Three Signs You’re Using the Wrong Credit Card Processing Company
Any business owner who takes credit cards for provided goods and services know what a pain it is. Once you pay all of the fees of the credit card processing company, your bottom line gets smaller and smaller. Also, all business owners know if customers are not happy with your provided product, they will likely not be back. With this in mind, why do business owners continue to be mistreated by poor quality credit card processors? Business owners ARE the customer. They work for you, you pay them, you have a choice! Below are three signs you are using the wrong credit card processing service.
1. With the recent credit card security breaches at a few national chains, a good quality credit card processor will help you manage security. They can keep you up to date on the latest practices which will protect your customers. Make no mistake, if a small business has a security breach like we’ve seen in the past, there is no recovering.
2. Is your credit card processors rate going up, but the service remains the same? As a business owner you know when to raise prices on your goods and services, usually when your supplier raises their rates. You also know how much you can raise, or lower, prices in order to turn a profit. Processors also know these tricks. If your processor starts raising rates, and you are still getting the same ho-hum service, start looking around.
3. Do you keep getting hit with hidden fees from your processor? Sure, one would expect to pay the company what they are due, but hidden fees are the worst. Make sure you review any and all statements you receive from your processing company. Compare and contrast previous month’s statements. Due diligence can often times be a pain in the neck, but no one is looking after your bottom line except for you.
There are dozens of credit card processing companies out there. If you are a business owner, don’t be complacent with yours just because you have always used their services. Be proactive; start doing internet searches on the company, see what their current rates are, see if there are any complaints filed against them. Sometimes the difference between knowing, and being perpetually ripped off, is an internet search away.
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