If you have a small business, then you are probably planning to begin accepting payment options like credit cards or debit cards. If so, you will have to choose the right credit card processor to work with. While there are charges that you will need to pay to the card processing companies, it is important to note that by moving your business from accepting cash payments to accepting either debit or credit cards, you will increase your sales.
The move will also lead to an expansion of your customer base. According to a study conducted by Intuit, small organizations that started accepting debit and credit cards increased their sales. Businesses should keep on adopting new technologies so that they can maintain a competitive edge over others. Here are a few guidelines on choosing the right credit card processor.
Fees and Other Costs
Various charges are involved when processing credit cards. An interchange fee is often charged for each transaction that is processed. This fee is paid by the business. The fee is between two and three percent for every transaction that is carried out. The rate of pay is dependent on some factors. Other charges include application and setup fee, monthly statement charges, monthly gateway fees, monthly minimum charges among others.
According to Best.creditcard, credit card processing companies will charge different fees. If you own a small business, it is essential for you to understand all the charges before making a move to accept credit cards and debit cards. If there are issues about the fees that need to be clarified, you can consult with the firm to get clear answers. If the company is not transparent about their credit card fees and other related costs, then you should look for another company.
The Time it Will Take for Setup
The process of setting up the technology should be easy and straightforward for you and your employees. Ensure you know how long the process may take to completely set up your account and do the necessary installation of the equipment. This will help you to plan accordingly. One should ensure that the processor can offer reliable professional support needed during this process.
The Types of Payments Accepted
If you’re in the retail business, then there is the need to ensure that your credit card processor accepts all major debit and credit cards that customers use to shop in the market. This will enable you to serve all your customers and avoid turning them away. The credit card processing system you want should also accept other options like prepaid cards or even gift cards among other methods.