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6 Questions Worth Asking Your Credit Card Processor




This is widely accepted fact by all kinds of businesses that offering your customers the option to pay with credit card enhance the revenue exponentially. No matter if you are operating your business remotely or from home. If you don’t accept credit card yet, it is great time to start. As late is always better than never. You may have faced the unpleasant situation of rejection for your merchant account application. For this there are specific companies and services that can offer solutions. There are high-risk merchant account providers and offshore merchant account programs that use a network of banks internationally. Having made that decision, the next step is to obtain a merchant account through a reliable processor. Choosing the wrong processor, will leave you pay higher fees, confuse your customers and at the same time make you hold line for long to connect with customer service representative.

Following factors should influence your decision while getting in contract with best of credit card service providers: 
  • FEES: Cost is a major aspect while purchasing anything and it is applicable in this case too. The businessman should confirm the transaction fees while evaluating different options. But don’t get flattered by the low rate without asking for the additional charges for the provided services. Many times processors charge penalties, if you do not cross a certain volume of transactions per month. It is better to ask for a complete breakdown of the transactional and incidental fees. 
  • APPROVAL RATE: While fees should be low, high approval rate would be favorable for you. By approval rate what is meant is the percentage of approved applications for merchant account. A higher approval rate will be accompanied by lower transaction fee and fast processing speed. 

  • FEATURES: Depending on the nature of business and your requirement, the processor should be able to provide services other than the basic features like different types of terminals. You may like to have added services like reporting to track cash flow or it might interest you to store customer information for repeat purchase.

  • START UP OR CANCELLATION COST: Many online processors trap their customers with these types of cost. While you can negotiate start up cost, they try to fasten you in a bond with hefty cancellation charges.

  • CUSTOMERS FEEDBACK: Their experiences matter a lot. While it is possible to read the testimonials, you can visit their website and reviewer’s work which will enable you to understand their standard.

  • SET UP TIME: Payment processors boast about their fast services, they do not refrain from guarantying fast set up to their customers. Ask upfront to avoid the situation of hanging up your customer.
 
Choosing the best out of hundreds of options is a tricky task. Information provided above can help you to make the right decision while signing a contract with credit card service provider. 

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