Nowadays, plastic money has become the widely used and preferred mode of payment especially among youth as they are not interested in carrying cash. This makes it crucial for all businesses to have the proficiency to process card transactions. To accept credit and debit cards online, you need to open a merchant account with a merchant processing enterprise that can provide you a payment gateway.
Either you owe a small business or a big one, you can start accepting debit or credit cards just by roping in an online credit card process. Also with the coming of the mobile application such as Apple pay, its demand has been escalated a hundred times among younger patrons. Every small business wants to adopt the credit card processing facility to meet the needs of customers.
If the reports and studies are to be believed, then it is found that business who do not accept cards miss out $7000 approximately in sales every year. A survey conducted by the federal bank says that the number of debit card payments increase more than other payments modes.
Just like taking significant finance related decision, choosing the best merchant processor is also an imperative decision. Hence, various aspects must be examined while choosing Credit Card Merchant Services are as follows: –
Just like taking significant finance related decision, choosing the best merchant processor is also an imperative decision. Hence, various aspects must be examined while selecting Credit Card Merchant Services are as follows: –
Fees charged by the merchant processing company: According to the U.S. Small Business Administration, card processing fees charged by the processors ranges from 4% to 5% of company’s earning from its credit and debit card sales. Different service providers charge different kinds of fees such as Application and setup charges, Monthly statement fees, Interchange fees, etc.
Interchange fees: – This is a sort of the fees that is to be charged on the every processed transaction, and the service provider pays it to the card-issuing bank. The rate you pay for the processed transactions depend upon following factors such as the type of transaction, size of each transaction, type of card accepted and the likes.
Setup and application fees: – Apart from charging fees for setting up the necessary equipment to takes cards, many companies charge fees for applying.
Monthly statement fees: – Some companies charge this monthly statement fees also from their clients or customers to cover up the expenses of mailing the statements.
As you can see here that businesses charge different kinds of fee, so it is necessary for you to understand all the fee and services related terms before signing the contract.
Features: Much online payment processor offers you tons of features to attract you, you have to check all the features and collect detailed information about them, either you need it or not. Since they offer, different features for different businesses do consider you business need before selecting one for you.
Security: Online transaction involves sharing of important credit card details that’s why safety is the prime concern of the customer. Hence if any service processor does not provide much needed secure environment and does not comply with the safety measures, then they are not worthy enough.
Scope: While selecting a service processor make sure that they offer all-inclusive support service. It is always beneficial to choose flexible payment services that can easily be unified with your ecommerce website. Hire a service processor that provides 24/7/365 customer support as well a direct for solving issues.
Credit Card Merchant Services :http://www.ampworldwide.com/