What to Look for in a Credit Card Processor
A good, reliable credit card processor can increase your businesses sales by allowing you to accept all types of payment anytime and anywhere. With a great card processor, you will be able to accept all major credit cards, debit cards, electronic checks and even traditional checks. You will also be able to accept payment anywhere as long as you have a mobile terminal such as a hand held machine or even a smart phone. The final thing you will have is protection from fraud which is extremely important in business, not only for your customers, but for the well-being of your company as well.
There are certain things you should be looking for in a good card processor. Determining which is best for your business may seem like a daunting task but by first accessing your needs as a business, you will have a good idea on what you should be looking for in a card processor.
One such item to look at is the average approval rating of the processor. By doing a bit of research online, you should be able to determine customer reviews and read what others think about this particular processing company. A good company will have a high rating and many happy customers. Another thing you should look at is the fees associated with the company. You should expect some fees, as they are required for service, but low monthly fees are where you want to be in order to keep your overhead down. A card processor should be clear about their fees as well as any limits on them such as how many transactions can be done and how they deal with things such as charge backs.
Speaking of costs, know if the company will charge a set up fee. Though some companies charge a small fee to set up their terminals or systems, they shouldn’t be outrageous. Some may even be free. Monthly fees are typically a minimum of $20 - $30 just to have the system associated with your company. There are usually statement fees and gateway fees that are about $10 each, on average, for a company who has less than 500 credit card transactions per month. In addition to monthly fees, there will also be transaction fees associated with the account. Depending on the card processor, expect to pay from $0.05 - $0.30 per transaction. That means if you have 500 credit card transactions during a statement period, you will be charged from $25 to $150 additional per month.
Make sure your chosen card processor has 24/7 support and allows you to get in contact with them in many ways including phone, e-mail or even online chat. They should also offer any simple hardware, such scanners or swipe devices for low fees or lease rates. A good credit card processing company will make sure you are able to be up and running all the time and will offer your customers several convenient ways to pay. Keeping this part of your business running smoothly can open up your time for more important things like customer service and advertising.
