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.