Whether you conduct your business’ sales in person, online, or over the phone, you will want to feel secure about how your customer’s credit cards are being processed. Being able to accept credit cards as a form of payment is a huge benefit, and credit cards are probably the number one source of revenue, especially in online businesses. In addition to making payment easy, using a credit card also offers customers with a record of their sales so they can easily track their finances.
When choosing a credit card merchant account service, you will have several options. The first option to consider is using a bank for the credit card processing services you need. Most banks will offer merchant services with business account packages. Keep in mind, however, that many banks do not do this type of processing themselves and will actually outsource the service. It may be a good idea to shop around and get a feel for the different rates banks have to offer and what services they outsource before choosing the bank you will want to work with.
You can also work with an established credit card company such as MasterCard or American Express. Registered credit card brokers are also a popular option, but some are not regulated and can be more expensive than smaller merchant account providers.
Credit card processing companies base rates off of a variety of factors including if you business is considered ‘high risk.’ They determine this risk from your industry, credit history and potential fraud among clientele. For example, online adult sites are considered more of a risk than a boutique. Credit card processing companies will also take how long you have been in business, as well as your chargeback rate, when determining how much of a credit risk your company may be.
In addition to paying for the company fees to process transactions and provide reports, you need to purchase the required credit card processing equipment if you conduct transactions face-to-face and additional security for your website if you process transactions over the internet. The credit card machine (what is used to swipe the card) will be your biggest up-front investment. Many businesses will choose to lease a machine. You will also need to factor in the discount fee, which is the percentage of money your provider charges for every transaction, as well as application and activation fees. Ask about other features as they will increase your fee. If you need something specialized, expect to pay a higher price. Don't get oversold on features that your business does not currently need.
Get several credit card processing prices from a variety of companies before you make your decision. This will help you make a decision depending on your business' finances. Remember though that the more comfortable you are with the vendor matters along with the services and features that will benefit your business. A cheaper option may not be the best option for what your company needs.
There are online companies too that typically offer the same services for a cheaper amount.
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