Choosing the best credit card processing company for your small business requires some investigation. You need to ask the right questions to make sure the processing company will protect your customer’s data, offer helpful support, work well with your business, and not overcharge.
Don’t know where to start? Take a look at some of the most important features to consider before choosing the best credit card processing company for your small business.
Fees and Costs
The most common fees credit card processing companies charge are called interchange fees. Interchange fees occur on a per-transaction basis and can range from 0.05% to 3% of the final purchase price. However, the actual rate you’ll pay can depend on a variety of different factors that include the type of payment method, the size of the transaction, and whether the customer paid online, in-store, or over-the-phone.
A credit card processing company might also charge you monthly statement fees, support fees, a payment gateway fee, a setup fee, and even fees for canceling your contract. All these fees can seem overwhelming. However, if a company is being transparent with you it should be easy to stay on top of your costs. Make sure to ask about all the fees and additional charges you’ll face before you work with a credit card processing company.
The setup process may be a one-time event but it is a crucial step you cannot afford to overlook. There’s nothing worse than finally selecting a credit card processing company and then finding out that their setup process is complicated and will take up a significant amount of your time.
You can save yourself time, money, and a headache by asking the right questions beforehand. Find out how long it will take to install the equipment and activate your account. You’ll want to start using the technology as soon as possible – and you shouldn’t have to sacrifice sales because the installation process is taking too long.
Make sure to ask whether the credit card processing company will be there to assist you throughout the setup process and what kind of support you can expect from them. You’ll also want to know if you’re going to be charged additional fees.
Accepted Payment Methods
You’ll need to know if the credit card processing company will accept all the payment methods your customers use. Nowadays, compatibility with major credit cards and debit cards is a must. Depending on your business, you might also need the processor to accept gift cards, prepaid cards, or other payment methods.
More and more people are paying for things online and with their mobile devices. If capturing the increasingly digitalized consumer is important for your business, you’ll need a company that offers online credit card processing and mobile credit card processing. Ask the payment processing company about the different payment methods they offer and if they are planning to work with new technologies.
Security and Fraud Protection
Security and fraud protection should never be compromised when it comes to your business and your customers. It’s important to find the credit card processing company that supports these goals.
One way credit card processors protect data is through encryption and tokenization. Check if the credit card processor is PCI-DSS compliant – this ensures all valuable data is protected. For in-store payments, you’ll want the processor to have EMV technology. If your business offers online payments, you’ll need a processor that also supports SSL certificates and CVV2 verification.
Even the best credit card processing companies can suffer from service interruptions every now and then. When this happens, you’ll need to know you can rely on your processor’s customer service. Look out for companies with customer support that is readily available, helpful, and easily accessible.
Ideally, you’ll want the credit card processing company to be able to offer support around the clock. You never know when an urgent issue might come up so its best to know that help will be available at all times. Also, ask about the ways you can expect to communicate with the processor’s support team – whether it’s over the phone, online, or even over text.
Choosing the Best Credit Card Processing Company
Customers are using credit cards and other payment methods at checkout more frequently than ever before. Your business cannot afford to miss out on these opportunities. In order to keep up, you need to find the best credit card processing company for your business.
Finical is a credit card processing company that offers all of the must-have features plus additional benefits. Finical is compatible with all payment methods including major credit cards, gift cards, mobile pay, contactless, and more. You’ll have access to support 24/7 and never have to pay setup costs. Finical also offers perks like cash advances, a merchant cash discount program, free equipment, professional product training, and more!
Sounds like Finical may be a good fit for your business? Get in touch for a free consultation to learn more about how Finical can boost your business.