A small or mid sized business that selects a credit card processing service, solely because of its cheap merchant card processing rates, is making a grave mistake. Credit card processing fees are only a small part of the complete merchant processing solution you buy from the merchant services provider. You must evaluate the other services offered by a merchant account services provider before signing up.
Follow these guidelines to assess a credit card processing solution:
Verify the customer support
A small business may need the help of customer support often in the initial days of using the credit card machines and installed software. It is important that customer support personnel respond without delay, or you may lose the sale. A credit card processing company that has 24×7 customer support is always preferable since an immediate solution is required when you run into credit card processing issues.
Always check the quality of customer support b cuy asking for current customer references. This will give you an idea of the credit card processors attitude towards customer support, promptness of their response and what they are being charged for it.
Enquire about the security features offered for card-less transactions
Most online credit card processing agencies offer security features for card-less credit card payments to reduce the risk of credit card fraud. Security features include encryption of credit card information, address verification, IP address blocking, etc. Advanced security options make the credit card transactions safer, but may result in additional credit card processing costs.
Understand the credit card processing fee structure
Credit card processors charge fees other than the discount fee. Make sure all the fees are included in the contract and that there are no hidden fees or ambiguous terms and conditions.
Verify the reputation
The market is full of small business credit card processing services offering cheap rates. Some of these may not be legitimate. Do not deal with a credit card processing company without checking its references. If the agency does not have any customer referrals, check out its rating with the Better Business Bureau. Any complaints or disputes against the agency should be listed here.
Get contact names, numbers and email addresses
The merchant must have details such as the name of the credit card processor, physical address, a contact person’s name, phone number and email address. Having the contact details of other company representatives is also a good strategy to assure fast and timely response.
Contracts with credit card processing companies are usually multi-year and you would not want to be tied down with a below average merchant credit card processing company. You need to be wary of agencies that offer cheap credit card processing initially and then start springing the hidden costs. It is important to verify the reputation and research the fee structure of credit card processing leads before signing up with one that fits your business needs. A reliable and efficient credit card processor will not only help you increase sales revenues, but also provide financial protection against credit card fraud.
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