Choosing the right credit card processor to suit your needs is very important. But the options might seem endless, which requires precious time to consider the factors involved in the selection process.
If you have decided to accept credit card payments or to switch to a new provider, you have come to the right guide. A potential candidate should be able to comply with the following requirements.
- Charging flat rates. If your business will process below $5,000 every month, you have to pick a processor that is able to charge a flat rate for every transaction, without charging monthly or annual fees.
- Interchange-plus pricing. If your business will process over $5,000 every month, you need to look for a processor that is offering interchange-plus pricing, charging only few monthly or annual fees.
- Transparency in pricing.It is important to consider processors that offer transparency in their pricing, posting rates, and fees from their websites.
Credit card processor for small businesses
It is important that you weigh your needs against the costs for accepting payments. Prices and services are different from one credit card processor to another. Remember that the best processors provide transparent and low pricing, flexible terms, lower fees, and able to expand while your business grows.
- Support different payment methods
- Provide e-commerce and reporting tools
- Get funds from credit card sales into your bank account fast
Factors to consider a credit card processor
- Associated costs for accepting credit cards. There are hidden costs from fees associated with credit card processing. Many companies are charging only transaction fees taking a small percentage of each.
You must be able to review your business model by which your company operates because having been able to take percentages out of every transaction can quickly add up, which eventually will be harmful for your bottom line.
- Fraud prevention. The prevention of fraud must be your priority when handling a transaction. Therefore, you have to consider a payment processing company able to use the most technologically advanced security tools.
You need to ask a potential credit card processor regarding the additional safeguards like tokenization and encryption methods. So, when you are stuck while dealing with a security breach, additional support must be provided by the processing company.
- Different payment methods. You have to know that keeping your customers happy goes beyond the product or service that you deliver. In fact, it also goes into the payment methods they are able to use.
Customers would want to gain options and use a contactless payment method to allow you to accept payment forms other than the traditional plastic card.
- Customer support and integration. There will come a time when you will look for an upgraded system or a quick fix after experiencing technical difficulties. This is when you need quality customer support to bail you out. Consider finding a credit card processing firm that offers 24/7 customer support.
Remember to keep these factors in mind whenever you need to research for credit card processing company options. These will surely help you sort it all out through the noise and come out with the provider to suit your business needs.