Most businesses have to accept
both credit and debit cards today – it’s the most convenient way for customers
to pay. If you don’t have the technology in place, you’re likely losing
customers. That leads many to shop for the right credit card processing
service, but what is that? Is there a list somewhere that will tell you who to
And the Credit Card Processing Service For You Is . . .
So, ready for that name? It’s not here. That’s because credit card processing companies vary widely because credit card processing is different for every single business. High risk businesses like those that involve gambling often need a very different service than a simple Mom and Pop gift shop in a tourist town. So, without the name of the service to choose, what do you do? Some research would help. As you shop around, make certain you’re looking for services that provide:
*Low Fees: Fees abound when it comes to any credit card processing service, and you want to make sure the fees meet your needs. Look carefully at how your customers pay and think about whether you want to rent or buy equipment. Ask about the interchange plus fee (the cost of each transaction), and don’t forget to find out if there are minimum processing amounts you must meet.
*Added Support: Most businesses want a 24/7 support hotline as opposed to a digital library of content you can find to simply fix the problem on your own. Some DIYers, though, would rather not pay for those added support hotlines, so figure out exactly what level of help you might need every step of the way from the initial set up to the day to day running of your business.
*Fraud Protection: PCI compliance is required from all card processors. Other protections, though, like encryption and tokenization simply aren’t. Find out what each processor is doing to help protect your business and your customers before you sign a contract.
*Perfect Contract Terms: Some companies will work with you on a month to month basis. Others want you to sign up for a year or more. There’s no right answer on this one but understanding what those terms look like on paper is nothing short of a must.
Get quotes from several credit card processing services before you choose the right one to meet your needs, then don’t be afraid to shop around continually until you find a service you truly love.
Running a business is seemingly lonely work. More than that, though, it’s enough to keep any person quite busy. There’s so much to do. This is particularly true if you’re working to grow your business and help it expand.
Fortunately, there are lots of place to turn for help: mentors who offer moral support, vendors who can help when you outsource some business processes, and even trade associations who can give you the resources you need. One spot you may not have considered turning for a bit of help growing your business, though, is your merchant provider.
An Unexpected Source of Help
You want your business to grow, but turning to your merchant provider for help may seem like an odd move. How can they actually help you expand your company? Take a look.
– Offer Your Customers More Payment Options: The days of everyone carrying cash are long since gone. Instead, almost everyone has a preferred payment option, and if you don’t offer what they’re looking for, they’re certain to find your competitor that does. The end result is that you don’t simply miss out on that one sale you lose all future business from that consumer—that translates to really big profits lost! The right merchant provider can help you offer a variety of payment options to help you deal with any customer’s preferences.
– Assist with PCI Compliance: Failure to comply can mean big fines for your company, and that’s the last thing you want to face as you’re trying to grow your business. A merchant provider, though, can help keep those fines off the table and keep your customers’ information secure.
– Keep Processing Fees in Check: Often credit card processing fees are crippling for small businesses, but that doesn’t have to be the case. Instead, with the right merchant provider, you’ll get processing fees you can afford. Even if high risk credit card processing is the only way to go, there are many providers who specialize in that area, helping to keep your fees low.
– Contribute to your Knowledge with Reporting: Thanks to real time credit card processing, you’ll get a host of reports that will help you make solid business decisions so you can move forward.
– Fight Chargebacks: There’s nothing quite as disheartening as the impression that you’ve made a sale only to find the money deducted from your account months later thanks to a chargeback. A good merchant provider will give you the tools you need to end the chargeback problem within your company.
It may not seem like these steps are going to help you grow your business, but the simple reality is that they will ensure you stay on your feet as you expand your customer base.
If you have questions about how Y2Payments can help your business, contact us today at 888-693-1850.