Tips for Evaluating Credit Card Processors

Sometimes it is hard to know if you are getting what you pay for; especially as a business owner with so much on your mind. There are a few tips to follow in order to make sure your credit card processors are legitimate, and are not taking advantage of your business. If you have a problem with your processing equipment or questions about your statement, accurate and fast service is important.

Customer support should also be available 24-hours, 7-days a week. Your sales agent should also be knowledgeable and accessible; you should be able to call on them when needed. Read the cancellation policy, before you sign anything. If the policy is in your contract, make sure you get a signed addendum waving it. Things happen, and you don’t want to be financially penalized because you need to change providers.

All processors have to pay the same interchange fees to Visa/MasterCard. This means the profit margins between competitors is relatively close. Do compare transaction rates and percentages. While you shouldn’t immediately sign with the provider that has the lowest rate per transaction, the rate should be a consideration.

Do compare transaction speeds, the amount of time it takes to swipe and receive approval. Some of this depends on your internet connection speed but ultimately you want to the approval to be very quick. So check with the vendor and talk with other references. Ask them how long it takes to cards to get approved on average.

Make sure your vendors are compatible with your POS software before you sign anything. Your POS software and your merchant account and gateway need to be compatible. Be sure to check into this before making a final decision.

If you follow the advice given, you can be sure that you are getting what you pay for. Keeping credit card processors running smoothly is a great way to keep your customers happy and keep your business running efficiently

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