For a company, there are many factors that it should take into account. For instance – the fee. If you are paying a low credit card processing fee, then, you can offer services to your customers at a very competitive price.
Whenever you look for an ideal provider, you would have a lot of things in mind. Here, we’ve made an attempt to cut it down to four essential factors:
Credit Card Processing Fee & Costs
In this case, you need to closely evaluate the fee that your provider charges. Some of the components of the processing fee include processing fee, set up fee, and even minimum fee.
Usually, companies are very transparent in explaining their offerings and fee. But in case you need any clarification, you can reach out to your assigned representative.
It is important to check all hidden card processing costs, and you would usually need to do this check one time. So, be sure to ask as many extensive questions as you’d like.
Card Processing Provider’s Support
It is important to evaluate the support before choosing the provider. It is an extremely critical aspect of doing business with any company – more so, with a credit card processing company. For instance, what happens if a custom runs into a situation where the card is not processed? Or, if there is a fraudulent charge on the card?
According to Nilson report – published in 2016 – the credit card fraud is expected to be at 7.2 cents per $100 this year.
This number is extraordinary, especially if you work on small margins. So, choosing a good right provider is all more important than ever before.
Payment Options – The Availability
One of the most important components of choosing the best credit card processing company is to look for payment types. Now, usually, it is more the better. For you won’t want to lose out on sales because of the lack of payment option.
A good card processing company would cover lots of payment options. Also, you should see if they allow NFC-supported payment processing plans.
Track record of the Credit Card Service Provider
You certainly want to deal with a company that is known for standing by its customer. This industry has so many players, that it is generally worth avoiding any kind of unnecessary risk. Usually, a lot of companies would approach and offer you very competitive pricing. So ultimately, it is you, the customer, who has a lot of freedom over decision making.
Also, there are a lot of new entrants in the field. And just like with any other field, they are not necessarily sub par companies. However, you must do a lot of research when it comes to signing up for a card processing company if it is a new player.
If you keep a close look at the fee, it would explain you more on how you are protected in the event of a fraud. Reading fine print is important. And sometimes, everything may sound too good, but the fine print can make it all look sour.
At, Hackfest, we strongly recommend you to keep these things in mind would lead you to the best provider for credit card processing.