If you decide to take payments by credit card for your small business (which is a really good idea), the biggest factor involved is choosing the processing company. There are many types of card processing options available, and many companies that provide them. Here are some of the most important considerations to make the right decision for your business.
What Type of Processing Options Does It Provide?
One of the first things you will need to consider is which type of credit card processing solutions are provided. Depending on the nature of your business, you may require a credit card machine, an online payment processor, or a solution that allows you to take payments over the phone or by fax.
If you own a physical store or restaurant, a credit card machine is often required. You have a lot of choice here when choosing a processor, and one thing you will have to decide upon is whether you want to buy or rent the machine. Credit card machine rental has many benefits, but that does not mean it is always right for your business, so compare the two.
Find Out How Much It Costs
You should expect to pay a certain amount in fees when you choose a processor, but these can vary from company to company. As well as the percentage charged on each transaction, you may also be charged a monthly statement fee, setup fees, gateway access fees and more.
Always find out the full cost involved over the course of the following year so you can make a more informed decision about which is the right solution for your business.
What Is the Level of Customer Support Like?
You may experience problems with your credit card payment solution at some point, and if this happens you will want to contact customer support to get the problem rectified as soon as possible. Different processing companies will provide different levels of support, so this is something you will want to find out about before you make your decision because you don’t want to be left in difficulties when something goes wrong.
Which Cards Are Accepted?
Another big consideration is which cards will be accepted by the payment processor. Ideally, you want to be able to accept credit and debit cards so that your customers are able to pay using the method that suits them, and this can help you to avoid losing business.
Choose the Right Payment Solution for Your Business
Choosing the most suitable credit card payment processor is essential, and it is something you should spend some time over to make sure you make the right decision. There are many processing companies available, and they all provide a slightly different service, so compare the options and choose the one that is right for your business.
Leo Anderson combines his IT and retailing experience to provide solutions to his varied clients. He also likes to share his insights with an online audience and is a regular contributor for a variety of relevant websites.