3 Questions To Ask Before Choosing A Credit Card Processor

Posted on: 18 December 2020

Whether you currently operate a business or are just starting up, you may be on the lookout for a payment processor to replace your current service or to help you get started with accepting credit cards for your customer's payments. However, with so many different options available, you may be having difficulty choosing a company for your company. If so, start your decision-making process by asking the questions below to gather information.

1.  Does the Service Include the Equipment and Software Needed to Process Payments?

One question that you can ask when gathering information about a processing service has to do with the equipment and software used to accept and process the payments. Does the service include these in the overall fees? Or, will you need to either buy or rent the equipment and software?

Even if the service provides the necessary equipment and software, they may have available upgrades that can help with streamlining the process of accepting payments. They may also have other software options, such as ones for creating gateways to accept payments online. 

When discussing the equipment and software, look at each package and carefully consider the benefits of each. If you feel that the included equipment will serve your needs, you can save money by accepting it. If you feel you would benefit from premium software, ask if the fee is upfront or if it can be divided into monthly payments or taken out of the profits. 

2.  What Types of Cards Does the Service Process?

Another question you can ask is about the cards that the service will process. Does the service process all major credit cards, such as Visa, Mastercard, and American Express? Or, do they only process one or two types with the base package, with an option to add additional card types.

Along with the major credit cards, you can also ask if the service will also take other forms of payment, especially for online purchases. Such payment options include PayPal, Stripe, or even Google Pay. There may be additional setup and fees associated with the software required, so make sure you ask about them if you need these types of payment options.

3.  Does the Processing Company Charge Above or Below the Average Market Fees?

Another question that you should ask helps to clarify the fee structure that the payment company uses to process the credit cards. Do they follow the average credit card processing fees set forth by each major credit card company? Or, do they tend to fall above or below these fees?

Along with the standard fees, you should also ask if there are additional processing fees set forth by the company itself. The credit card processing fees are typically the ones that are given to the major credit card companies that the processor will take from the profits and transfer to them for the transactions.

To help with the upkeep of the service and equipment, the processor may charge a small percentage on top of these fees. Ask them about these percentages as well as find out what services are included in these fees. For example, if you use their standard equipment and software, these fees may go to help with their maintenance and updates to keep them functioning.

Asking the above questions can get you started with making a decision about which company to work with for processing your business's payments. If you are having trouble choosing a service, contact a card processing consultant to learn more about available options as well as to receive personalized assistance with choosing a processor that will best serve your company's needs.

Visit websites like https://www.businesspaytech.com/ to learn more.

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