Tips to Help Find the Right Credit Card Processor

There are many credit card processing services available, and finding the right one isn’t as simple as looking for the lowest rates. Rates can be misleading for a number of reasons, and shouldn’t be the only factor in making such a life changing decision for your business. In this brief guide, we’ll look at some practical tips you can use to find an excellent merchant account that provides the best possible services for your business.

Step One: Figure Out What You’re paying

You want to do your best to avoid junk fees from your merchant service provider. Understand that whoever you work with is going to charge you, often something like an administrative or processing fee, but these shouldn’t contribute much to the rate structure. What adds to your costs are junk fees like annual fees, or monthly minimum penalties. Also, be wary of volume discounts that promise great rates for certain sales quotas. When in doubt, don’t sign onto something you don’t think you can meet.

Step Two: Setup and Accepting Cards

Unless you need serious implementation of your software, setup should be free. Usually the merchant account will provide some system of over-the-phone support to assist you in your store or online. American Express cards shouldn’t add much more than about $.15 to your overall costs, so it may be worth accepting them. Credit card terminals may cost if you want additional features, but are mostly included with the fees you already pay.

Step Three: Risk

If you’re deemed a high risk merchant, some of these rules don’t apply to you. Your rates will be higher than most others, and you may be paying additional fees that appear to be junk, but actually provide some form of insurance to the merchant bank. If you’re in this situation, don’t get discouraged. Talk to competitors and shop for a good rate.

Charge.com Payment Solutions, Inc. provides the solutions for store owners to accept credit cards online or in store.