Credit Card Processing: Why Pricing isn’t Everything
Perplexed by processing fees?
Terrified to open your merchant account statement?
Relax, it’s really not that bad. For one thing, a reputable company will be transparent about their charges.
More importantly, fees don’t vary greatly from one processor to another – differences may amount to just a few dollars. Competition among providers helps keep costs in line.
In fact, there are a variety of other key factors to consider when selecting a merchant account provider. You’ll want to do your research, and be armed with as much information as possible when looking at providers.
Some questions to consider:
- Is the company reliable and trustworthy? You don’t want to get stuck with a fly-by-night outfit, or a company that doesn’t meet compliance regulations. Check out the Better Business Bureau, Attorney General’s office, and consumer reviews.
- How quickly are funds deposited into my account? A day or two is standard practice, but some credit card companies intentionally hold money for longer to take advantage of the “float.”
- Is there a monthly sales cap? If your sales are consistent and you don’t have outlier income, you don’t need to worry about this. But if you occasionally have a windfall sale, make sure you won’t be charged extra fees.
- Are transactions secure? Find out how customer data is stored and transmitted. Find out if they are using the latest and most secure technology and software terminals.
- Will I be able to grow with this company? Right now, you may be focused on point of sale and wireless transactions, but will the company be able to meet your needs if you start growing your business into other sales channels? Look for an account provider familiar with your business and who can partner with you as you grow.
- Does the company have experience with my business? It can be extraordinarily helpful if a payment processor can meet and anticipate your needs. Healthcare practitioners contend with unique issues such as patient security, data breaches, and compliance laws. Check with other users to get their take and review the company’s testimonials and case studies.
- How are transactions reported? Ask to see a sample merchant statement, and make sure you can actually understand it. These documents can be mystifying, so have someone take you through exactly how to interpret the numbers.
The bottom line…The best merchant account company for you will understand your industry, meet your specific needs, and become a trusted partner in your growing venture.
To see how Beacon can help your company thrive, contact us today for a personal assessment.