Posted on: 23 November 2020
As a business owner, there are many things you can do to increase your revenue and grow your customer base. One of the most important steps you should take is to select a credit card processing service to handle the credit and debit card payments that your business accepts. Adding the option to pay by credit card will translate into a bigger appeal for your customers and a boost in sales for your business. The decision about which credit card processing service to use, however, should not be taken lightly. To help you weigh out all of your choices, consider these three factors as you make your pick.
1) Compare all costs and fees.
Credit card processing services typically charge some fees to handle payments for a business. The first thing you should find out is what costs are involved with using the service and when they will be assessed. Ask if the service requires any of the following common fees:
- Interchange fees - These fees (usually 2%-3% of the transaction) are charged per transaction and are sent to the card-issuing bank.
- Setup fees - Some services require a small fee to submit an application or set up equipment.
- Monthly fees - You may have additional costs every month. For instance, if your business does not meet a minimum amount of credit card charges by the end of the month, you'll incur a fee. You might also see a fee for usage of the service's payment gateway (the secure way that the service submits transaction information to the bank).
All credit card processing services charge fees differently, so it's essential that you request a detailed breakdown of every single cost associated with the company. Doing so will allow you to choose the service that best fits your budget and individual needs.
2) Confirm the payment types that the processing service will accept.
You'll need to make sure that the credit card processing service also accepts all kinds of credit, debit, and prepaid cards, including gift cards. If your business sells food items, you may want to see if electronic benefit transfer (EBT) transactions can be run through the system as well. Furthermore, confirm whether or not the service can handle card transactions made by a point-of-sale terminal in person, by phone, and through an online payment form. This flexibility will result in better sales and greater convenience for your customers.
3) Ask about the service's customer support options.
It's inevitable that you'll run into a technical issue when running a credit card sooner or later. Your technology can glitch when you least expect it to and at the worst moments. To assist with any problems that might arise, you'll need to find a credit card processing service that offers great customer support. Ideally, you should choose a service that provides 24/7 guidance to users through phone, chat, or email. That way, you'll always have peace of mind that someone will be able to quickly rectify any payment challenges that you could face. Excellent customer service is also helpful if you have concerns or questions about your monthly bill. Having access to a knowledgeable and trustworthy customer service representative can make a big difference in which credit card processing service is best for you.
Be sure to keep these important factors in mind as you research credit card processing services, and don't hesitate to compare the pros and cons of each before making your final decision. For more information, reach out to a local processing service, like 1 Direct Processing.Share