Last Updated: February 16, 2021
When you set up a business, you must have payment options in your mind. Accepting cash may not be an option because of the risk involved from robbery to fraud. You are probably going to consider credit cards as the primary payment option besides others. There are many credit card processor providers in the market, but each comes with varying policies, fees, and features.
It might be a difficult decision to choose the best option, but you can narrow down the search based on these factors;
Besides you being a merchant, you are still a customer: either way, money matters. One of the factors to check out before purchasing any commodity is cost. Consider the cost of buying or renting the hardware and the software device. There should not be a major difference in terms of prices from different vendors. Other than purchasing the gadget, there are other expenses that come with credit card processors, whether rented or bought. These include;
The software part of the processor is not a one-time payment. It comes with its subscription. As you get quotes on the cost of setting up the processor, it is essential to ask about the monthly charges, including mailing statements and other expenses. Compare those with different companies to get the fairest subscription.
These are the fees required to set up the device at your physical location. Some companies will not charge you the cost of setting up and maintaining your credit card processor. Others do charge. You can consider both and buy the best offer.
Processor service providers charge transaction fees based on percentages. Check the best offer to avoid losing cash.
Beware of hidden fees charged by service providers when you terminate a contract early.
Losing money to fraudsters is a common occurrence. Losing money will happen if you do not have proper security encryption on your credit card processor. Before exchanging your hard-earned cash for a credit card processor, scrutinize the security and antifraud details. Most of the companies you will ask for quotations will justify their processor security details, but it is upon you to perform due diligence.
Securing your client's details is your responsibility too. Make sure the gadget is compliant with the Payment Card Industry Data Security Standard (PCI-DSS). A sound processor supports CVV2 verification and SSL certificates. All these are antifraud measures that are inbuilt in many processors. Checking out whether a processor has those will shield you from losing money and getting into any legal issues.
Excellent credit card processor should be compatible with digital wallet payments, major credit and debit cards, and prepaid and gift cards. Getting a processor that offers a few payment methods means that you will turn down most of your customers for lack of a sufficient processor.
Accepting more payment methods guarantees more sales. If you have an existing point-of-sale (POS) system, you'll opt for a processor that pairs with your existing equipment. That will save you unnecessary additional purchases.
Technology can fail at any time. There are many issues, including billing, technical bugs, payment processing, and hardware failure. The problems come without notice. Before you the processor, you will consider a company that gives you 24/7 customer care support. The support will bail you out in times of inevitable problems.
When shopping for the gadget, pay notice to how the sales reps answer your questions and address your concerns. If you notice that they give contradictory statements, then the customer support will be the same. Impatient, rude, and too aggressive sales reps are a red alert when buying a credit card processing unit.
A credit card processing unit is an expensive investment. Once you acquire it, you expect to get a good service out of it. You do not want to lose money after fraudsters fleece you or your customers engage you in a legal tussle because of a floppy system. Take time to research the best processors and conduct window shopping. Getting customer reviews from different websites will help you to analyze the gadget. An analysis of all the features and reading through each provider's terms and conditions will give you a leeway of choosing the best processor.
