There are many decisions that you will need to make in your day-to-day life as the owner of a business. One of the most important decisions that you will need to make will be the selection of your credit card processing company. Within this article we wish to provide you with some helpful tips to help you when you are deciding among the various credit card processing companies.
Pay Attention to Fee Structure
It is vital that you know upfront that there will be a variety of service fees. Know that all credit card processing companies are not alike and that you will need to research the specific charges and the percentages particular to your provider. There are some companies that will simply charge a base 5% of all transactions, and there are others whose fee structure differs from this. It is likely that there will be costs to setting up your initial service and that you will have to pay for the equipment needed to process payments.
Transaction fees can be based on the number of sales made, their amounts, the type of card used, and whether the purchases were made in person or over the internet. There may also be a cost to having your monthly statement printed, and this tends to cost about $10. You may be responsible for paying a monthly minimum due, and you may be subject to an early termination fee. These costs must be factored into the overall price of doing business, and your best course of action is to research the various credit card processing companies ahead of time.
Consider the Type of Business You Are Running
If you know you are going to be mobile and will be using a cell phone to conduct your sales, you will want to find one of the credit card processing companies that specializes in offering those services. If you’re taking orders at your store, you will need different services, as will the business owner taking payments over the internet. Security issues will feature prominently with internet processing services, and you can get a package that will automatically sync up with your accounting software.
Know Your Time Frames
Your business runs on deadlines and by having things run on a smooth schedule. The last thing you want is to be slowed down by lengthy wait times for setting up your equipment and software. Selecting your credit card processing company based on their listed time frames to getting you set up is just good business. You’ll want to find out if they offer support in case you run into problems.
What Technologies Can You Use?
There are several new payment types making the rounds, such as Apple Pay and Google Wallet. You will need to research a provider who can enable contactless payments and those offered though one touch methods on a smartphone or tablet.