Saving money while processing credit card payments lowers your overhead. Consumers appreciate the convenience of using credit cards, but it doesn’t have to be expensive for you to allow it. With credit card processing comparison, you can see how the possibilities stack up against each other. Being informed allows you to make the best decision for such processing. It also saves you money!
Identify your Needs
To help you compare offers from credit card processing providers, identify your needs. If your transactions are all online, that is different from a business where you swipe cards in person. Think about the size of your business and your monthly sales volume. Try to forecast for the future too. A great provider is going to be flexible and has a plan to help you save money and be efficient. They realize your business is going to change over time and will help you modify the plan when you need to.
Verify the providers you compare with each other have a solid reputation and background. They should be accredited and highly regarded by business owners. Avoid those you can’t verify or with a long list of complaints about them. They may be inexpensive, but what they offer is lacking and will reflect poorly on your business payment processing.
Is your business classified as high risk? If so, be prepared to pay more for fees. This is because the processor company is taking a risk of extending a merchant account to you. Know your finances for the business and your classification to help you compare possible providers you can be approved with. All of them have a list of qualifications to help you decide where to look for such services.
Understand the Fees Involved
The fees for credit card processing vary among the providers. Understand the fees involved and what they are for. Otherwise, you may be in for a shock when you see the breakdown of those costs on your statement. Clarify any costs before you work with that merchant. If you don’t understand what they are billing for, ask them to give you more information. Don’t hesitate to try to negotiate the terms either! They may be flexible to gain your business.
The most common fee involved is a per charge transaction. It is usually a flat amount or a percentage of the amount. This means each time a customer uses a credit card, you pay the processing provider the agreed-upon amount. If you sell expensive items, it may be best to go with a flat rate versus a percentage of the cost.
Startup fees are often part of the charges. Some of them are one-time fees and others are ongoing. For example, you may have to pay an application fee when you get set up with the provider. They may have a monthly fee you pay for the duration of time they are your provider. Review the terms of your agreement and the length of it. Should you decide to terminate the agreement early, there could be additional fees you are liable for.
There may be equipment you have to buy or rent from the credit card processing provider. Such equipment is necessary for you to complete the transactions. The costs depend on what they offer and other details. When you rent it, you can upgrade as new equipment is offered. If you buy it, you may have to pay more later on to get the upgraded equipment.
Gateway fees are common and billed monthly. The credit card processing comparison of the various providers and their fees will help you determine the best deal. Write down the name of the company, all of the fees, and the amounts of those fees. This makes it easier to see who is charging less than the rest.
Setting up the Credit Card Processing Account
After you have completed your credit card processing fees comparison,tThe steps involved to set up credit card processing should be evaluated. While the steps tend to be similar, some are more complex than others. It depends on the equipment involved and the platform used. Strive to find a system easy to implement with reliable equipment. That equipment needs to be simple to use and to maintain if you will complete face to face credit card transactions.
The equipment can influence the types of credit cards and other payment cards you can accept. It is a good idea to give customers plenty of options. Some feel more comfortable using a credit card. Others only have a debit card to use. In other scenarios, your business may need to accept gift cards and other options, make sure you evaluate all of this as you compare the offers and costs.
The equipment should be newer and offer the best technology. You don’t need glitches or long processing times holding up a purchase. Consumers expect the process to be quick and to be smooth for them. They will get discouraged if it is taking too long to complete the payment part of the transaction. Make sure it is set up to operate fast and efficiently.
Excellent Customer Service
As you compare credit card service providers, look at more than just the cost of services and cost of equipment. They need to deliver excellent customer service. They should be available 24/7 for any questions or concerns you may have. Find out what other business owners have to say about this level of service. You can’t afford to lose business because the provider isn’t working quickly enough to assist you in a time of need.
You should be able to reach them about your bill, about reading your statement, about problems with equipment, and anything else. The provider should stay on top of all of it so they can find a solution to resolve any concerns you may have. There are plenty of credit card processing providers out there. They aren’t all the same with what they offer or how they treat customers. Don’t choose one randomly!
Gather Information and Review
Overall, credit card processing fees comparison is an important step. Your credit card processing comparison will pay off in the end. The time you spend gathering and reviewing information helps you save money. Offering credit card processing to customers is important. Saving your business money involved with offering that payment option is also important!