Starting a business is a major challenge. From financing to advertising, small business owners must be resourceful and learn how to spend efficiently and get the most for their money. Finding a merchant processor will affect your profits, customer service and potential market growth. So what should businesses look at when selecting a credit card processor?
What Are the Fees and Costs?
Pay attention to credit card fees. Some fees can be up to 5% on everything a company makes from its debit and credit card sales. Still, some companies may offer less for the same services and products. Merchants should look out for interchange fees, monthly statement fees, application and setup fees, monthly minimum fees, early termination fees, and monthly gateway access fees. It is important for merchants to fully understand all of the fees and service terms that may eat away at your profits.
Fast Set Up Time?
Find out how long it takes to set up the technology and set up your account. If the setup is too complex or takes too long, it could affect your customer service or short term profits so plan accordingly.
What Payments Do They Accept?
Make sure that the payment processor accepts the types of payments that your customers and business prefer. If you are in retail, ensure that your payment processor accepts all major credit and debit cards. In general, the more payments your business accepts, the more potential for profits there will be. In addition to major debit and credit cards, you may also ask if they accept gift cards, e-Checks, prepaid card, or an electronic benefit transfer, or EBT. If your customers are tech savvy, ask if your payment processor accepts newer tech like (NFC) technology, digital wallets such as Google Wallet or Apple Pay.
How is Customer Support?
Hiring a payments processor that is available 24/7 and can offer direct help with expert representatives will be a source of security for your business. Plus access to experts will help provide backup for employees and ensure customer issues are solved quickly and efficiently.
EMB specializes in high risk credit card processing. Get quick, simple, and straightforward, services and funds from professional payment processors. EMB is the nation’s leading online small business lender with a streamlined application that is also user friendly. Contact us today to start your bad credit merchant account today.