Top 5 Things To Look For In a Credit Card Processor

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Top 5 Things To Look For In a Credit Card Processor

You’ve got many choices to explore when looking for a talented credit card processor. You can use these five points to help you find a team you can trust.

  1. Fees and Rates

Start by looking at the fees and rates that a processor charges. Look at the structures a merchant services provider uses when charging its customers. These structures can include different rates for specific industries and payment methods.

Watch for whatever rates a team might charge. Some companies can impose PCI compliance fees, gateway charges, account fees, 1099 reporting fees, and application costs. A company must be transparent in letting you know what it will cost to use a team’s services.

  1. Customer Service

Many merchant services companies will do anything to get you to sign up for services. But they might not always be there after you officially become a member. The team’s customer service department should be available by phone, online, or by email. It should be easy to reach, and you shouldn’t have to wait too long for a reply. Be certain that whoever you hire for the work is someone you can trust in any case.

  1. Equipment

All merchant service providers offer different pieces of equipment, from mobile devices to full-scale point-of-sale kiosks. Some companies can offer solutions from Bonsai, Vital, or Clover. The equipment you utilize should be easy to manage in any situation.

The equipment should also be available for purchase. Buying the equipment is more cost-effective than if you were to lease everything for your store.

Some places will work with whatever existing pieces of infrastructure you use right now. They can reprogram your existing technology to fit its unique system. This feature is ideal for businesses, as they don’t have to spend anything extra on equipment.

  1. Contract Details

Some merchant services companies will require you to enter a contract. The contract could last for a few months or years. Others might not require any contracts and might let you pay for services by the month. Look at whoever you want to hire and see that the contract involved here is one you can follow.

  1. Protection

The last point to review involves the protection a team will offer. A quality processor will provide you with an insurance policy that protects you from possible losses from data breaches or other losses.

A team should also work with all PCI compliance standards. These include rules for handling card data, how confidential details will be stored, and who will get access to confidential data. It should also help you review your business to confirm you can meet these PCI rules, including ensuring you have the proper firewalls and other protective features at your workplace to protect cardholder data.

All five of these points are great ones to see when looking for a talented credit card processor. Be aware of what you’re getting out of a solution, and make sure whoever you find is someone that fits your distinct needs.

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