Credit Card Processing Merchant Services: Paper Or Plastic?

Cash only, cold hard paper currency transactions are quickly becoming a thing of the past

. Businesses have to adapt, or find themselves out of business. In todays cashless society, being able to accept credit and debit cards means that you have to have Credit Card Processing Merchant Services. Setting up your business to accept these payments is one of the first things that you should do after establishing your business and marketing plan.

What is a credit card merchant service anyway?

Simply put, a merchant account allows you to accept payments via credit or debit card. Most businesses would not be in business without one. Keep in mind that there are a number of credit card processing merchants that you will want to compare before you commit to opening a credit card merchant service with one. Perform a thorough comparison before making a selection.

Timing is everything

Banks often play what consumers know as the float game. This is a process whereby your money is not available to you immediately, yet the bank has received it. The bank is playing the float game with your money. Think about the last paper check that you deposited at your bank. Was there a hold on the check? No one likes to have their money floated. When inquiring about Credit Card Processing Merchant Services, make sure you understand the timing surrounding your transactions. Ideally, batches should be able to be run daily, which would make funds available the next business day. Long float times can cause cash flow problems.

Watch the Fine Print

All credit card processing merchants charge fees. The trick is in understanding those fees and how they will impact your business. Typically there is a set transaction fee perhaps a dollar and also a percentage of the transaction. If your average ticket price is under $5 for example, you will want to look for credit card processing merchants that charge lower per transaction fees.

An Ounce of Convenience Is Worth Its Weight in Gold

Many Credit Card Processing Merchant Services offer online access to your account, so that should be a standard offering as you conduct your search. So what other conveniences should you consider? Think mobile applications, free equipment and free upgrades. Remember that doing business with your merchant account should be simple and painless. No one likes having to deal with a hassle especially when it comes to money.

by: George Williams

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