Top 3 Factors to Consider When Choosing a Credit Card Processor

Top 3 Factors to Consider When Choosing a Credit Card Processor

Dec 16, 2017

Summary: Here are a few factors to consider when choosing a credit card processing company to fit your business needs.

If you’re starting a business, you’re likely choosing between credit card processing companies. Factors to consider are fees, customer support, and accepted payment types.

  1. Variable Fees

There are multiple fees a credit card processing company will charge you. Among them are interchange fees and monthly minimum fees.

Interchange fees are charged to every transaction you process and range from 2% to 3%. The rate you pay depends on multiple factors, including the size of the transaction, the type of card accepted, and place of transaction.

Monthly minimum fees vary between processing companies. This is the minimum amount in fees that the company must collect per month. If your credit card fees do not meet this amount, you must make up the difference.

There are many different fees charged by your credit card processor, so make sure you understand them.

  1. Customer Support

It is crucial to find a company that offers 24/7 support directly from an account representative. This gives you access to people who can help if your credit card reader malfunctions, or you see confusing fees on your monthly statement.

  1. Accepted Payment Types

You want to make sure your processor accepts all major credit and debit cards, maybe gift cards and prepaid cards too. If your customers are tech-savvy, you’ll want near-field communications technology so you can accept payments from digital wallets. You should be able to accept a variety of payment types to reach a broad base of customers.

There are dozens of credit card processing companies to choose from. Do your research before making a decision.

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