More and more people prefer to use their credit cards to make purchases. In 2013, Americans spent $4.6 trillion with their credit cards. Globally, in 2013, there were at least 279 million Visa cards in circulation. In the United States, there were about 522 million being used. If you do not take credit card payments now, all of this data on how much they are used may have you thinking you should start but you need to find the right payment processing solution for your business.
You have many options in selecting a payment processing solution company. Here are some things to consider:
- How many transactions do you think you handle every day and how much is the average amount? Some payment processors prefer a lot of little transactions and others work better with companies that have fewer transactions in a day but that are larger. More and more people leave the home without any case and will pay for everything from a cup of coffee to expensive equipment with a card.
- Will you take any credit card payments in person? Payment processing companies prefer it when merchants can physically swipe a customer’s card to take a payment because it is easier to prevent fraud this way. Many cards have photos on them of the customer so the retailer can check and make sure the person making the payment is authorized to do so. processing payment services companies will accept other kinds of payments but they do charge more for them.
- Will you sell your goods or services online? If your business has an ecommerce site requires different things than a brick and mortar store. Your payment processing solution firm with experience in this area. Statista has predicted that about 1.2 billion people will purchase goods or services online by the end of 2015 so if you can sell your wares this way, it can be a really good way to boost your bottom line.
- Make sure you ask about the fees the different payment gateway services charge. Every company that processes credit card payments has a different approach. Some are more transparent than others and there may be additional fees. Some companies charge “batch fees,” which many retailers do not expect. You do not want to be surprised by unexpected fees than can really impact your bottom line. Make sure you are absolutely clear on what the cancellation policy is.
- Leave no question unasked. If the sales team at the payment processing solution company does not want to take the time to answer all of your questions, you should go elsewhere. if they cannot take the time to talk to you before you sign anything, they most definitely will not have it once you have.
- Ask your friends what service they use. You probably know merchants who take credit cards, ask them what they use. Do they like their payment processing company? Are they just staying with them because the cancellation fee is so large? It is good to talk to people who have used a company to get their feedback.