How to choose the best credit card processor for your business

Choosing a Credit Card Processing Company

Starting and maintain a small business is no small feat. This exciting venture can take an immense

amount of time, preparation, planning, and money. As a small business owner, you don’t want to spend

your precious time constantly worried about the ins and outs of your business operations. You want the

behind-the-scenes aspects of your business to run so smoothly that you really don’t have to even think

about them at all. This will mean your time can be spent providing outstanding customer service,

increasing your advertising efforts, and growing your business to heights you never thought possible.

Connecting with the right credit card processing company is one of those things that can reduce your

stress and help your business run smoothly every day. The following material will cover some basics

about what credit card processing companies do. It will also help you learn how to choose the best one

for your ultimate business goals.

Understanding What Credit Card Processors Do

When your customer swipes his credit or debit card in order to pay for his merchandise or services,

there are many different things happening behind the scenes that you’re not aware of. Multiple parties

must join forces to ensure that each transaction gets authorized, cleared, and settled with no issues.

During the authorization stage, you as the merchant are contacting the issuing bank associated with

your customer’s card and requesting permission to process a specific transaction. Next, the transaction

must be fully cleared and settled in order for you to see that money in your account. Depending on the

size of your business, this process may take place dozens of times each day. Credit card processing

companies are like the middlemen that tie all of these individual pieces of the puzzle together. They act

as the liaison between the merchant, the customer’s bank, and the credit card issuer to ensure each

party plays his role successfully in completing each and every transaction. With all of these steps and

various parties involved, it’s no surprise that partnering with a reputable processing company can give

you the peace of mind of not needing to worry about this complex process.

Consider Your Specific Business Needs

While every business needs a reputable credit card processor, each business is different to some degree

in the way they operate. Whether you provide a service-based need, clothing, food, or something

entirely different, you will need to take careful stock of your needs before choosing a credit card

processing company. For example, is your business seasonal? Is your business considered high-risk? Do

you need to be able to accept mobile and e-commerce payments? Do you offer items on a subscription

basis? How does your returns process work when someone pays via credit card? The answers to these

questions can help you select a credit card processor that fits well with your business and long-term

goals.

Points to Consider When Making Your Choice

When you are consumed with the demands of running your business on a daily basis, it may be tempting

to just select the first credit card processing company you come across. However, doing just a bit of

research can help you avoid any headaches with your choice. Below are four very important points

to keep in mind before you decide on a processing company.

1) Track Record and Reputation

It only makes sense to consider the reputation of a company before you decide to partner with

them. You may be able to find out a lot of information through a quick internet search. This may

reveal any long-term complaints against the company or additional issues you should be aware

of. When working with a locally-based processing company, you will probably be able to speak

with a number of other business owners who have used the company’s services and can vouch

for their professionalism, quality, and service.

2) Transparency with Fees

Any credit card company you are considering working with needs to be completely transparent

with any and all fees you will be charged. You will want to find out what your transaction fees

will be for each purchase and whether or not there will be any additional monthly service fees.

Also, consider finding out whether or not you will be required to purchase or rent your

equipment. Cancellation or early termination fees should also be disclosed before you agree to

proceed. A reputable processing company that is interested in helping you succeed will be

happy to lay out all charges so that there will be no surprises down the road.

3) Customer Service

If you have ever had something go wrong right at the busiest time of your day, you will fully

understand the need for 24/7 access to quality customer service. Technology is fantastic, but

things can and do go wrong on occasion. When this happens, you will want to know that you

have aligned yourself with a company who will be there for you every step of the way. Toll free

access to skilled customer service professionals night or day can make you feel much more at

ease about your decision. Again, working with a local company may mean that you have a

customer service agent at your disposal who can respond in person within a short time.

4) Contract

Last but not least, be sure to inquire about whether you will be agreeing to a month to month

agreement or a long-term contract. If you are choosing to move forward with a contract, you

will want to be sure you fully understand the terms and conditions. In some cases, cancellation

fees or equipment charges may be required if you choose to cancel a contract early. Your agent

can go over all of this information with you before you agree to move forward.

Running a business successfully is a stressful endeavor. However, it is also very fulfilling and

rewarding to do something you love that also provides a valuable service to others. Joining

forces with the right credit card processing company can make this journey even easier, allowing

you to focus on far more important and exciting aspects of your business.

Contact a customer service representative at Payprotec Southeast to discuss the exciting

options available to help your business experience the advancement and growth you are striving

for.