As a consumer, picking the best credit card processing company can be difficult. Unlike most products where features and specifications are fairly straightforward, merchant account services can be configured in thousands of different ways. Picking a specialist in your field, such as the top card processor for veterinarians, may seem to make sense until you consider that processors with more generalized business experience may have solutions that cost less, or work better with your individual business practices.
A better guideline would be to consider what the top merchant account providers all have in common. Here is a list of what you should expect from any company that processes your credit cards:
This should be a given, but some companies use off-brand or unusual credit card machines that aren’t necessarily compatible with different payment networks. This means that you can’t easily pick up and choose a new processor if you aren’t satisfied. Additionally, terminals that are less popular may have support issues, and might not inspire confidence at the checkout counter
Many small businesses, and medium-sized ones, batch out their terminals after normal business hours. This may be the very time where a technical issue comes up, or a question arises. If you went with a bargain processor, the time and money lost in fixing a basic problem could exceed your savings. To test how well support works, call a company’s customer service line after hours, and see how long it takes to get a human being.
The merchant services contract you get should be tailored toward getting you the best savings and working with your business practices. If you are in a “one size fits all” merchant services contract, you could be paying extra for services you don’t need, or you may be getting charged more to take the cards your customers present at the register. While a true “apples to apples” comparison could be impossible when it comes to technical details, you should still be sure that your needs are met, and you are still saving money on the transaction.
How well does your processor handle a long-term relationship. You don’t want buyer’s remorse in credit card processing. Even when you have no early termination fee or cancellation penalty on your contract, it takes a lot of work to sign up for merchant services. Sometimes issues may crop up a few years into the relationship, and you may need additional peripherals (like a PIN pad or EMV accessory) for your business. At that point, you should be getting the same support you’d see if you were a prospective customer.
Will your processor show you how to slash card acceptance costs by encouraging debit card use? Will they show you how newer PIN pads may work with your current terminal so you can take smartcards? If they review your current merchant statement, can they point out major opportunities for savings, and help you avoid as many added fees as possible? Will they explain their proposed setup in the same level of detail used to pick apart your current program?
The top merchant services companies always keep an eye to the future in order to make sure you aren’t caught unprepared when new trends come along. Furthermore, requirements mandated by Visa and MasterCard over the next 5 years will have an impact on everyone that takes credit cards. When you sign up with a company, you should find out how they are planning for technology changes over the course of your merchant contract. The last thing you want is an expensive retrofit in the middle of your contract.
There are a lot of little things to consider when picking a merchant account provider as well. For example, how big is the company? Do they just have a handful of employees? Do they offer high risk payment gateway to process transactions from a significant number of high-risk merchants , and offset their costs by charging your low-risk company more money? In the final analysis, you want to be confident that you are getting the lowest prices and the highest level of service. A cheap credit card processing plan is only worth the time if it is backed by a long term commitment to your own personal satisfaction.