There are many credit card processors to choose from, with many criteria to take into consideration before signing the contract. In this article, we’re going to take a look at various factors to consider when selecting your payment processor.
The benefits of accepting credit cards
Accepting credit cards will widen your customer base, whether you have an online, brick-and-mortar or mail-order business. Companies that do not use credit cards are missing out on over 80% of impulse sales. Credit cards, by their nature, encourage spending, and customers that prefer to use them will not buy from a company that cannot process cards. Make sure your merchant account provider lets you accept ALL major credit cards, so that you will be able to tap into this massive market.
No application fee
When applying for a payment processor, you can be charged as much as $250 or more. With some processors, this fee does not exist. Wither way (but especially if you are paying an application fee) make sure that the company has one of the highest approval rates within the industry, which means that you will be able to accept credit card payments in no time.
Some providers charge extra for processing software, while others include it as part of their offer at no extra charge. This software will allow you to accept checks online, by fax and over the phone. Depending on the company you select, this service can set you back upwards of $300. Ideally, you should try to find a company that provides this software at no extra charge and lets you download it immediately once your application is accepted.
The best interface for your business
Once everything is in order, you will need the right interface to start accepting cards. There are three options here: a virtual terminal accessible online, ecommerce software for your computer or device, or an electronic keypad terminal. Make sure that your merchant account provider has all three of these options available. Even if you don’t need one of those options now, you never now how your needs may change in the future.
It’s one thing for a merchant account provider to say that they offer low rates. But some processors offer a low-rate guarantee to ensure that you are getting the best deal around. If a merchant account doesn’t make this guarantee, then you should at least wonder why not.
High approval rates
Make sure the merchant account provider you choose has a high approval rate, or you may just wind up having to start over from square one.
For more information on Selecting the best credit card preocessor for your business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.