The first step in transitioning from cash to electronic payments is finding a credit card processing solution. Of course, as these machines work with something as valuable as money, you’ll need to be careful to pick a reliable processing company.
Still, if it’s your first time looking for these services, you’re probably not sure how to choose the optimal one. If that’s the case, then this is the perfect article for you! We’re going to go over the most important factors to look for when choosing a credit card processing solution for your business.
So, without further ado, let’s get to the bottom of it.
All credit card companies will charge you an interchange fee, and they usually go between 0.5-3% per transaction. This is the primary cost you’ll have. Other possible fees include monthly statement fees, application and setup fees, monthly minimum fees, gateway access fees, and early termination fees. Whatever the case, the company should be transparent with their prices. If you hire a company and then you start noticing there’s a hidden fee every step of the way, it’s still not late to switch to another solution. If the company isn’t transparent with their pricing, who’s to say they’ll do a reliable job of processing your transactions?
Overall, make sure to contact the company and ask for a complete list of their fees. If they’re unable to provide you with one, you’re better off looking for another service instead.
Other than that, make sure you get a month-to-month contract. Otherwise, you may be stuck with large expenses and no way of exiting the deal.
The installation process
Accepting credit cards as a form of payment will certainly help you expand your business. However, if the installation process takes too long to be done, you might lose potential revenue over it. So, once you approach a credit card processing company, make sure to ask them about the setup process. We recommend approaching a couple of different companies and then comparing their info to choose the one that best fits your needs and your budget.
Make sure not to announce you’re accepting cards before the installation is complete. Otherwise, you might end up with disappointed customers and loss of potential profit. Wait until it’s all done to blast the news on social media. Or, if you’re feeling impatient, make sure to add “coming soon” next to your big announcement.
Another incredibly important factor in choosing a credit card processing solution is security. The company should be able to answer all of your questions regarding their data protection policies. Even if you’re not quite tech-savvy, you can always do your research once you get your answers.
Make sure you read some online reviews before you sign the contract. Their previous customers are the best source of knowledge, as they won’t hesitate to point out any security issues they’ve had with the company (if any).
Of course, your safest bet is to go for those better-known companies such as iPayTotal or WorldPay. These companies wouldn’t be popular if they haven’t had a history of satisfied customers.
Now, many business owners make the mistake of overlooking this crucial factor when they go looking for a card processing company. Customer support is extremely significant because you’ll eventually run into issues with your processing solution. When that happens, you’ll need someone to fix it quickly and efficiently. If a company isn’t able to provide that for you, you should start looking somewhere else.
The best way to check this is to simply ask how often they’ll be available if there’s a problem. Ask them how much time, on average, does it take them to solve the most common issues. Your interactions with the company will also serve as a good example of how they operate. Are they quick to respond? Do they use professional language when speaking to you? Were you able to get a hold of them quickly?
The answers to these questions can be quite helpful in forming an opinion about their customer service, so make use of that.
If the company has reputable partnerships, it’s not only an indicator they’re reliable, but it also opens up many business opportunities for your own company. A card processing company with a plethora of banking connections can help you expand your business network in a major way.
So, don’t hesitate to ask about their partnerships once you start negotiating the deal. The stronger their connections are, the more they’ll affect your long-term growth and success.
Types of payment they accept
If you opt for an outdated card processing system, you’re up for an unpleasant surprise. The industry is brimming with innovations, so your best choice is to find a processor that covers all the trending technology. Consult the company and ask if their terminals accept Samsung and Apple Pay, and other types of digital wallets.
An increasing number of people are now using their mobile phones to pay for goods and services, so try to equip yourself with the latest technology. Otherwise, your potential customers may simply switch to your competitors instead.
Also, ask whether the processor accepts all major credit and debit cards or not. You don’t want to lose customers over technical issues.
Read the contract well
While this may sound like an obvious one, remember to read the contract thoroughly. It will tell you everything you need to know and more. So, don’t trust everything they tell you, as there could still be some fees hiding somewhere in that contract. Read it more than once, and consult with a legal professional before signing, especially if it’s a long-term contract you’re signing.
The bottom line
Choosing the right credit card processing solution can be a daunting task. Whatever you do, make sure to choose a reliable provider who’s ready to answer all of your questions, and who’s transparent with the pricing. Remember to read the contract more than once, and aim for month-to-month contracts for more flexibility.