Merchant Account Credit Card Processing - How To Find The Best Service
Selecting a credit card processing service brings up some vital questions such as Will the service improve my business
?, How much will it cost?, Can I rely on them?, Are they responsible?, etc. The internet is an excellent tool to survey the market for credit card processors. On what scores do you decide which processing service is the solution for your trade requirements?
In this article, we discuss a few of the critical factors in picking out a credit card processing service for your business:
Credit card processing fees
The fee charged for service is logically a critical factor. Apart from the cost the service should add value to your business. Different card processors charge varying fees but the most frequent are described below:
- Startup cost: A lot of card processing firms don't levy this charge. For those that do, the fee is around $250. This is a "one time" fee.
- Gateway fee: If you have an online store, you will need a payment gateway to accept credit card payments. Payment gateway providers charge a monthly fee that ranges widely from $10-$50.
- Statement fee: Most service firms levy a statement fee that averages around $10 per month.
- Monthly minimum fee: A monthly minimum fee ranging from $20 to $30 is billed to ensure at least some revenue from each client.
- Transaction fee: This fee is common to all card processing services. A fixed amount that varies from 24-35 cents is collected for each transaction processed. In addition, the service also charges a percentage (discount rate) that averages to 2.14%-2.40% per transaction.
- Address verification fee: Address verification is an extra safety measure to protect businesses from credit card scams. Some providers charge a fee for this service. The charge for verifying addresses is around 5-10 cents per address.
What to expect from a credit card processing service
Once you know the costs, you need to verify if the service can meet all your expectations. Match your needs with the solutions provided by the service.
Category of credit cards accepted
Verify the typical types of cards used by your customers or the card types you would like to accept. Then, check if the credit card processing service accepts them. The most common card types are Visa, MasterCard, Discover, and American Express.
Category of services
A credit or debit card processing service should include all the services needed to manage payments in physical stores or e-commerce websites.
Find out if the services include:
- merchant account
- virtual terminal
- e-check services
- point-of-sale (POS) terminals
- shopping cart
- recurring billing
- reasonable payment clearing period
Credit card processing security precautions
Credit card transactions are vulnerable to scams and thefts. Credit card processing services should provide basic security features such as:
- anti-fraud security
- CVV2 verification
- real time processing
- address verification
- SSL and encryption
Customer support quality
What makes credit card processing services trustworthy? An almost zero error rate and easily accessible customer support service. Service providers should be able to render help when you need it without losing time. Basic customer support includes:
- customer support numbers, email, fax, and work timings (24x7 works best)
- fixed response times
- toll-free telephone number
- live online chat, if required
Businesses should weigh expenses and services before selecting a service provider. The contract should not only fit your business financially but also satisfy all your expectations.
by: Daljeet Sidhu
Can An Answering Service Lower Stress Contracts for Residential Roofing Service What Roofing Services a Roofing Company Provides Finding Roofers for Residential Roofing Service Miami Veterinarians Offer Many Services Fast Debt Relief Options – How A Legitimate Debt Relief Service Works Trust Your Services? Santa Barbara Po Box - Mailing And Document Services Call Center: Delivering Delightful Customer Centric Operations Tree Removal Service, Nashua Area Tree Service Hiring Guide Value-conscious customer for Projects from POME by Gautam KOppala The Advantages of Hiring a Full Service Firm for Process Serving Is Statewide Service an Option with your Local Service of Process Firm?