Do You Know What Questions To Ask Your Credit Card Processor?

Apr 27, 2017

If you’re running a business, you’ll need to accept credit/debit cards. This means you should hire a third-party processing firm, which is known as merchant account providers or aggregators, that will manage the transaction between you and the card issuers.

Before you could choose a credit card processor for your business, you should know the right questions to ask. If you find out the processor says anything that is different from what is mentioned in the contract, start looking for another one.

The financial success of your company may be based on the processor you choose for your business. Below you can find some of the top questions you should ask your payment processing company so that you can be sure to receive the best return on your investment and securely operate within industry standards.

1. Do You Require a Cancellation or Early Termination Fee?

Do your best to find a processor that doesn’t charge cancellation or early termination fees. However, even if you’re charged these fees, the fee should be $200 – $400. Don’t choose a processor that demands a “liquidated damages” termination fee. This means you should pay the estimated amount of the full contract if you cancel before expiration.

2.  Are You Compatible with My Online Shopping Cart?

Check whether the proprietary software of the given processor works with your online shopping cart. The software that connects your online shopping cart and your processor is called a “payment gateway.”

3. Do You Offer Interchange-Plus Pricing?

If this isn’t an option with the given processor, look for another one. The interchange-plus pricing helps you see exactly what MasterCard or Visa charges (the interchange fee), plus what you’re paying the processor.

4. What Are Your Additionally Fees?

Find out if you’ll be charged annual or monthly fees, regulatory fees, compliance fees, and statement fees.

5. Is There a Limit on How Much I Can Process with You?

Find out if the given processor limits the amount you can process. This can be a problem if you experience quick business growth or if you have a busy season. Also, it will have an impact on how your customers perceive your business.

6. What Customer Support Do You Offer?

Choose a processing company that offers phone support available 24 hours a day, 7 days a week.

If you’re on the lookout for a trustworthy payment processor, consider turning to emerchantbroker.com, the #1 high risk processor in the US. EMB offers low-cost and reliable merchant accounts, including a bad credit merchant account. Poor credit isn’t a problem for EMB.

Take your time to research and find the right payment processor that will be the best fit for your business needs. Research and compare all the available options as the payment processing company can make a big difference to your bottom line. The above-mentioned questions can help you choose what is right for your business.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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