One great way of boosting sales in your business is to start accepting credit cards. However, for you to do this, you will need the services of a credit card processing company. If it is your first time to accept credit cards in your business organization, you will find out that choosing a credit card processor may be a difficult task. Below are some important tips to choosing a Credit Card Processing Provider:
Choosing A Credit Card Processing Provider
Identifying the services that you require
The first step is to make a list of all the services that you will need from the credit card processing company. These will include.
• The payment card networks you plan to accept payments from.
• The number of payments terminals you need to have.
• Indicating whether you intend to accept payments from the internet or contactless payments.
The importance of including this information is because will determine your hardware and software requirements.
Identify potential credit card processing companies
The best way to go about this is to search online. You will easily come up with a list of possible service providers. Other ways to look for potential service providers include.
• Seeking information from other businesses concerning their service providers and how they rate their services.
• Asking your commercial bankers whether they offer credit card processing services.
• If you are a member of a business association, inquire whether it has any negotiated service packages as well as special rates for its members from any particular credit card processing company. Also, you can also inquire whether the association can help provide relevant information on prospective service providers.
Considering the fees and other costs
Some companies will certainly charge higher fees than others for the same products and level of service. This means that you will have to consider all the main credit card processing fees, as well as the upfront costs that each particular service provide, is offering. Then take time and do a proper analysis of all the information provided. This will help you make an informed choice. The most important thing is to understand all the fees and service terms.
Setting up the processing technology
Generally, it is easy for you and your staff to set up the processing technology. However, if it is a bit tricky for you, seek the assistance of your service provider. Also, get to know how long it will take for the service provider to set up your account as well as installing the necessary equipment. This will help you plan adequately.
Acceptable mode of payments
Get to know what modes of payment are acceptable by your service provider is important. If you are running a retail business, it is important to make sure your credit card processing provider accepts all major credit cards. This will help ensure that you don’t turn away any of your customers. Ideally, the new system should preferably accept gift cards, prepaid cards, or an electronic benefit transfer (EBT).
Acceptance of new payment technologies
Seek to know whether the system can accept new payment technologies. It is a fact that many of your customers are likely to be techno-savvy. This means that a payment processor with Near-field communications technology (NFT) would be the most appropriate for your business. This will allow you to accept digital wallets, including Google Wallet and Apple Pay.
In addition to the tips mentioned above, it is important for you to choose a service provider with a strong customer support. This will come in handy in case your credit card machine breaks down or if you need any other kind of support.