One of the most important financial partners that you choose when managing your business — on par, even, with your company’s banking institution — is your credit card processor. And the ubiquity of credit cards, explosive growth of e-commerce and move towards cashless companies ensure that this is not going to change any time soon.
Whether your business is not yet equipped to process credit cards online, or you are currently comparing credit card processors and considering a change, here are a few of the most important factors that should be on your mind.
3 Factors To Consider When Selecting an Online Credit Card Processing Company
- Fees. Obviously, every business will be looking for the most cost-effective option. But because different credit card processors charge differently for distinct components of every transaction, comparing processing fees is not always as straightforward as it may seem. Terminal fees, gateway fees, international charges, monthly/annual payments, and the cost of renting equipment are just a few examples of this. The best way to analyze exactly how much your business will be paying with different credit card processors is to contact processing companies that interest you and have a conversation with a knowledgeable representative who can help you find a plan that works for you.
- Customer Satisfaction.The internet has made it very easy to gauge a company’s customer satisfaction rates. Sometimes, however, taking the time to read in-depth reviews rather than just scanning over ratings on the 5 star system can be even more insightful. Knowing which companies boast happy clients — and which don’t — can help you decide which credit card processor is right for your business.
- Security. Choosing a company that truly values security is a no-brainer in the credit card processing industry — and this is especially true when it comes to accepting credit cards online, as cyber crime is on the rise.
Learn more about online credit card processing.