All small businesses that want to survive have to be able to process credit cards. It can be difficult to find a credible payment processor, or one that is the right fit for your business. This process can be even more difficult if you don’t know what to look out for. The following are a few tips to guide your merchant account comparison, and help you find the perfect credit card processor.
What are the Fees and Costs?
Credit card processing fees can go all the way up to 5%. However, some companies may charge far less than this. Before signing an agreement, check out the fees associated with the service. Pay attention to the interchange fees, application and setup fees, monthly statement fees, early termination fees, and monthly gateway access fees. Don’t let exorbitant fees nickel and dime your profits away.
How Long Will it Take to Start the Account?
Figure out how long it will take for the payment processor to set up the account, and if you’ll need extra technical support.
What Payment Types are offered?
It’s important to know what types of payments your customers will desire. Ensure that your new payment processor accepts all major credit and debit cards. You might also consider payment processing services that include prepaid cards, gift cards, EBT, or an electronic benefit transfer. What does the payment processor have to offer in the way of new technology? Will your customers be able to use Apple Pay, NFC, or Google Wallet?
What about Customer Support?
Does your payment processor provide technical support? If so how much? It is essential to hire a payment processor with direct help from account reps and 24/7 customer support. This may cost a little extra, but could be worth it to avoid inconsistent service.
Utilizing inclusive payment processing will help your business grow. Not offering the types of payment processing that your competitors do, will drive away existing and potential customers. Don’t wait another day to make profits. Contact FAM to help process whatever forms of payment your customers prefer.