If you are running a cash-only business, you are missing out on a huge boost in sales, since almost everyone uses credit and debit cards nowadays to pay for their purchases. Therefore, deciding to take a step forward and accept credit and debit cards is one of the most important decisions you can make for your business, as it will result in an expanded customer base and much higher revenue.
However, choosing the right credit card processing company to manage your transactions can be a bit difficult, simply because there are quite a lot of options to choose from nowadays, so you need to do thorough research before you put your trust in a particular company. You need to carefully weigh all the pros and cons before you go and sign a contract with the vendor of your choosing so, with that in mind, take a look at the necessary factors you need to consider in order to make the best decision for your business.
What Fees Will You Be Charged?
You need to know about every single fee that a particular credit card processing company will charge you before you decide to choose them for your business transactions. First and foremost, you need to know whether or not there will be cancellation or early termination fees if you decide to cancel your contract before it actually expires. There are companies that don’t charge for that, so make sure you ask your vendor upfront.
Furthermore, you need to know what other fees there are and how much you will need to pay besides the fee for every transaction. There are a lot of other fees that you need to know about, including compliance fees, regulatory fees, statement fees and application and setup fees, as well as monthly and annual fees and any other fees that come with the services a particular credit card processing company may charge.
Also, there are fees that include interchange rates, which are based on the way you are processing your transactions, that is, whether credit cards are present (in-person transactions) or not (web, mail, phone).
What Kind of Security Will You (and Your Customers) Be Provided with?
Security is one of the biggest concerns when it comes to choosing the right credit card processing company because, obviously, you want and need the best kind of protection against fraud for both your customers and yourself, that is, your business. Therefore, make sure the company you choose offers credit cards with built-in protection against fraud.
When it comes to the best solution for in-store payments, chip cards are at the top, so make sure the credit card processing company of your choosing actually works with chip cards. They are the best fraud solution you can get, so that both you and your customers can be safe and actually have a piece of mind in case any unforeseen circumstance takes place.
When it comes to online payments, fraud detection and protection against fraud are taken to a whole other level and it greatly depends on the products or services you are selling, as well as which channels you are using for selling them, so you need to delve deeper into the matter and explore every single available option.
What about Customer Support?
Customer support is just as important as any other factor that you need to consider when choosing the right credit card company for your needs. What happens if your terminal malfunctions, for instance? How will you get the help you need and continue to do your business seamlessly?
You need to know what kind of customer support a particular credit card processing company provides, so that you can be sure that you are actually placing your trust in good and reliable hands. Make sure they are available to you 24/7 and can instantly provide you with technical support and any other service you may need.
Choosing the right credit card processing company that is completely compatible with your business needs can be a tricky task and, since you must think long term, you need to know everything about a particular one, so that you can be certain that you will make the best decision for both your business and your customers. In order to do that, make sure you check out the credit card processing company rankings for every single vendor you consider, as that will definitely help you make an informed decision that you will not come to regret later.