Many small businesses is lacking behind because of their tradition way of business. Taking your business from brick and mortar to online business and accepting debit and credit card can help your business grow and get neck to neck with your competitors. Although one needs to pay some upfront cost or fees, going from a cash-only business to accepting electronic payment can lead to a big boost in sales.
If you plan to accept electronic payment; whether in person, by phone or online, you have to find a credit card processing company to help you with the procedure. However, choosing a credit card payment processor is not a simple task. Like any other major financial decision, choosing a credit card service provider is a tough decision. One needs to carefully compare all the pros and cons of the options available. Below is the list of important factors, which one needs to consider.
The fees and the other costs
The fees related to credit card processing vary from company to company. Some companies might charge much less than other while offering the same products.So, research is important. Interchange fees, monthly statement fees, application and set up fees, monthly minimum fee, monthly gateway access fee and early term ination fee should be kept in mind.
Set up time
The set up time also varies from company to company. It will be easier for you to set up but you need to find out with the payment processor about the timeframe, so that you can plan accordingly.
Accepted payment types and new technology
Whatever business you run, you have to make sure about accepting all major credit and debit cards, so you do not have to turn away your customers. NFC technology, digital wallet, payment by phone is some of the new technology. If your customers are tech-savvy, then you can go for these features too.
Keeping all the major points in your mind, it is essential to choose the right service provider and make your business flourish.