As a business owner, having the ability to accept credit and debit cards is one of the most savvy business decisions a company can make. If you accept cash or checks solely, you could be limiting yourself to the smaller sales. But if you do decide to go with a business payment processing plan, determining the best one for your business could prove challenging. The following are important factors you want to consider.
What are the Fees and Costs?
Capturing the attention of your customers through social media, blogs and newsletters are all important components of a successful business plan. But there are just as many critical decisions to make after you’ve made the sale such as the exchange of money. Payment processing fees associated with a customer’s debit and credit card can cost beyond 5 percent on what the business earns from the sale. But there are some processing plans that cost significantly less. That’s why it’s important to research the various companies before you make your selection. Processing fees you need to be aware of include setup, application, interchange and monthly statement fees. Your business may also be charged a fee if you don’t meet the required minimum amount per month or you decide to terminate early. Before you decide on a processing plan, you need to understand what you’re responsible for and get it in writing.
Types of Payments
Dependent on your business needs, there are processing plans devoted to your area of expertise. If you’re in the retail business, the credit card processor should probably accept all major credit cards. To avoid turning away business, you may also want to accommodate debit, gift and prepaid cards in your transaction. If you own a gas station, credit card processing gateway offers secure and fast credit card processing solutions. However, you want to ensure that your business is in compliance with the new EMV chip card regulations by updating your processing system. The chipped smart cards are instrumental in offering the best protection and helping guard against fraudulent charges. If your business is not in compliance, you could be responsible for the fake credit card purchases.
What Does the Setup Entail?
The everyday tasks involved in running a business can be staggering, especially if your business has grown. Taking checks and cash for your transactions are simple and typically involve filling out a deposit ticket or inputting the funds via remote deposit. But when you want to capture an even wider market, you need to set your sights on a larger prize such as credit card processing. When you want to begin your payment processing plan, you want to find something that is easy to setup and use. Whether you have significant employee turnover or not, you will also need to train your employees to work the credit card processor, so the technology should be easy to master. Transactions should be simple to input with either a swipe of a card or inputting the pertinent information. You should also consider the amount of time that it takes for the money to process and go into your account.
Is the Technology Current?
The methods used to pay for a cup of coffee, lunch and other retail purchases have evolved over the years. When you’re looking into credit card processing plans, you want to find a company that is going to be current with today’s technology such as Google Wallet and Apple Pay. With a quick touch of a person’s table or smartphone, customers are able to pay for their purchases.
The Availability of Customer Support
Although you may be able to run a business, business payment plans may not always work properly. If you ever run into an issue with the machine, fees or statements, you want to be able to reach someone quickly. That’s why it’s important to look for a processing company who provides customer service support 24/7.
In order to keep your business growth consistently moving, you want to be open to the latest payment options. But there are a number of credit card processing companies out in the business world today. The above guidance will help you determine which company is right for your business. It will also ensure that you have adequate support, and you don’t overpay for the services that you’re actually getting.