With the rise in shopping through credit cards, it is understandable why there is so much hype for taking services of credit card processing companies. Taking their services is more of a necessity than an add-on service extended to your customers. And before you do so, it is necessary that you undertake the process of evaluating them to avoid any issues in future, fraud for example.
Even before evaluation there are things that you might better know about these companies. Although, they might be selling their services, they can reject your application on many contexts. As follows:
•Start-ups and home based services might not be given merchant account by many banks for the lack of referrals and adequate guarantee.
•Physical presence of your retail shop or business is more appealing to these service providers rather than non-physical presence like online or mail order services.
•Security will always be a concern of these banks for their as well as customers fund. Unless that is taken care, it is unlikely that an application for merchant account reaches to approval. That is, High risk credit card processing is difficult and charged highly by the service provider, if allowed.
Valuable tips for the evaluation of credit card payment processing companies
1.See that all major credit cards, debit cards, e-checks, etc are accepted for making payments.
2.You can consider going through the average approval rating. It will give a hint in terms of the percentage of approved applications, payment processing speed and the applicable charges, etc.
3.Be aware about the charges for Payment processing solutions that will include setting up of the merchant account and payment gateway. The lower the better.
4.The service is extended for your online shopping store with secure gateways.
5.The service must be protected against all and every kind fraud to ensure maximum safety for transactions. That could be done by using various encryption technologies like Verisign SSL Certification or Address Verification Service (AVS).
6.It would be better if 24X7 customer services are being provided. Better communication will strengthen bonds between you and your customers.
7.Also, they should be enabling various Point of Sale (POS) options and swipers better accommodating your customers.
1.Know your service provider better before to avoid any misunderstanding. There can be many hidden charges that you were unaware before taking the services
2.Keep track of monthly statements after taking the service so as to change if any discrepancy is found.
3.Check for the latest model of equipments like credit card processing machines. You may get strapped with an outdated one.
You would not want to be a businessman who comes across many merchants or companies that bugger them with lucrative offers for processing credit cards for business and you buy who persists more than the other. Precaution is always best rewarded, wherever money and health are involved.
Keywords: Payment processing solutions
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