Last Updated: February 16, 2021
Credit card processors help businesses in accepting payments from both debit and credit cards. Finding the right credit card processing system means that the customers can check out quickly. The arduous bit of buying a credit card processor is picking the right one for your business.
You need a system with the best features according to the needs of your business. Below are some considerations to make when picking a credit card processor.
Most processors will function with universal software. However, for your business, you need a credit card processor to work on your desired software. It ensures that your clients can enjoy all the unique features you would like to incorporate. More so, it allows you to provide different payment options like digital wallet payments.
Looking at the free offers gives you an idea of how the different offerings work and whether they can function for your business. Vetting these offers allows you to understand the processing contracts and other fees like maintenance and servicing. More so, get to know whether you have to return the equipment upon closing the account. More so, look at the fine print to determine whether a free processor will be the best option.
Always request a quote from the different processors. Check out the interchange-plus rates to ensure that you learn about the pricing of all the different models. The rate indicates the markup that the processor will charge you per transaction, and it’s the only amount you can negotiate.
More so, read more about the different credit card processing systems and some complaints from other businesses. Looking through the complaints ensures that you avoid some of the mistakes other companies have made and find a contract that will not negatively impact your business.
Always be on the lookout for any hidden or undisclosed fees. You will achieve this by reading through the contract to know of any additional fees. Some of the common fees you will encounter include:
Some of the nonstandard fees you might come across will include membership fees, setup fees, online reporting fees, access fees, audit fees, and handling fees. If your rep didn’t disclose these fees, call them and ask how much they are. If possible, you can request them to waiver them for your business.
If you have a brick-and-mortar business, you must determine how you will accept card payments. You can opt for either a mobile card reader or have a terminal for your checkout station. A mobile card reader is convenient for some businesses like restaurants since you can go to where they are seated. However, the checkout station is ideal for businesses like supermarkets where there are a few exits.
You can also choose a processor that enables you to accept online payments. Finding a single processor with all these features ensures that it’s convenient to manage all your transactions. If your business already has a point of sale system, speak with the different processor companies to know whether they can accommodate your needs.
You should research the security and fraud protection features of the different credit card processors. The processor you go with must be reliable and secure to negate theft and hacking problems.
Also, speak with the processor company to know whether they are liable for your customer’s security. Ensure that the processor is Payment Card Industry Data Security Standard (PCI-DSS) compliant to negate legal implications.
One reason why you might need a credit card processor is to create some convenience for your customers. The processing company you pick, therefore, should also provide you with 24/7 support. Since it’s inevitable to face technical bugs and payment processing issues, you need a supplier who will respond immediately. Assess their service standards, ensure that they are patient, easy to reach, and explain everything calmly and clearly.
Buying a credit card processor isn’t as simple as walking into a shop and picking your favorite bread. You have to assess the needs of your business and ensure that the processor merges seamlessly. Use the tips above to find the best processor for your company.