Did you know that about 80 percent of US families use credit cards on a routine basis? Being able to accept credit cards online or in person for payment is no longer a luxury for businesses, but a necessity if they do not want to lose the payments of many potential customers. There are several things companies should keep in mind when looking for credit card processing providers to work with. Here are four things to consider.
The majority of credit card processing companies charge transaction fees for payment processing. This fee can vary depending on the type of card. This is also known as an intercharge free. There are various types of merchant accounts you can have, with more secure merchant accounts translating to lower interchange fees. Research the fees that will be applied to your company.
There are several types of credit card terminals, which are also known as point of sale, or POS, terminals. These terminals allow merchants to swipe, key in, or insert cards to transmit credit information to the service provider. Most of these terminals transmit data using a phone line or the internet. Wireless credit card machines in the form of smart phone attachments and applications are also becoming more popular, as they enable merchants to collect information from any location.
Some credit card processing companies will charge for setting up your wireless credit card machines, while other companies will do it for free. It is possible that the price of setting up will be offset by receiving a lower transaction fee, however, in most cases it is possible to find quality and reliable companies that are willing to do installations for free.
Make sure you understand the regulations and rules of the merchant credit card processing service you are planning to work with, since these regulations can affect your transaction fees and ability to provide services. For example, do you receive many international customers? Some processing companies only accept US clients, while others have lists of specific countries they accept.