An enormous number of credit card processing centers are vying for your business, and getting beyond the teaser rates and hype to decipher how much you will really pay can be tricky. Ways to figure the fees these companies will charge you do exist, but you will have to do your homework. In addition, some credit card payment processing services are better than others, no matter what the advertised fees. When evaluating a credit card processing company, be sure to check the following:
A Proven Track Record: Take the time to check out the credit card processing centers which make your initial cut with the Better Business Bureau. If you find numerous unresolved complaints against the company, steer clear.
Customer Service and Technical Support: 24/7 customer services is ideal, but at least make sure customer service is available during the same hours you are open for business. In addition, a toll free number for customer services should be expected.
Beware of Extremely Low Rates: Keep in mind that the rates the credit-card processing center offers are only part of your total monthly expense. Many other potential fees and transaction costs which the company can charge should be factored into your decision. Some of these fees are necessary, while others are questionable. Be sure to pay special attention to compare not only the qualified rate, but also the mid-qualified rate (for example, Visa or Master Cards with Rewards or Frequent Flier Mileage, which do not quality for the lowest rate), as well as the non-qualified rates. Your best defense may to get detailed quotes from multiple companies and compare every expense line by line. It is advisable to read the terms and conditions section in the merchant application.
Several types of credit card terminals exist. Click here for help deciding which type is best for your business.
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