Businesses today cannot survive without credit card processing services. The services have become an integral part of big and small companies that receive payments through credit cards. Although the majority of business owners would rather escape the costs that come with processing the payments, the results might be the loss of sales in the long run. Alternatively, it is better to learn as much as you can about the processing of credit cards before engaging a provider so that your chances of getting a good deal are much higher.

What to look for in a credit card processor

Over the years, using a credit card processor has evolved with the majority of businesses looking for companies that will give them excellent service. The service provider you choose plays a significant role in the number of sales you make and the long-term customers you gain in your store. If you are engaging a processor for the first time or want to switch providers, here are a few things you should look out for.

Accepted payment methods

For a business to succeed, it is essential that it offers a variety of payment options to customers. However, to do so, you must have a processor that can handle a variety of payments and remit them on your behalf. It is therefore vital to understand the coverage offered by a provider before engaging with them. The best processors are those that can handle physical cards such as debit or credit cards as well as contactless payments.

Cost of services

Money is an integral part of any business with a majority doing their best to keep their expenses as low as possible. Therefore, the cost involved in the processing of credit card payments should be considered before signing up with a service provider. Some processors charge a flat fee for every transaction while others prefer charging monthly giving you a chance to choose your preferred option. It is essential to understand your business so that you can select the most appropriate option the services offered.

Fraud and security

Credit card fraud is a reality that companies face on a daily basis. It is therefore important to understand the security measures your potential processor has put in place. For example, most processors advocate for EMV chips on cards that are used for in-store purchases to reduce the risk of fraud. Also, encryption of data in the POS system will go a long way in keeping your clients and your business safe. If your store is online, confirm whether your processor allows SSL certificates or CVV2 verification.

Customer support

Processing of credit card payments is never trouble free with business owners seeking help from their processor at one time or another. To ensure that you get assistance when you need it, you need to engage a company that has a customer service team available 24/7. It is better to have an account manager assigned to you and not a machine to avoid frustrations in your time of need.

What to look for when comparing credit card processing services on cost

Cost is one of the major factors that businesses consider when looking for the best credit card processing provider. Even in 2019, most companies compare processing services based on cost before choosing the best one. If you are considering switching service providers for better rates or are looking for processor for the first time, here are tips you can use to ensure you get the best prices.

  1. Shop around

Companies that process credit cards on behalf of businesses are on the rise with many of them offering exceptional benefits to their customers. Even so, it is critical to research on many companies to find the best rates for your business, now and in the future. Ensure that you ask as many questions as possible and seek clarification in areas that are unclear before making the final decision. Additionally, if you have been working with a card processor for some years, you can consider shopping around for new providers to get better rates and services if unsatisfied with your current one.

  1. Ask for a price review

Most business owners have an amount that they can afford for credit card processing. In most cases, the amount guides the decision on which provider they can hire and work with within budget. However, when comparing costs and the features offered by a service provider you can come across a company offering exceptional services but a higher rate. In such cases, you can request for a review of the price depending on the nature of your business so that you can afford them. Alternatively, if you have been a long time customer, you can request for an audit and request for lower pricing.

  1. Check on pricing models

Credit card processing companies often provide a variety of pricing models to businesses that want to hire their services. These models vary depending on the company and are often accompanied by benefits for each of them. When comparing which processor to work with, go for the ones offering different options to enable you choose the one that works best for your company. Also, confirm if they allow switching from one model to another so that you can decide to move to a higher tier if your business is doing well or choose a lower one depending on the state of your business.

  1. Availability of  regular statements

Although most credit card processors send reports on a monthly basis, you need to confirm if that’s the case with your preferred provider. Monthly statements give you a chance to understand the activities in your account and ascertain the exact amount you are pay. Additionally, statements give you a heads up on any new fees or rates associated with the processing services. Any changes in the monthly report should be addressed immediately to avoid frustrations with your provider in the future.

In conclusion, if you are overwhelmed by the number of credit card processing services available, you need to take your time and choose the one that fits your needs. Ensure that you get as much information as possible on the processor and read through all the details on the contract before signing up with them.


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