7 Criteria for Picking a Credit Card Processing Provider
When you decide to allow card payments by customers, you will need to pick a credit card processing company. Choosing the right processing company is not easy because of the numerous factors to bear in mind and the large number of providers in the market to select from. With the tips highlighted next, it will be easy to make your credit card processing provider selection.
A majority of providers process major cards, but very few of them accept alternative payment options like prepaid and gift cards, and electronic benefit transfers EBTs. Customers who wish to pay with the latter options cannot, therefore, shop at your online or physical store. It is, therefore, important to inquire from your clients about the cards they use most so that you can identify a credit card processor that can accommodate such options.
You may be asked to open an account with the bank of the credit card processor. You need to read the contract that contains such a requirement carefully to understand how much of your cash they can put on hold and under what circumstances such an action can take place. Ensure to ask about withdrawals from the account, especially when it comes to frequency.
Only deal with a reputable credit card processing provider. This aspect is determined by speaking to merchants who are using the company. Also, only deal with a card processor that is stable in terms of finance.
Investigate the reliability of the provider’s customer support system. Errors and problems are common when accepting credit cards; and so, you need a provider that can offer a quick and effective solution in such instances. You may also require explanations about certain issues or make complaints, making it essential to use a firm with a dependable customer care service.
There exist various fees, commissions, and costs that relate to credit card processing. Also, each credit card processor charges differently. You, therefore, need to learn about such fees to that you can pick a card processor that suits you best. Watch out for providers with seemingly low rates that later add up due to hidden fees by carefully looking at the contract terms on offer.
Find out about the presence of fraud detection and deterrence measures to give your business the protection it deserves. You also need to know whether you will be asked to pay for such services or if they are included in the payment plans.
Some credit card processing companies may charge you for using their software systems and equipment such as terminals. In such a case, compare the rates charged if you wish to get the lowest.