Selecting a credit card processing company is vital to the success of a business that’s relying on credit card payments as a majority of their income. However, not every processing company is the same, despite offering relatively similar services. Selecting between multiple companies requires knowledge of how to compare.
- Read the Fine Print
How often do you skim through–or even totally ignore–all the fine print of a document? Probably more frequently than you would like to admit. It’s worth it to read the contract you’re signing in its entirety. Sometimes, the terms aren’t going to work for your specific needs. Sometimes, credit card processing for small businesses places restrictions on the size of the transaction, which might not work for your business. Canceling may not be as easy as you think. Once you’re locked in, you don’t want to accrue fees or penalties once you find a better option for your needs.
- Know Your Rates
Before you get involved legally by signing a contract, know the fees you’ll endure and when and why you’ll accrue them. You don’t want any surprises, and you want to know the fees are fair before you start seeing the charges.
- Customer Service Experience
Take notes about your customer service experience from the instance someone picks up the phone. Take note of how you’re treated. Keep in mind, companies offering credit card processing for small businesses will tend to be friendlier before you’re a customer. They’re trying to get your business, so they tend to give you the “red carpet treatment,” meaning they address all your questions and treat you with respect. If they’re not going out of their way to make a sale, be leery. The customer service will only get worse once you’re already a customer.
- Know What Payments Are Accepted
Offering as many payment options as possible ensures you welcome a majority of customers. The easier it is to pay with you, the more likely customers are to return. Make sure the system you choose accepts all major credit card companies. You may want to look into other options besides credit cards, such as prepaid cards, depending on the type of small business you have, some credit card processing for small businesses limits the number of transactions a business receives due to the options they offer.
- Know How Long It Will Be Before You’re Set Up
Ask the credit processing company how long it will be before you’re all set up. You don’t wait too long to utilize the technology. This also helps you to plan accordingly for your clients, so you’re not missing out on payments in the meantime.