The best credit card processing company for your business strikes the right balance of cost, functionality and support. Processing fees and monthly costs are the obvious starting points when comparing providers. However, considerations such as ease of use, support, integrated sales features and free software can help you spot the best value for your specific needs.
Here are a few questions to keep in mind when you shop for card processing services;
What is your average sales volume per month? Higher transaction volumes equal lower processing fees. A good rule of thumb is once you reach $5,000 in monthly transactions, you can benefit from an interchange-plus or tiered processing service. Before then, a flat-rate service such as Clover can be economical.
Do you sell in-person, online, mobile or combined channels? Where you sell determines your processing hardware and system needs. If you sell in-store, you need checkout registers. If you sell on the go, you need mobile card readers and a mobile processing app or mobile POS. If you sell online, you need a secure payment gateway. If you combine sales methods, you need a payment processing service that seamlessly connects all of your sales within an integrated system.
Do you need free equipment and POS systems? Free equipment and POS software add value to a service, even when paired with higher processing fees. When comparing services, consider what any free perks would cost if you went with a lower-fee processor that doesn’t provide them.
Do you already have registers, terminals and POS software? A processing service that integrates with registers, terminals, POS systems or accounting software that you already use can save in upfront costs and minimize business interruptions.
Is your business high-risk? High-risk merchants generally find the lowest fees with traditional merchant accounts with tiered pricing.
Are you selling restricted items? Many popular card processing services limit what you can sell. If your business falls outside their approved list, you’ll need a traditional merchant account provider.
How fast do you need your funds? Virtually all card processing companies deposit funds within one to two business days, but charge an added fee for same-day deposits. If you need quick access to funds, look for a provider that offers this for free.
Do you need 24/7 support? Most providers offer 24/7 service for network outages and other business-critical events, however, a few limit support at lower plan levels.
Do you sell globally? You need a processing service that supports international cards and exchange rates.
Do you use QR codes, payment links and online invoicing? You need a card processing service with an online portal feature that supports these cutting-edge payment methods.
Do you want to accept e-checks and bank transfers? Look for card processing services that support ACH payments. Source
No comments:
Post a Comment