If you are looking at adding credit card processing to your small business, you know you need to choose carefully. After all, having the right processor means many things, all of them important. It means you have made a wise choice for your bottom line, one that reflects the best and most cost-effective combinations of service and support with low prices on your processing. It’s also important to remember that time is money, and to consider carefully how you balance the length of time payments take to process and deposit against the costs of processing to reach the right conclusions.
Knowing you need to take these considerations into account is a little different from actually making the decision for your company, though. To do that, you need a process for breaking down and evaluating your needs when it comes to credit card processing. That means understanding which cards you should be taking and why, as well as which processors are going to offer what levels of service for you.
Shop for Simplicity
In all cases, what you want to find is a provider who is able to handle your transactions without making you deal with too much extra labor. That means finding a processing partner who can cut down on middle steps, and who can support you with the options you need. That means finding options like next day deposits as needed. Here are some questions you should ask yourself when considering a provider:
- Do they provide all the equipment?
- If they do, does that cover maintenance as well?
- How are their fees structured, and how much are they?
- How many additional steps do they introduce into my transaction process?
- How quickly will funds be made available to me?
- Do they provide options like mobile readers as well?
- Which credit cards do they facilitate processing?
There is a chance that you will find there are processors that provide you with far more than you are looking for, such as those that are able to handle literally any major credit card and those who promise secure, direct processing. Finding the right balance means looking at whether any of their answers to these questions introduce new costs that you will not need to deal with if you go to another processor.
Choosing the Ideal Processor
If you can find a company that provides full, end-to-end service for your processing equipment, handles your transactions smoothly and quickly, and that also keeps its fees in check, that is your best choice. Depending on the volume of business you handle and how you handle credit transactions that can also change. Look into how your providers’ fee structures deal with extras like online and mobile processing to better understand whether or not you are getting the deal you need out of each prospective vendor you consider for credit card processing.
Remember, accepting credit cards is an important step forward for your business because it means you will be able to attract more customers and to encourage their repeat business by making it easy to do business with your company. That does not help if you are overpaying for your processing service, though, so make your choice carefully.