For a very long time the popular belief had been that credit card processing is expensive. Many small businesses have kept off the new mode of payment under the assumption that it costs a lot. The truth is that it does not have to be expensive at all. Credit card processing is cheap and small businesses in Phoenix are integrating it into their systems. Currently, if you do not accept card payments it may prove bad for business.
How credit card processing can be inexpensive
- High supply
Market forces are often the biggest influencers of pricing. When the demand is low and the supply is high, price reduction becomes a competitive strategy. This describes the credit card processing industry in Phoenix. Previously, processors were few but now there are numerous processors to choose from. Some processors have reduced their rates to compete in the market and merchants and customers are reaping the fruits.
- New technology
Bottlenecks that made transactions difficult contributed to the high prices in credit card processing. However, those are long gone. Advances in technology and data management have made credit card processing faster and simpler.
Selecting a credit card processing service
Numerous processors are operating in Phoenix and it’s important to select one that provides low cost and effective service. Evaluation for the best processor involves a meticulous look into four crucial areas
- Transaction speed: Both merchants and cardholders prefer processors that can guarantee quick payment. Delays on card payments can be annoying. If a processor has a track record of handling a large volume of transactions without hitches, then it’s worth the consideration.
- Safety: If it’s fast and unsafe, it’s not worthwhile. A good credit processor must offer reliable security. With the rise of fraud, it’s best to work with credit processors that operate an airtight system.
- Reliable uptime: Since credit card processing involves complex systems, downtimes can occur if you choose the wrong processor. Credit card processing outages may mean your business is as good as closed. Outages force merchants to turn down customers and this creates a poor rapport that may be detrimental to a business. Before you settle on a credit card processor look into their history and make sure they offer 24/7/365 technical support at no extra charge.
- Transparent rate structures: It’s important for credit card processors to stipulate their rates to keep merchants informed on where their money is going. You need information on transaction rates and fees to decide if a processor works for you
- Customer support: A good credit processor operates efficient customer support that is quick to resolve any issues.
If you find a low-cost credit card processor that meets all these requirements, you have the best option. For more information on low cost credit card processing for Phoenix businesses, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.