7 Ways to Evaluate The Best Credit Card Processing Companies
These days, the convenience of doing business benefits the consumer greatly. Cashless payments are possible with just the swipe (or tap) of a card. It’s because of this that merchant businesses abound; as such, competition is stiffer than ever.
While it is easy to shop and pay, the same cannot be said for business owners. There is so much going on behind credit card payments that the customer does not know. Credit card processing is a necessary middle step between the customer paying and the owner getting the payment.
To do this, one must learn how to evaluate the best credit card processing companies to get the most out of their offerings. Not all services are created equal, but how must we know that we are getting what we pay for?
Here are seven tips on evaluating the right credit card processing for your business:
1. Always check their pricing first
To help you understand how credit card payments are made, it is this: the cardholder’s information is transferred from the merchant, to the merchant service processor (MSP), to the card network (Visa, MasterCard, etc.), to the issuing bank, and then can the payment be given to the merchant.
That might sound like a complicated process, but the bottom line is that both the card network and issuing bank will require fixed prices (also called interchange fees), whereas the processor can set their own pricing. Therefore, it is important to always ask for a processor’s rates before anything else.
Always remember, a good credit card processor will have a justifiable markup for their services.
2. Transparency is key
Some credit card processors will evade the question of transparency by offering you all-in fees, promising ease of payment and less hassle. Do not be fooled. It is important to evaluate the company’s transparency when it comes to pricing—if they are willing to break it down for you preferably in writing, then it’s a good indication that they aren’t keen on taking advantage of you.
3. Testing their patience
Okay, this isn’t to say that you have to bug them just to test their patience. If they are one of the best, they would most likely have excellent customer services. This includes giving you the best quality information, and technical support 24/7 before sealing the deal.
4. Security guarantee
There is still a big issue of fraud when it comes to credit card payments, and a good processor will know to address this problem with you.
It is necessary to check whether the processor you choose understands and implements PCI Compliance—not only to protect the cardholder, but also you, the business owner.
5. Meeting your demands.
As a client, you have the right to demand the services that would fit your business. A good credit card processing company will know to listen to you, and offer services that will best match these requests. They will be willing to find a middle ground that both parties can work on.
6. Competent equipment.
Some of the best credit card processing companies offer equipment that are secure and has a tough, long-lasting design. These machines should also meet your needs, whether it be for a countertop setting, or a mobile card machine for businesses on the move.
7. Helping hand.
The best processors will take you through the whole course from setting up payment terminals to the actual collection of credit card payments. They know to be by your side step by step.
CHOOSING THE ONE THAT OFFERS THE BEST—GB PAYMENTS
GB Payments, a UK-based merchant service provider, offers the best qualities a credit card processing company should have. If you are looking to talk about their rates and services, head over to their website here. Let them make the process a whole lot easier for you!