Statistics say that the number of credit card users in the US has risen to just above one billion, and that on average, every American credit card user has four credit cards. With this massive increase in credit card usage, many new credit card processing companies have joined the market. Business owners now have the opportunity to choose from a wider variety of companies, but on the other hand, it also makes the process of deciding on one, a bit difficult.
The following are some tips that you should consider before deciding on a credit card processing company.
1. Is it compatible with your business?
While choosing a credit card processing company, the first and foremost thing you should consider is compatibility. Does their point of sale system integrate with your account software? Does it support the third-party integrations you need?
Also, it is important to partner with a company that has a good track record of providing services to businesses in your industry, with features built into their software that are useful for your business type.
2. Is it cost-effective?
There is a certain fee associated with every credit or debit card transaction that the merchant has to pay. Costs include interchange rates, maintenance fees, and miscellaneous charges. Compare rates with a few companies, and go for a credit card processing company that is cost-effective and charges a price that aligns with the quality of services they are offering.
3. How reliable is their customer support?
A business should go for a credit card processing company that offers good customer support. They should have a help team that can offer you effective and extensive services in times of dire need. Also, they should be available day or night, 24/7/365 for technical support.
4. How secure are they?
These days, one of the biggest concerns any business should have is in relation to fraud prevention and security. The credit card processor you select should be PCI compliant, and use the very latest in point-to-point encryption and tokenization.
All credit card processing companies offer similar services and technologies these days, though some serve different industries and categories of business. Having said that, companies that offer maximum data protection and fraud prevention, are cost-effective, and have good technical support are the ones you’ll want to partner with.