7 Criteria for Picking a Credit Card Processing Provider
You need to pick a credit card processing company if you decide to allow credit card payments by clients. Choosing one may not be a simple task because you need to give thought to some factors and select a provider from a multitude. The 7 criteria below will help you when picking a credit card processing company.
Nearly all processing companies accept major cards but a select few process electronic benefit transfers EBTs, and gift and prepaid cards that clients may choose to pay with. Customers who wish to pay with the latter options cannot, therefore, shop at your online or physical store. So, find out about the payment options that most of your clients wish to use to enable you to pick a card processor that accepts them to avoid inconveniences.
A credit card processor may ask you to open a bank account with them. You need to read the contract that contains such a requirement carefully to understand how much of your cash they can put on hold and under what circumstances such an action can take place. It is also necessary to find out about the frequency of cash withdrawals allowable from the account.
Check the reputation of the credit card processing company and ensure it is unquestionable. Past and present clients of the card processing company can be contacted for such details. The financial stability of the card processor also needs to be checked.
You need to evaluate the customer care system of the card processing company. Errors and problems are common when accepting credit cards; and so, you need a provider that can offer a quick and effective solution in such instances. You may also require explanations about certain issues or make complaints, making it essential to use a firm with a dependable customer care service.
A number of fees and costs come with credit card processing transactions. Additionally, every card processing company has its own set of charges. An excellent way to approach the issue is to learn about all the types of fees applicable so that you can understand what you are getting into when you pick a certain provider. Watch out for providers with seemingly low rates that later add up due to hidden fees by carefully looking at the contract terms on offer.
Ask about fraud detection and prevention measures that the company plans to offer because you need to protect your business against such threats. Also, inquire if such services are included in the pricing or you will have to part with additional cash to access them.
Card processing companies may charge for their software and equipment. In such a case, compare the rates charged if you wish to get the lowest.