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Choosing The Right Credit Card Processing Service Provider
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You face hundreds of questions and queries when you start looking for a credit card processing service for online payments. Some of the questions that you might want to enquire about are: Will the service really help my firm/business? How much would it cost? Are they trustworthy and can I rely on them? etc. You can search out credit card processors online. But then how do you decide as to which processing service will best fit the needs of your business?
Here is a breakdown of some of the main factors that you must consider while selecting a credit card processing service for your business:
1) Credit card processing fees
Everyone wants a service that is affordable and worth its cost. The fees charged by processors usually vary but the most common are explained below:
a) Startup fee: Many firms normally do not charge this fee and for those that do, it is a "one time" fee of $250.
b) Gateway fee: For an e-commerce website, you need a payment gateway to accept credit or debit card payments. This gateway fee is charged every month and it commonly ranges from $10-$50.
c) Statement fee: Some credit card processors would also charge a statement fee that ranges from $9-$10 per month.
d) Minimum monthly fee: A monthly minimum fee would range from $20-$30 and is charged just to ensure minimum earnings from their clients.
e) Transaction fees: This fee is charged by all the service providers. It is a fixed amount that varies from 24 cents-35 cents and it is charged per transaction. Additionally, the service also charges a per transaction percentage around 2.14%-2.40% on an average.
f) Address verification fees: Address verification is an additional security check against credit card frauds. Some services charge a fee for each address that they verify. This can cost your business 5-10 cents per address location.
2) Other important features in a credit card processing service
The second step is to ensure whether the service provider caters all your business needs. Match your requirements with the solutions provided by the service.
a) Type of credit cards accepted
Verify the most common credit and debit cards used by your customers or the fixed card types that you would like to accept and check if the card processor accepts them. The most common are types of cards are of Visa, MasterCard, American Express and Discover.
b) Types of services
A credit or debit processing service should offer all the services that are required to manage card payments for e-commerce websites. You must find out if the service offers the following:
• virtual terminal
• merchant account
• point-of-sale (POS) terminals
• e-check services
• reasonable payment clearing period
• recurring billing
• shopping cart
c) Credit card processing security features
Credit card transactions are vulnerable to thefts and frauds and thefts. A card processor should provide some basic security features like:
• CVV2 checking
• fraud protection
• address verification
• real time processing
• SSL and encryption
d) Customer support services
What are the two things that make a credit card processing service dependable: A very low error rate, and easily accessible 24x7 customer service. They should be able to provide help when you need it the most without losing time. Some vital features of the offer are:
• customer support numbers, email, fax and working time
• guaranteed response
• a toll-free number
• live online chat
Businesses should always weigh the costs and the services provided before finalizing a credit card processing service. This deal should fit your business financially and meet all your requirements.
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