Trying To Decide On The Best Payment Processor For Your Business?
If your business plans to accept debit and credit cards — whether in person, by phone or online — you’ll need to choose a credit card payment processor to accept them. Although you may pay some upfront costs and ongoing credit card processing fees for doing so, going from a cash-only business to one that accepts credit and debit cards could lead to a big boost in sales. So how do you pick from the many credit card payment processors that are out there?
With hundreds of credit card processors available and with the many ways in which businesses can accept credit and debit cards, it’s easy to feel like you’re in over your head.
You might be surprised to learn that the wrong way to choose a credit card payment processor is to base your decision solely on cost. Many companies seem to offer cheap services, but the old adage “you get what you pay for” definitely applies. If a credit card payment processor offers you prizes and discounts, you should be aware that you will ultimately pay for these incentives by paying higher prices for certain categories of cards and add on fees, such as annual or monthly membership fees and exorbitant cancellation fees. Don’t hesitate to negotiate these expenses with your vendor.
From Which Credit Card Payment Processor Should You Get Your Merchant Account?
There are many credit card payment processing companies that offer merchant accounts that let small businesses accept credit cards in retail stores, on the Internet and even with a cell phone. But finding the right one for your company isn’t easy.
For starters, most banks and credit unions don’t offer merchant accounts directly. They will have a relationship with a payment processor. They offer merchants a menu of services with a “discount” or incentive to select their processor. For the most part they are relying on their “relationship” with you rather than the quality of their services or pricing. These are the very same institutions that shuffle their managers from town to town and branch to branch to defeat any attempt to establish those very relationships.
Instead, many businesses decide to deal directly with a broker like Canada First to secure their merchant account. They get a personal representative who understands their business requirements and can get them the payment processing services they need.
Your customers and clients expect you to make payment processing easy and fast. You need your processor to keep on top of the rapid changes in technology. Whether it is mobile processing or online sales you want an expert to help you deal with different fee structures and different rules.
When you are process credit card orders online, the transaction has to pass through an online gateway system. Whatever shopping cart software you choose has to interface with these gateways. Not all shopping carts work out of the box with all gateways. You need to be sure the shopping cart you plan on using will work with the merchant card provider you choose. You can find out more about accepting credit cards online here.
How To Compare?
Credit card processing fees, transaction fees and statement fees vary a lot.
The best credit card processor is not necessarily the one that offers you what appears to be the lowest advertised cost, but one that can accommodate your business’s unique needs.
The best processor for you will allow you to pick and choose the types of services that are best suited for your products and services, it will be budget friendly and it won’t enforce stringent requirements or restrictions just because you’re a small company.
To help you compare merchant account providers – Here is an easy Sixteen Point Checklist you can use to make sure you’re getting the best deal.
Products and Services Providing You With The Solutions You Need
Want More Information?
Call us at 888-616-6967 or Click the button to send your request.