7 Criteria for Picking a Credit Card Processing Provider

When you decide to allow card payments by customers, you will need to pick a credit card processing company. Choosing the right processing company is not easy because of the numerous factors to bear in mind and the large number of providers in the market to select from. The 7 criteria below will help you when picking a credit card processing company.

A majority of providers process major cards, but very few of them accept alternative payment options like prepaid and gift cards, and electronic benefit transfers EBTs. Customers who wish to pay with the latter options cannot, therefore, shop at your online or physical store. So, find out about the payment options that most of your clients wish to use to enable you to pick a card processor that accepts them to avoid inconveniences.

A number of card processing companies will require that you open an account with their bank. You need to read the contract that contains such a requirement carefully to understand how much of your cash they can put on hold and under what circumstances such an action can take place. It is also necessary to find out about the frequency of cash withdrawals allowable from the account.

Only deal with a reputable credit card processing provider. This aspect is determined by speaking to merchants who are using the company. The financial stability of the card processor also needs to be checked.

You need to evaluate the customer care system of the card processing company. Errors and problems are common when accepting credit cards; and so, you need a provider that can offer a quick and effective solution in such instances. Additionally, you may, from time to time, require clarifications on some matters, making the reliability of the customer care system in place an important consideration.

A number of fees and costs come with credit card processing transactions. Additionally, every card processing company has its own set of charges. You, therefore, need to learn about such fees to that you can pick a card processor that suits you best. Watch out for providers with seemingly low rates that later add up due to hidden fees by carefully looking at the contract terms on offer.

Find out about the presence of fraud detection and deterrence measures to give your business the protection it deserves. It is also necessary to inquire about payments for such services since the card processor may include them in the payment plan or charge for them separately.

Some credit card processing companies may charge you for using their software systems and equipment such as terminals. You need to compare the rates charged in such instances if you wish to get the best.

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