3 Things to Consider When Choosing a Credit Card Processing Company
Filed under: Credit Card Processing
Is it time for you to choose a service so that you accept debit or credit cards? Whether you are setting these services up for the first time or you are looking for a new provider, you need to be selective about the company that you choose. A quick online search will show that there are many companies that offer merchant processing, but these services aren’t all created equal.
Here are three things that you need to consider before you make your choice:
1. Fees and Transaction Costs
Even though you will pay for initial costs and ongoing processing fees, accepting credit cards is a great way to boost your revenue. A cash-only payment system often leads customers to turn to competitors who offer card processing services.
But, you need to be sure that you understand these payment processing fees in advance. Ask about specific fees such as setup and application costs, interchange fees, minimum monthly fees, and early termination costs.
2. Accepted Payment Types
You want to cater to all customers, which means that you should accept as many payment types as possible. Some payment processors only work for certain types of payments, which means that you might have to turn away customers if you don’t accept the type of card that they want to use. Ask your payment processor if you will be able to accept all major credit cards, including gift cards, prepaid cards, and EBT if needed.
Also, learn about the payment technologies that are available. For example, some customers might have Near-Field Communication (NFC) payments through digital wallets on their smartphones. It is a good idea to have the technology in your store so that you can accept these forms of payment.
3. Ongoing Customer Support
Setting up the payment processing system is just the first step. You will likely encounter questions along the way, which means that you need access to a helpful customer support team. Look for a company that offers honest and upfront communication regarding your payment processing. Also, 24/7 technical support is essential so that you can call in for help at any time.
If you are looking for more information about payment processing, then we are here to help! Call Rick Johnson with National Merchant Services to learn more about the options that are available: 888-891-0811
