If your business has operated as a cash only business during its initial stages, you may have been able to build your brand to a degree. Yet by not accepting alternative methods of payment, you are limiting your sales options. However, there are multiple options available to increase the reach of your business. One such method is by using a credit card processing service. Before choosing a service, here are a few of the things you should know.
Credit card processing fees can be up to 5% of everything earned by a company through electronic payment options. Therefore, it is important to ask questions about the fees to achieve the lowest possible rates for your business. There are several types of fees.
The first is the interchange fee, which is charged for every transaction processed by your business. It is paid by the payment processor to the bank that issued the card used. This rate will vary based on the type of card, how the transaction is processed and the transaction size. Other fees include statement fees, application and setup fees, a monthly gateway access fee and an early termination fee. Other companies may require you to meet a monthly number of transactions to avoid the cost of a monthly minimum fee.
Setup, Activation and Payment Types
For many businesses, the setup process needs to be seamless and easy to follow. If there are any questions, you need to be sure that customer support will be available. Check the online reviews for the companies you are considering to determine what type of customer service experiences others have had before signing your contract.
The company should also accept all major credit and debit cards. If it does not, then you may be limiting your sale options by limiting your payment options.
Finally, it is important to remember that choosing a credit card processing service involves weighing their fees, setup and activation services, as well as determining if they cover all the payment options available. By doing so, you will open your business up to a whole new level of sales growth.
Merchants Bancard provides a credit card processing service, as well as the necessary equipment to accept credit and debit card payments from all the major debit and credit card providers. They also offer additional technological services to assist businesses in maximizing their future growth.