Every credit card processor is unique. While each choice will help you accept credit and debit cards, each choice operates differently from one another. Here are a few tips you can use to help you select the best credit card processor that fits your demands.
What Are the Fees?
Look at whatever fees a credit card processor may impose for services. Some processors might trick you into signing up by making things look more interesting than you expect. They might conceal various fees like these:
- Terminal fees
- Annual or monthly fees for service
- PIN or EBT fees
- Gateway fees
- 1099 reporting fees
- PCI compliance charges; you could spend more if you aren’t PCI-compliant
How Are the Processing Rates Managed?
A processor should be transparent when explaining to you what you could spend on each transaction you process. You might spend an additional charge for each transaction to go alongside the regular interchange rate. The values will vary surrounding the types of deals you complete and your industry of work.
What POS Solutions Work?
Every credit card processor can work with different point-of-sale solutions. These include traditional customer-based POS setups and mobile POS stations. A company that can support POS designs from prominent entities like Clover, Bonsai, and Vital is always worthwhile.
Can You Support NFC Transactions?
Near Field Communication or NFC transactions are becoming increasingly popular. These include payments made through Android Pay and Apple Pay and other similar solutions. Your processor should help you accept payments through all these NFC deals.
How Does the Reporting Work?
You can contact a processor for details on how you’re managing your card payments. You can get information from a processor on how much money you collect in payments each month, the types of cards people use, and what fees you’re spending on processing their transactions. A processor should provide thorough monthly reports highlighting everything that can work for you.
When Can You Get Your Funds?
It can take a bit for you to collect whatever funds you earn through transactions. A quality processor will provide next-day funding where you can gather the money you process in less time. That money will enter your merchant account, where you can move it to your traditional bank account as necessary. You’ll need those funds soon to ensure you can keep running your regular business operations as necessary.
How Long Has the Business Been Around?
The last tip to review involves seeing how long the business has been working. Some credit card processors might have been serving people for a while and are on top of all the latest payment trends. Others might be new and aren’t ready to handle your payments yet. Be sure you choose a suitable processor that can help you manage whatever payments you wish to collect.
You’ll have an easier time managing your credit card transactions when you work with the best credit card processor. Be sure whoever you pick has solutions that work for your unique needs.