How to Pick the Right Payment Processing for a Small Business
A surprising number of online and brick and mortar stores do not yet accept credit cards as payment methods. The common misconception is that credit card processing may eat into the bottom line of a business, but nothing could be further from the truth. Accepting credit card payments gives your customers more options to pay for the goods and services they buy from you and that substantially increases business opportunities while compensating for any associated payment processing costs.
Take into account the following points when considering credit card payment processing and
for your small business:
Fees and Charges
Be sure to know the rates and fees that a payment processing will cost. Particularly, ask about interchange fees, which is the money charged to you every time a payment is processed. High risk businesses, such as online ones where no card swiping or pin entry is involved, tend to attract higher payment processing fees. But typically, interchange fees for the same kind of purchases are usually the same across different credit processing companies. Also, consider if you need a merchant account, and the costs that come with it.
When picking selecting credit card payment processing and
credit card machine
for your store or online business, the quality of data that a processor supplies you with is an important consideration. The Point of Sale (POS) software you choose has a direct effect on this too. So, when comparing several payment processors, find out the kind of data and reporting features their system supports.
Never compromise on the quality of customer support that a payment processor offers. The processing of credit card payments is a mission critical aspect that must function without glitches. When there's a problem, you need your credit card processor to be there 24/7 to help fix it.
Once you've given your small business the capacity to accept credit card payments, you may benefit from other marketing aspects a payment processor may support. For example, the best credit card processing solutions provide benefits like loyalty programs and gift cards. These are meant to help reward your most loyal customers and encourage repeat buying.
Deciding to accept credit cards as a way for your customers to pay for the goods and services the buy from you is a great step in the right direction. On considering marketing support, interchange fees, data support, and customer support, you can pick the right payment processor for your small business.