5 Things to Consider When Choosing a Credit Card Processing Company
May 10th, 2018
Choosing a great credit card processing solution is not as easy as it used to be. Back in the day, merchants were trained to just hear “rate” and there were many “rate jockeys” out there who just pitched the lowest rate and signed up a lot of businesses. If you accpeted credit cards for more than a few years though, you’ve found out that this approach isn’t usually the best. There were usually hidden fees and it’s never as simple as a one rate solution as there are hundreds of different card types and they all are priced differently. So here’s a few other things to look for when choosing the right company.
- Don’t be afraid to ask questions. Spend some time with the rep you are meeting with. Ask how long they have been working in the industry. If they are the one who is your contact. The vast majority of reps usually last 3-6 months. This means that the next time you try to contact them or have a question on your account, they are likely gone and you are stuck with the 800 number que. Not that you need help or will be calling all the time, but it’s good to make sure your rep is knowledgable and that they will be there when you need them.
- Are they local? Is your processor or rep local? Payment processing companies work nation wide and do not just sell locally. But if you are the kind of person who like to meet face to face with your vendors or want that local person to be there when you need them, choose one that is in your neighborhood.
- Is the processor only pitching rate? As was discussed in the opening paragraph, you still need to steer clear of the “rate jockeys”. You want to have a company that not only explains how they are setting up your account, but in most cases, make sure you are set up in Interchange Plus or Cost Plus pricing. This is the most straight forward approach.
- Is the processor only talking about fees? This is the one that is tricky! Of course, you want to pay the least amount of money on your processing. However, credit card processing is so much more now than just the fees. There are new terminals, tablet, POS and marketing solutions coming out all of the time. All of these tools and products can not only help you make your company more efficient, but it can also help your business MAKE more money! The company you work with should be asking you questions about your current set up and what you want or could be using for your new system.
- Make sure the solution works for you. Don’t get bullied into the one solution a rep may be telling you to use. At Rocky Mountain Credit Card, we listen to our merchants and prospective clients and try to find the best solution for them as it’s not a one size fits all market any more. Any more questions? Contact us and let us help you get a competitive advantage in your business!