Knowing what the best credit card processing for small business is is vital if you expect to handle many transactions of this type. However, with the multitude of services available, choosing one can be quite a challenge. Therefore, here are some useful tips when picking up a service to use.
Tip no. 1: Get only the services that you need
One of the things that you will likely notice is that many credit card processing for small business companies throw in a lot of features to attract clients. However, depending on the kind of operations that you run, you will find that many of these extras are not useful. Do know allow yourself to be charged extra for something that is not valuable to your business.
However, the tricky part is deciding which services you will actually need. When evaluating credit card processing for small businesses, take a look at how your business operates. If you are not expecting to handle a lot of credit card transactions on a regular basis, a third party company offering basic payment processing services will be enough. On the other hand, if credit cards are listed as one of the business’ major modes of payment, then consider getting a full-fledged merchant services provider to accommodate your credit card processing for small business needs. These offer more than just payment processing and can help you handle other card-related matters.
Tip no. 2: Assess customer service and security features
Another major determining factor when discovering which is the best credit card processor for small business use is customer service. Therefore, before signing up a potential processor, ask for a copy of their full customer service terms. What you would want to look is how they receive and respond to client inquiries and concerns. In particular, make sure the company provides both phone and email services. A credit card processing for small businesses provider that offers a large array of online training and resources for the use of their services is also a great candidate.
When it comes to security, one sign that a particular credit card processing company has sufficient measures is if it certified for PCI compliance. However, do not stop there. A good candidate will be able to help you maintain your own compliance status. Checking the organizations that the company is affiliated with will also give you a good picture of the level of credit card security they provide.
Tip no. 3: Ask about exits and other matters
Remember that, while everything might run fine the first few months, something can happen that will cause you to want to opt out the contract. Most credit card processing companies provide this option. However, it is the cancellation fees where they often differ. A preferable rate here would be just under the $400 mark.
Also, everyone interested in credit card processing for small businesses should not forget to go through every fine print that you see in the contract. The contracts often contain the reasons why you might want to cancel it later. To avoid that, thoroughly discuss and clarify them with the service provider before signing up.
Posted by Leigh Jones. Posted In : small business