In years past, cash was king and people didn't mind walking around with a pocket full of money to pay for goods or services. However, society is in the midst of the technological age with more and more consumers choosing to keep credit or debit cards in their wallets. Therefore, business owners in all industries must accept these payments or face the dire consequences. When customers cannot buy things with their preferred method, they will take their shopping needs elsewhere. In turn, the company will notice declining sales figures and plummeting profits.
1. Pricing Matters, So Hire Wisely
There are various factors to consider before hiring a processing company. For instance, every credit card institution charge fees for separate transactions. It is notable to mention that the amount will vary between issuers, but it is usually around 0.5 to 3-percent. To avoid having to pay additional hidden expenses proprietors should gain a clear understanding of when the bill is due, how it is calculated, and whether or not there is a minimum processing amount. Additionally, needs will change from time to time, so finding out about early termination fees can prove to be useful too.
2. Easy Integration Makes All Of The Difference In The World
Almost every business owner has their own way of doing things. They implement software and systems that are user-friendly to ensure that daily operations go accordingly. Unfortunately, not all terminals and Point of Sale solutions are created equal. Choosing the wrong one can cause system crashes or failures, which will bring the workday to a screeching halt. Meanwhile, the initial equipment setup should not be complicated either. So, be sure to pick a credit card processing company with seamless integration to avoid headaches in the long run.
3. Don't Forget About Security
There always seem to be stories about identity thefts and other security issues circulating throughout social media circles. Stopping every incident is nearly impossible, but the business must make sure their credit card processing company is up to the task of thwarting attacks. Be on the lookout for an institution that provides online and offline encryption and tokenization features. Plus, the organization must support SSL certificates, CVV2 verifications, and be PCI-DSS compliant. Heed and consider this advice to protect shared data across your network adequately.
Posted in credit card processing on Jun 14, 2018