Credit Card Processing For Small Businesses

Big businesses may be able to pay a bit more for their credit card services and not feel the pinch too much in their bottom line

. For a small business, though, every dollar counts, and excessive processing fees can add up to a closed sign. Finding the right credit card processing services is essential for any company, but for the small entrepreneur, it can be the difference between profit and loss.

Questions, Questions, Questions

There is no way to better understand what you are being offered than to ask questions:

* The first question that always comes to mind; How much will I be charged? There are many fees involved in setting up a merchant account and having the ability to process credit cards. Figuring out which is best for you will involve doing the math and shopping different processing providers for the most competitive rate. Lower per-transaction fees are a good choice for those who make many small sales, while lower discount fees are more effective for those who make a few large sales per month. Monthly fees, rental fees, gateway fees and others should all be compared.

* Do I have to sign a contract? How long will I be committed to the company that I choose? This simple answer is; that depends. If you find out several weeks in that the promised customer service doesnt exist, how will you get out of your contract? Can you terminate your agreement at any point or do you have to wait for years?

* What types of terminals should I get? Is one better than another? Aside from the obvious issue of some terminals being more reliable than others, you want to know what kinds of services they can provide. Are WiFi terminals available when you go to trade shows? How about mobile applications that allow you to go anywhere?

* How reliable is the company? This isnt something you will find out by asking the provider. As an entrepreneur you should be involved in a number of online forums that discuss business arrangements of all sorts. Research any merchant account firm you are considering. A string of complaints about a vendor should be a red flag. Delayed payments, excess charges and difficulty reaching customer service are all bad signs.

Obtaining a merchant account for credit card processing is important to your companys viability, but getting the right services from the right people will make doing business a pleasure.

by: Michael Rupkalvis

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