Business Credit Card Processing
How To Choose A Business Credit Card Processing Company
When looking for a company who will do your business credit card processing, you do need to consider something beyond the amount of money they are going to charge you to handle it for you. Yes, the rate is important but there are other things to consider beyond the rate of business credit card processing.
For instance what is the amount of time needed for them to set up your account? You are ready to do business, but meanwhile you will be kept waiting while they process your account. What is it worth to you to stand by and wait? A business credit card processing company that is eager to get to work, and tells you that they will have you ready to accept credit cards in 2 – 3 days is a good company to deal with as opposed to one who quotes you 3 – 5 days to set you up.
How about a company who says that they answer all of your questions promptly, but promptly means within 5 days? Do you think that your own customers expect you to answer them within 24 hours if they have a question? Shouldn’t you expect that kind of service from your own processing company?
Credit Card Processing Software
It will also be exceedingly important to you as to which credit card processing software they are going to provide for you with regard to an online shopping cart. Not all software works well, and sometimes it’s difficult to integrate it. If you know other people who have an online business and thus are accepting credit cards online, it would behoove you to ask around to see who they are using to process their credit cards and if they are happy with both the service as well as the shopping cart. Just as word of mouth will be of immense importance in your business, so too do the business credit card processing companies often work on word of mouth referrals.
POS (Point Of Sale)
Will you need what is referred to as POS, which means “point of sale?” If you are going to actually open a “bricks and mortar” store in addition to your online store, you will need to arrange for a credit card swiper at the physical business location. These vary from the simple ones that small business credit card processing or restaurants use for example, to the electronic ones that contact the card processing company electronically for you. The actual cost of the physical arrangements necessary for that can be astronomical, but if you believe you will have that amount of business, then it will be a necessity.
Fees
We now come to the all-important mention of credit card processing for business fees. Fees will certainly vary depending on many factors, but the basic parts that influence the fees charged are what you are selling, what is the general monetary amount of what you will be selling, and exceedingly important, what will be the monetary amount of charge backs expected?
For example you may need to pay a monthly gateway fee, a statement fee, and you may need to meet a monthly minimum. There will be a percentage rate applied to each transaction, an address verification fee, as well as a charge back fee.
Speaking of charge backs be sure to thoroughly understand this portion of any business credit card processing company you choose. Charge backs are of course disputes made by the buyer, saying perhaps that they did not order the product, or never received the product, and thus they refuse to pay. Find out what the company’s policy is on charge backs, and whether they will go to bat for you on disputes. This is where the business credit card processing company you choose is of extreme importance!
You can see popular types of credit card processing equipment here.
Tags: business credit card processing, credit card processing for business, credit card processing for small business, small business credit card processing
Topics Credit Card Processing
3 Responses to “Business Credit Card Processing”
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