Everyone who has not experienced the credit card processing finds the process irrelevant and complicated. However, it is important to understand what all this concept is about. In the present economic scenario, customers are following the ‘cashless’ mode of payment. Not just major but they use cards for minor transactions as well. Reasons behind are better security, instant processing and the amazing incentives in the form of points or rewards. Due to these reasons, it is important for the merchants to break that shell of myths formed around them and focus on the gorgeous benefits. Accepting the real facts will help the business entrepreneurs create an impressive impact on the bottom line. Check out the top five myths about credit card processors that majority of merchants still believe.
Here we begin…
1. Accepting credit cards cost high
If we talk about earlier times, there were only three rates available for credit card processing. However, it’s not the same anymore with around 400 rates available. Each card has its particular rate depending on the risk as well as benefits to the cardholder. This way it acts quite beneficial for the business. It is important to know that while making credit card transactions, exciting offers can be availed. This helps in saving ample funds, which is not possible when making payment through cash.
2. Signing contract is the way to avail the best rates
Now this is something absolutely false. There is no such thing like signing any agreement to avail the best rate. Merchant services offered these days do not hold businesses financially tied and locked into any contract. Instead, lowest rate combined with the best service can be cherished. For all those who are anxious to know why some merchant services have contract tied up, it is to ensure smooth monthly revenue for the processor and charge penalty to the merchant if they try to stop the services in between.
3. Heavy early termination fees
When a contract is signed and the services are left before the end of the term, a heavy termination fee is charged. This sort of penalty holds back the merchants from switching on. However, there are merchant service providers who keep their clients free from this frustrating experience.
4. Terminals must be purchased
Not at all. This is because leasing a terminal for heavy bucks is counted among the most dishonest ways processors try taking the advantage of businesses. Trusted and reputed service providers lend the terminal to the merchant, which they can use as long as they are associated with them. When the processing is stopped, all they merchants need to do is return the terminal.
5. It takes too long to get the money
A big no to this point as well. In fact, 24/7 funding is available. Yes, this is true and there is no such thing called delay in getting the finances.
In the competitive corporate world, it is quite possible for the business owners to mislead or lost with the terms of the payment processing industry. With the right professionals by the side, it is easy to get started with credit card processing without any risk and fraud. Accepting the fact that plastic is excelling over physical cash will take every business close to their customer needs. Contact the merchant service leaders now.
For More Information-: How to Choose a Credit Card Service Provider