WHO IS THE BEST CREDIT CARD MERCHANT SERVICES PROVIDER FOR YOU?

As a responsible business owner, you want the best for your business. Thus, you wonder which company is likely to be the best merchant credit card processor for you. The question may lead you to the many reviews that can be found of merchant credit card processors. This guide is intended to help you evaluate the reviews correctly and empower you with some tips for choosing the best merchant credit card processor for you.

The Problem With Merchant Credit Card Processing Reviews

The reviews are written by individuals who analyze and compare attributes of merchant credit card processing service that are important to them. Those attributes may not be important to you however. Consequently, it can be difficult to find an evaluation of an aspect of credit card processing service that is important to you. Adding even more complexity, many aspects of merchant credit card processing service provided by a company can change over time for the better or worse e.g., account termination process, quality of customer support, intuitiveness of the user interface of a credit card processing app, presence of surcharges in contracts, compatibility with mobile devices etc.

So How Do You Determine Which Merchant Credit Card Processor Would Be Best For You?

Here are some tips:

1. Favor the credit card processor that provides a comprehensive processing program as opposed to limited service. A comprehensive program includes hardware, software, customer service and ongoing reporting.
2. Favor the credit card processing company that explains the pricing system well. Simply put, the 2 common types of credit card processing payment methods are bundled pricing and cost-plus pricing. Bundled pricing can make it difficult for you to isolate all the fees that you are paying e.g., fees to credit card companies, issuing banks and the processing company. Cost-plus pricing on the other hand, isolates the different fees to facilitate better cost management. Neither pricing system is inherently better if the credit card processing company you choose adequately explains the pricing system it has in place.
3. Favor the credit card processing company that allows you to terminate the relationship most quickly and least expensively. Does the contract of the processor you are considering lock you in for a few years or does it allow you to terminate the relationship at any point in time? Does the contract require you to pay cancellation fees? How much? Learn the answers to these questions before you sign a contract with a credit card processing company.
4. Avoid processing companies that require you to lease equipment or software. Leasing entails a significant period of paying substantial lease payments. Instead, buy the necessary equipment and software.
5. Learn about potential problems you may encounter with the processing company you are considering by contacting the Better Business Bureau. The Better Business Bureau is a nonprofit organization that is not affiliated with any government office. Its objective is to protect consumers by providing unbiased reviews of businesses. By contacting the Better Business Bureau, you may discover complaints filed against a credit card processor by other business owners or individuals.
6. Don’t just sign up for the free trial – use it. Many merchant credit card processing companies offer a free trial and many merchants sign up for it but don’t make full use of it. The free trial is your chance to experience first-hand the quality of service offered by a processing company. It is also your opportunity to end the relationship with minimal hassle. If the processing company you are considering does not offer a free trial, try asking them for it. If you conduct many credit card sales, the processing company may decide to make you an exception and give you a free trial.
   Happy Shopping!

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