How to Choose the Right Credit Card Processor for Your Small Business

Thursday, March 26th, 2020

As a small business owner, wondering if you’re choosing the right credit card processing company can be overwhelming. It quickly leads to a string of questions. Have you found the best company for your business’ unique needs? Is this merchant account right for you? Are you still unsure what a merchant account even is, and if you really need one?

There are so many processing companies out there, and at first glance, they all seem to be offering more or less the same services. So, how are you supposed to choose the best company? Who can you trust your business and customers with? Which merchant services solutions are the best for your small business? Again, even more questions.

Do You Need to Seek Out a High Risk Provider?

The answer is: it all depends. If your business is considered high risk, you will have a greater challenge in securing the services you need. Many small businesses are considered “risky” in the eyes of traditional lenders. While there are a variety of reasons, the most common include: business type, high chargeback rates, risky industry, limited time in business, history of bankruptcy, credit issues, etc.

If a provider feels that your business is too risky, your merchant account application will quickly be rejected. When merchants find themselves in this situation, many turn to alternative providers. A high-risk provider specializes in working with business types and industries that struggle to secure a merchant account.

Does Your Business Need a Merchant Account?

A merchant account allows you to accept credit and debit cards from your customers and allows you to stay competitive by providing the services you need to offer key features like multiple payment options. Essentially, a merchant account facilitates the interactions between all parties (your business, your customer, credit card networks, and your payment processor) that need to occur for a transaction to be successful.

When it comes to picking the best credit card processing company, there are a few simple rules you can follow that will simplify the process:

• Make sure there are no hidden fees and no surprises. You want to partner with a provider that lists in-depth fee disclosures upfront. You should feel no high-pressure sales tactics and encounter no long-term commitments.
• The providers you are considering should specialize in working with high risk companies (if you are categorized as high risk), your business type and your industry. Every business has its own unique set of challenges.
• You should feel that your provider goes above and beyond in offering value and savings. What additional services do they offer? Multiple payment gateways? Chargeback protection and prevention programs?
• Above all, make sure the company is a top-rated merchant account provider. They should have extremely low complaint counts and numerous independent reviews that validate good practices.

Struggling to find a provider you feel is right for your business? Take some time to browse the reviews our team at Best Payment Providers has to offer. Find the top-rated merchant account providers in the U.S., along with helpful credit card processing reviews and other information.