Are you in the market to find a credit card processing company for your business? Are you unsure what feature to look for? Are you not quite sure what you even need? While finding a company that will be a perfect fit can be done, you will need to investigate and compare multiple companies until you find the one that is right for you. Here is a look at the areas that you will want to consider.
Comparing The Cost
Credit card processing fees vary from company to company. It can be a challenge trying to figure out exactly what it is you will be paying for processing services. Companies can charge a variety of fees including an initial contract fee, monthly service fee, per transaction fee, minimum transaction fee and more. Your best bet, especially if you are a new or smaller business is to avoid companies that have monthly minimums, transaction minimums, etc. Usually the most inexpensive contract will be one that offers an interchange plus pricing contract.
Next, you will want to look for a company that offers superior customer service. Before signing a contract make sure you check out the company’s customer service line. Additionally, you may want to ask around to other businesses that use the company to see how they rate the customer service. In most instances, you will want to choose a company that offers around the clock support, provides initial training and is quick to respond to your questions and needs.
Read The Fine Print
When you are deciding between different companies make sure you always read the fine print of every contract. Some companies may claim to have the best rates but when you read the fine print you may find you don’t qualify for the best rates. Many times to get the best rates you need to have a super high volume, a minimum amount of transactions per month and more.
Other Things To Look For
As you are comparing processing companies here is a list of other things you may also want to consider:
• Can I lease equipment? If so, how much does it cost? Many times buying your own equipment is a better option, but you will still want to compare.
• How long will it take for me to get my funds? This can vary greatly from one company to the next. It is usually ideal to find a company that has a turnaround time of 24 to 48 hours.
• What fraud protection measures will be provided? Credit card fraud is a serious issue today and you will want to make sure the credit card processing company you choose takes fraud very seriously and has fraud protection measures in place.
• Do they offer technical support? Especially if you are renting equipment, you will want to make sure the company you choose offers technical support around the clock. You never know when your equipment might decide not to work and you will want to be back up and running as soon as possible.