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Questions to Ask When Choosing a Credit Card Processor

by Byrne Anderson
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Running a small business is a lot of hard work. With all of the different aspects that need to get done figuring out how to process payment may be an afterthought. Choosing the right retail credit card processing company is hard and it means doing lots of research into possible businesses. With little knowledge, this can be an overwhelming step. Before you choose any processor here are four questions to ask when meeting with processors.


1. How Much Will It Cost You?

Credit card processing can be a complex and essential method of accepting payments. Without knowing the price it can be intimidating to introduce credit cards. Each processing company sets its prices for how much it will charge per transaction. This works as a scale, the more business you do through the processing company the less the processors will charge per transaction. Coming up with a solid business proposal to present to the processors will give you an idea of what it will cost to process credit cards.


2. Does the Processor Protect Merchants from Fraud?

It is understandable you want to protect your business and your customers. To ensure all parties involved are safe each processor has a set of operating procedures. Following these procedures is the first step a business owner can take in ensuring fraud is not present. When talking to processors about opening an account ask what they offer in the way of protection.

Today it is more likely that fraud is taking place online and not in the store but doing things like securing the POS system and looking for skimmers can help keep you safe.


3. Does the Processor Have Outstanding Customer Service?

Payment processors have lots of merchants like you to deal with on a daily basis. If you have an issue with processing payments it is imperative that it gets resolved quickly. With lots of new businesses opening online, it is essential for processing companies to have 24/7 customer service. This way if there is ever an issue with your service you can get it fixed and be back in business with little to no delay. Make this known to the processing companies you wish to work with so expectations can be met.


4. Is the Processor a Good Fit?

It is essential to determine if the processor will meet the needs of your company. Think about the goals that you want to achieve in future and analyze the resources that you have currently. With this, you can choose a processor that has an excellent reputation for offering services to companies like yours.

Look for a processor that gives you a demonstration of how their process works and how it can benefit your company now and in the future.


Final Remarks

Making your company successful requires you to have numerous options for accepting payment. With many options, clients will find it easy to choose the type of method that they find suitable. Choosing the best processor has always been a daunting task. But with these questions, you should be able to find the right processor for you. Start looking today and enjoy the new opportunities that come with credit card processing.


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