Whether you run a product oriented business, a service oriented business or a brick-and-mortar store-front, a credit card processing machine is an essential tool you will need to use and depend on a frequent basis. Today, credit card payments have become ubiquitous as they provide a high level of convenience. In fact, credit card payments have become the norm and are the expected payment method. With the right machine and knowledge, your business will enjoy the many benefits and conveniences of credit card processing. Here are some of the best tips to find the right credit card processing machine for your small business. You will soon be on your way to accepting card payments!
Search for the most ideal rates
When you have decided that credit cards will be one of your available payment modes, you can begin shopping for the best deals. For starters, there are merchant processors out there that provide free setups and credit card machines when you use their services. Hence, you should choose your providers carefully as they may have processing charges that can impact affect a large portion of your corporate budget.
As you continue shopping around for the most ideal merchant services provider, do not forget to ask them for a detailed list of all the fees they charge. Knowing these charges in advance come with good reason and you will want to avoid having them around just to make variable income off of your sales.
Fees you should avoid
To help you manage your business wallet better, here are some of the top fees you should avoid (if possible):
- Monthly fees
- Annual fees
- Interchange percentage markups
- PCI compliance fees
- Customer service fees
- Termination fees
- IRS fees
- Setup fees
- Contract Fees
- Statement fees
- Batch fees
Assess your processing needs
Another point you will need to consider is the situations in which your company will be accepting payments. For instance, you might want to ask yourself if you expect your customers to make purchases from you via a mobile shop, over the phone, your online store or store front. Your business model will provide you answers on which payment method is most appropriate for you.
If you run a direct office or store front that deals with in-person payments, you will most likely require a wireless credit card or POS system. A mobile store front, on the other hand, a mobile card reader will be a good fit as it can be attached to your mobile device. Either way, if you are processing in-person payments and transactions, you will always require EMV processing solutions.
Identify any unavoidable fees
There are also some fees that cannot be avoided and one of them is called interchange fees. These are actually direct costs of credit card processing and they are set by credit card companies. No matter which merchant processor you manage to find, these fees will always be the same.
Finding the ideal credit card machine requires you to find a provider you will be happy with for the long term. Try to find one that will not attempt to take as much of your profits as they can. While the searching process can be slightly challenging, you will know you have found the right one when they put your fairness first.