditcardprocessor.company for more tips. You can also check out https://www.ftc.gov/news-events/blogs/business-blog/2014/10/play-your-cards-right-7-tips-if-your-small-business-accepts.
Before signing up with a credit card processor, make sure you know all the terms and conditions of the agreement. This and more tips at creditcardprocessor.company.