When you are looking to set up an account with a payment processing company, it is important to know what you are getting yourself into. You won’t want to jerk your customers around too many times with different forms of payment, but you also won’t want to pay a lot of sign up fees and buy new equipment. A little research before picking a company can tell you a lot about what you need to know. Here are some helpful tips to help you get the most for your money when processing payments.
1. Go with an all-in-one company. Don’t use four different services to create the payment system that you want. Get a company that has all the features you are looking for in one easy to use system. In the end, you’ll avoid paying fees to multiple companies and will end up saving money by only paying what is needed.
2. Start with an introductory package and work your way up. Don’t automatically assume that you need the biggest package that a company offers. You might be able to start out smaller and save yourself some money until you grow your business. Check the rates on different packages and find the one that is right for you and your business. You might be surprised at what you can get away with.
3. Buy your own terminals. This will be much more cost effective in the long run. If you pay a monthly fee each month to use their equipment, that is just money down the drain. If you aren’t sure what you are going to need for a system and you want to test it out first, then it is ok to rent equipment for a few months to try it out. Once you’ve found what works best for you, make plans to purchase your own.
4. Be wary of offers that look too good to be true. There is usually a reason why the company is offering such a low rate. They may have hidden fees, or they may not be able to offer you any customer service when you most need it. They might even be a scam. Do your homework and make sure that you are using a reputable company for your business transactions. Sometimes paying a little bit more to get a quality service is better than the alternative.
5. Don’t use your bank to process payments. Banks have taken on this kind of payment processing in order to compete with other companies. They are not really setup to handle payments, nor is it their main business. For that reason, they often charge a much higher fee and tempt you in with the convenience of using your bank. It usually works out to let them have your checking account, but take your payment processing somewhere else.
Don’t get caught up in the madness. Do your research and make the best choice for your business. Talk with companies and find the best rate that works for you. Both you and your customers will be happy with the end result.