Five Things To Consider When Shopping For A Credit Card Processing Company

By Tom Griffith, Merchant Payment Services, Inc.

When starting a business, there are a lot of decisions to be made. One of the biggest is deciding which credit card processing company to use to take credit and debit card payments. Choosing a credit card processing company is a major financial task and acts as a link between your business and the bank.

 

No matter what kind of business you own, there are a few important things to look for in a credit card processing company, such as:

 

  1. Consider the fees. You may have to pay monthly, per-transaction, interchange, application, set up, compliance, statement and/or early termination fees. It’s important to understand all the fees and service terms. If you have any questions or concerns, ask a company representative for an explanation. If you can’t get a detailed explanation about costs, it might be time to move on to the next company. Also, consider the cost of the equipment.

  2. Understand how long it will take for set up and transaction processing. It may take a while for the company to set up your account and install the proper equipment. Make sure the company is willing to support you during this time. If not, you may want to consider another processing company that will have a quicker installation period.

  3. Determine if the company accepts all major credit and debit cards. You may also consider if it has options for electronic payments, over-the-phone payments and prepaid debit cards/gift cards. This extends to the changing world of technology as well. Make sure your company will be able to adapt to new payment methods, such as ApplePay. If not, you may have to turn away customers.

  4. Evaluate the customer service. If you run into problems with your card machine or monthly billing statement, you need a company willing to help you whenever you need it. Check to see if the company will be available 24/7 and if you’ll have a direct account representative available for you and your company.

  5. Ask if fraud prevention and security tools are available. Make sure the company can store cardholder data by using encryption and tokenization on all points of sale. If you use an online platform to make sales, make sure the company supports SSL certificates and CVV2 verification. Determine if your processor is compliant with the Payment Card Industry Data Security Standard regulations, which require your company’s payment system to be inventoried, documented and secured.

 

If you’re in the market for a credit card processing company, turn to a BBB Accredited Business like Merchant Payment Services.