Wednesday, January 5th, 2022
You’re a growing business, so you need to start processing credit cards. It’s time to accept cards, but how do you spot the right merchant account?
Choosing a credit card processor is one of the most important decisions you’ll make when starting a new business. And there are quite a few things to consider! Discover more below.
The Top Considerations When Choosing a Credit Card Processor
There are different types of credit card processors out there. You may even find that they offer other services as well, like Point of Sale systems or payroll services. If this sounds like something that could benefit your business, go ahead!
There are many charges associated with credit card processing. Look for a flat fee that covers all your processing needs and won’t be subject to hidden, additional charges. Or, look for a company that will let you set your own rates, but charge a small transaction fee for each sale.
Credit Card Security
Be sure the processor uses advanced security features such as tokenization and encryption in order to protect your customer’s sensitive information. Your company will also want to ensure that the processor has robust fraud detection capabilities and takes steps to minimize the risk of fraudulent transactions affecting your business’ processing fees.
When you need help, you want great customer support – both during and after business hours. Consider firms that offer phone support through customer service representatives who understand all aspects of credit card processing and can help you ensure that your business has access to all the features it needs to thrive.
Processing volume & caps
Processing volume limits are another important factor to consider when choosing a processor. The provider sets this limit and defines how many transactions you can process per month. The rule of thumb here is that you want a high limit, but there’s not much point in paying extra for it if you don’t need it.
The processing speed is measured in seconds. It is the time it takes to process a transaction after the sale is approved. This is crucial because it doesn’t matter how competitively priced your processing rates are if the transactions take forever. Many processors offer same-day processing at no additional cost, so that’s something to look for when comparing companies.
As a new business owner, you should take the time to research credit card processing so you understand how it will benefit your business. The right merchant services provider can help your new business and lower your overall expenses, but choosing the wrong provider may have costly consequences.