Credit Card Processing Services – What to Look for & What to Avoid
Very few people carry cash with them these days. Therefore, it’s become increasingly necessary for businesses of all sizes to accept credit cards. Luckily there are different ways to do this now. You can hire a credit card processing services company to provide you with all the tools & handle your transactions, you can sign up for a mobile credit card processing service, or you can use services like PayPal or BillMeLater to take credit card payments online (keep in mind that these services will charge you a percentage of what you charge the client.) With all of these different options, it is important to know what to look for and what to avoid with each one. Today, we are going to take a stronger look at the traditional credit card processing services that provide you with card readers and feed into a regular POS system.
When choosing a company to provide you with credit card processing services, it is important to look for certain things and to avoid others. Here’s our list:
1. Avoid Leasing Equipment – When it comes to credit card readers, they can be expensive, but don’t allow yourself to buy into the idea of leasing the equipment. This will place you in a long-term contract that could cost you thousands more in the long run.
2. Compare Fees & Know What Each One Really Is – Service fees, subscription fees, third party provider fess and special fees all combined can add up to a lot. Be sure you read all contract material very carefully (letting a lawyer take a look is also good practice) so you don’t get caught up in certain promotions and don’t realize the impact of fees.
3. Ask how they Protect their Clients – Credit card processing companies need to protect themselves so they can protect you. Some common protection services you should look for in a company are SSL, real time processing, fraud protection, address verification and CVV2 Acceptance.
4. Avoid Companies that exclude popular credit cards – Some credit card companies will prevent you from taking certain types of credit cards, such as American Express or Discover. Try to stick with a company that gives you more options rather than less, even if it costs a little more. The ROI will likely be worth it.
5. Customer Service Options should be plentiful – Finally, credit card processing is not your forte, it’s theirs; that’s why you hired them! Make sure that they are available to you whenever you need them. E-mail, 24-hour, 7-days-a-week technical support and live online chat are great support items for a credit card processing company to have.
Leave a Reply