If you are a small business owner that accepts credit cards and debit cards, then you will need to choose a credit card processing company. You will have to pay some upfront fees, but you will be able to boost your sales by accepting credit cards and debit cards. In fact, it is estimated that businesses lose $7,000 every year in revenue because they do not accept credit cards.
It can be difficult to choose a credit card processing company. There are five important factors that you need to take into consideration.
How Much are the Fees?
Credit card processing companies typically take about five percent of everything that a business earns in debit and credit card sales. However, there are some companies that will charge more or less than this. Monthly statement fees, set up fees, monthly minimum fees, early termination fees and monthly gateway access fees are examples of some of the fees that you may be charged.
It is important for you to understand all of the fees and the terms of service. If you need clarification, then you will need to contact a company representative.
How Long Does it Take to set Up?
You and your employees should have an easy time setting up the processing technology. If it will be difficult for you to set up the equipment, then you will need to make sure that the processor can come out and help.
What Payments are Accepted?
You should make sure that all major debit cards and credit cards are accepted. You do not want to have to turn away customers because their card type is not accepted. You should also make sure that other forms of payment are accepted such as gift cards and electronic benefits transfer.
Are new Payment Technologies Accepted?
Many of your customers may be tech-savvy. That is why you should choose a company that allows you to accept Google Wallet, Apple Pay and other digital wallets. These devices allow people to use their tablet or smartphone to make purchases.
Is Customer Support Helpful?
You may run into technical problems with your machine. You may also have questions about fees and monthly statements. It is a good idea to hire a company that offers 24 hour support.
Finding Credit Card Processing Companies
You can find a list of accredited credit card companies on the Better Business Bureau. Citbank, Bank of America and Chase also offer merchant services. If you have a business that is constantly on the go, then you may want to consider getting a mobile credit card reader. This is a device that you can attach directly to your phone or tablet.