As an owner of a business, accepting debit and credit cards has become the norm. It presents a lot of flexibility to the customers in making payments and boosts sales. Looking for a credit card processing company can be a process so you need to keep these six things in mind when you are figuring out who your credit card processor will be.
Rates And Fees
This should be the first thing you look at. There are several charges that you will incur regularly. They may include: a setup fee but not all companies charge this type of fee, a monthly statement fee that is used to cover the expenses of mailing your statements, and an interchange fee to cater for all the individual transactions conducted.
There is also an early termination fee, which is more of a fine than a fee and it’s usually hefty, just in case you decide to end your ties with the processing company unceremoniously. So you need to keep those in mind along with your budget. Always remember that price does not determine quality. So when you decide to go for a cheap alternative it might also end up not being the most convenient or the best in the long term.
Gateway Integrations
This is more on the technical side. You want to see which gateway integrations are available to you. Your gateway essentially is the gateway that moves information back and forth in an encrypted manner to protect your customer’s credit card information. Different credit card processing companies have a variety of gateways they use so you will need to know which one will be compatible with your eCommerce software, website, or in-store POS systems. This will ensure that everything becomes more fluid and the collection of payment from all these different mediums is done with ease.
Point Of Sale Solutions
Look for a processing company that provides you with the point of sale solutions that will help in collecting payment. It is common for one to get a processing company then go to another company to look for payment collection tools. This undoubtedly becomes hectic. Ensure the company not only provides the payment processing but also gives you the tools like mobile card readers and terminals for your front desk to collect payment in the best way possible for your business.
Application Process
The one thing that you need to check when coming to the application process is the length of such a process. Some of the crucial questions that you need answers to might include: What type of information do you need to provide? What type of cards do you want to accept? and what’s the turnaround time from the application submission to approval?
Look for a processing company that offers solutions that are best for your business. One size does not fit all. When processing a low volume level a fixed structure would make more sense but when the volume becomes higher a custom processing plant might be needed. SFGate has some of the best card processing companies to consider.
Fraud Protection
Take a look at what type of fraud protection features the credit card processing company has to offer. Naturally with the rise of online theft, you want to make sure that you are protecting your business as much as your customers. So do not shy away when asking the credit card company what type of address verification and cvv2 acceptance they have. Features like these help protect you and your bottom line. If fraud ever happens you might also consider a company that offers clear steps in resolving such mishaps and regular system updates.
Customer Support
Take a look at what type of customer support you receive from the card processing company. In other words, if there is any type of question, problem, or dispute regarding a transaction, is there someone readily available that you can contact to figure out things for you or help you find a solution to the problem?
There will always be questions that come up, especially if you are new to this. If the processing company also offers marketing solutions then it might be a good choice. The marketing solutions act as marketing avenues that will help grow your customer base, grow your business and there is a full integration from marketing to revenue. You will be able to observe which channels are bringing in more revenue to invest accordingly.
With all this in mind, you can do more research just to be on the safer side. You can follow the online route and check some of the reviews and ratings that the companies have been awarded. Also, you could ask for recommendations from other business owners.
