When you have a small business and you are planning on accepting credit and debit cards online, by phone, or in person, then you will need to select the best out of the list of available credit card processing companies. While there may be some upfront costs as well as ongoing processing fees that you incur, you will see that going from cash-only to offering payments via credit cards and debit cards will give you a notable boost in sales. Not only that but accepting credit cards helps you to expand upon your overall customer base.
Studies have shown that over 75% of small businesses that decided to accept credit cards enjoyed an increase in their sales. When you have mobile payment options available, then you will be appealing to much younger shoppers. This is why it is imperative that you learn ways to adopt newer technologies to help meet the needs of a broader range of customers.
It is important to note that finding credit card processing companies that are worth working with can be daunting if you do not know what to look for. As with any type of a financial decision, you should take the time to compare your options. At Merchant Focus, we are always working on ways to bring our customers the best when it comes to merchant services and payment options. These are some of the details that you should look for when looking for a company to handle your credit card processing:
Fees and Costs
There are some common credit card processing fees that you may encounter, such as:
- Interchange fees
- Monthly statement fees
- Application fees
- Setup fees
- Gateway access fees (monthly)
- Early termination fees
When looking for credit card processing fees, you should settle with one that makes it easier for you and your employees to get the technology up and running. Look into how long it will take for your account to get setup, including all of the equipment installation.
Accepted Payment Types
When you have a retail business, it is better to look for a payment processor that handles all types of credit cards as well as debit cards. What this does is make it so that you do not have to worry about turning customers away. It is also a smart idea to find a system that will handle gift cards, prepaid cards, or EBT (electronic benefit transfer) depending on the kind of business that you operate.
The best credit card processing companies will stay up with all of the latest trends, or near-field communication technology (NFC). This will allow you to accept a variety of digital wallets like Android Pay, Samsung Pay, or Apple Pay.
Do you still have questions on finding the best credit card processing companies available today? We would love to talk with you at Merchant Focus. We are a financial team dedicated to bringing our customers the best in merchant services, including payment processing options. If you would like more details, simply take some time to get in touch with a member of our team by calling Merchant Focus at (800) 895-4085.