Why Does Your Company Need Credit Card Processing?
When you're choosing a merchant service provider for your business, cost may be the first factor you consider. While cost is important, you should weigh other factors as well. Check to see if there are any start-up fees that you should know about. Start-up fees may cost your business a lot of money, so it's important to figure that into your budget.
Merchant services generally have per transaction fees, and you should ask what those fees are to avoid a surprise. Only you will be able to determine if the fees are a good or a bad deal for your company. If you have to pay high per transaction fees, you could be losing out on precious revenue.
On the other hand, paying lower fees can obviously lead to increased revenues. Once you've got all the information about fees, move on and think about promotional rates. Promotional rates may be beneficial for your business because they may even out for the regular rates that your business would pay after the trial period. Just be aware of promotional rates that seem too good to be true - some credit card merchant services use low rates to cover up for what you'll have to pay once your promotional trial is up.
Now that you know about promotions, be sure to research and consider the different lengths of contracts that are available for the services. For example, if you find yourself unsatisfied with the service you have, you won't want to be stuck in a long contract.
Now, ask the provider about any card not present fees. Card not present fees may be very high in order to help protect business owners against credit card fraud. Card Not Present (CNP) transactions occur when a customer wants to use his or her credit or debit card, but does not physically have the card with them. Even though it is illegal, credit card processing fraud is still common, and card not present transactions make it easier.
Asking that a card be present at all times can help you avoid the possibility of fraud as well as fees. Once you figure out the details of your contract, payments, and fees, you'll want to decide whether to rent or own the merchant processing equipment for your business. When you need to decide to rent or own the equipment, think about how long your contract is or how long you will be using the services. Now that your details of the contract payments, fees, promotion rates, and more have been worked out, you'll have nop problem deciding who should be the provider for your merchant account needs.