\If you are an online merchant, dealing with credit cards is your only real option when it comes to payment methods. As such, you have to be prepared to process a high volume of credit card transactions every day. It can seem like an extra burden, when running the business itself is already an arduous task. Fortunately, you just need to hire the right credit card processing company to take care of all of the legwork for you so that you can concentrate on your core business. But with so many options out there, it can be difficult to choose which processing company will work best for your business.
First, make sure you understand all of their prices, fees, and surcharges. Like many companies, these services can often conceal the true amount they are charging. For example, they may quote their lowest teaser rate and present it as the normal rate. Or they may intentionally mislead you by failing to mention various hidden surcharges and fees. And even if you do discover these numbers, you may not be concerned if the amounts are relatively small. But remember that even the smallest fees and surcharges can add up, which means less money can be used to increase the success of your business. Make sure to find a processor that offers an interchange plus pricing model, which clearly itemizes all fees and surcharges charged to your business.
Like any company, the quality of customer service is of utmost importance. Make sure you hire a processing company that understands this core concept. If your customers need to call customer service over a credit card dispute, they don’t want to deal with long wait times, unhelpful service representatives, or outsourced customer service where there may be some sort of language or cultural barrier. They say that “the customer is always right,” and credit card processing companies are no exception. If your processing company has poor customer service, that will hurt your business as well, so perform your due diligence to find out which company offers the best service in this regard. Some processing companies such as http://mypaymentsavvy.com/ are widely known for having excellent customer service.
A third thing to be aware of is the use of contracts. Many credit card processing companies will demand that your business sign a multi-year contract, with automatic renewal as part of the package. This hurts your business because you are locked into a long-term agreement even if another processor with more favorable prices comes along. A better solution would be to seek out a processing company that offers shorter-term contracts, such as on a month-to-month basis. This allows your company to have more freedom and to take advantage of changing economic conditions.
Finally, be aware of the processing company’s security standards. Currently, identity theft via credit card is far too common. To maintain your customer base, you must make sure that your processing company holds the highest standards when it comes to protecting important financial data. Their security software must be up to date and tested. It would be a terrible irony if your business possessed high standards but your processing company did not. Because in the end, your fortunes and those of the processing company are intertwined.