6 Things to Look For in a Credit Card Processing Company

paying with mobile phone

Running a cash-only business simply isn’t realistic. If you’re going to grow your business, you need to be prepared to accept credit and debit cards. (According to a recent study by Intuit, 83% of small businesses that began accepting credit cards saw an increase in sales.) This means choosing a credit card processor.

First thing first: no matter which payment processing company you choose, there’s going to be fees attached — that’s unavoidable. It’s also not an easy task choosing the right credit card processing company. There’s a lot of information to sift through before you can make an educated decision. With that said, there are some essential features you need regardless of which provider you choose.

Here’s a couple of things that you should look for in a credit card processing company.

  1. Accepts all major credit cards.

There’s nothing worse than having to turn a customer away because you don’t accept their payment of choice. Instead, look for a credit card processing company that accepts all major credit and debit cards. Depending on what kind of business you run you may also want to look into a processing company that also can handle gift cards and electronic benefit transfers (EBT).

  1. Supports new payment technologies.

If your business favors tech-savvy customers, you’ll want a processing company with near-field communication (NFC) technology, so you can accept digital wallets such as Apple Pay, Samsung Pay or Android Pay. That way, your customers can easily make a purchase directly from their smartphone or tablet.

  1. Fraud protection.

As a merchant, you’ll want to protect yourself from fraud as much as possible. Always make sure that your credit card processing company offers solid fraud protection services.

  1. PCI compliance.

If you’re planning to accept credit cards, you’ll want to make sure that your processing company is PCI compliant. The Payment Card Industry (PCI) Data Security Standard is an information security standard for organizations that handle branded credit cards from the major card schemes. The PCI Standard is mandated by the card brands and administered by the Payment Card Industry Security Standards Council. However, PCI compliance is not federally mandated and merchant account providers are not legally required to follow security standards set forth by the credit card industry (yikes!) Check to make sure they’re compliant before you choose a processor.

  1. The ability to process both online and offline payments.

Things change. While you may be a brick and mortar merchant right now, there’s always a chance that you’ll want to take your business online in the future (or vice versa). Look for a processor that can handle both in-person and online payments so that you don’t have to go through the hassle of switching providers when your business evolves.

  1. Helpful customer support.

While it may be tempting to go with the cheapest option possible, it’s worth paying a little extra for helpful customer service. Look for a processing company that includes 24/7 customer support. When you’re running a business, time is money. Having access to helpful and efficient customer service is worth its weight in gold.

Posted on Friday, November 16th, 2018