A few small mistakes with your credit card processing could cost your company a lot of money. It is essential that you offer credit card payment options for your customers. At the same time, you need to be sure that you are supporting security and reliability with your payment system.
As a small business owner, you need to have a merchant account if you are going to accept credit card payments. Be careful when you are setting up the merchant account! The fees and account requirements vary depending on the company that you choose. Here are a few common mistakes that are made by small business owners when they are choosing a credit card processing service:
Skipping the Terms & Conditions
Whether you are signing up for a gym membership or agreeing to a merchant account, it might seem tedious to read through the fine print that makes up the Terms & Conditions. But, you need to understand the rules that will govern the way you use the service. The structure of your relationship with the provider could have a big impact on the way you process payments. Take time to read the fine print so that you understand the agreement.
Look for Potential Fees
Fees are unavoidable when processing credit card payments. Even though you can’t eliminate the fees, it is essential that you have a clear understanding of the costs that you will be paying for these services. It is common for small business owners to choose the cheapest merchant account they can find. But, they don’t realize that rate fluctuations or interchange downgrades could impact the amount of money that is paid in fees. Talk to your merchant services provider to get a detailed breakdown so that you know the fees that will be paid for each transaction.
Check for Volume Requirements
Is there a specific level of transactions that needs to be met because of volume requirements for the agreement? Some merchant accounts require that a certain amount of money be processed through the account each month. Otherwise, you might be facing financial penalties or changes in your rates.
If you are choosing a new credit card processing system, then you need to lean on the experience of a trusted provider. Call our team to learn more about the services that we offer.