Everything You Need to Know About Credit Card Processing Companies
March 8, 2023 | Low Risk Merchant Account | Dustin
Credit Card Processing Companies 101
Trying to pick the right credit card processing company can be overwhelming. This is particularly true when you are a new small business owner who has never even heard of a merchant account prior to setting up everything you need to get your business running — but the reality is that even the most seasoned CEOs can get overwhelmed when researching how to accept credit card payments and how to suss out who the best credit card processing companies are. There are so many credit card processing companies, and all of them seem to more or less do the same thing, right? Wrong.
Not all credit card processing companies are created equally and another thing to point out is that the cheapest credit card processing isn’t always the most reliable. So, how do you know where to turn when pretty much all credit card processing companies have equally glowing testimonials and terrible complaints? How are you supposed to pick the right credit card processing company under these circumstances? PayKings is here to help answer your questions and provide you with the best possible merchant account solutions for the card processing for your specific business model and vertical.
We get it. We’ve been providing solutions, merchant account gateways, and credit card processing to companies just like yours for years. We hear out of dozens of small business owners daily, all attempting to answer the exact same question: How do I find the best credit card processing companies? And our response is always the same: It depends.
There is no easy answer to the question of how to accept credit card payments – because there isn’t a one-size-fits-all. However, over the years we’ve discovered that there are some good guidelines to follow, and all of them follow some basic rules, which we’ll discuss in detail below.
How to Accept Credit Card Payments while Selecting the Right Credit Card Processing Company for your Business
We have five simple rules for picking a company to partner with and rely on to take credit and debit card payments and set up a merchant account gateway with.
Rule 1: Transparency is your best policy
For any of the credit card processing companies out there, be sure that there no hidden charges and no surprises. The interchange rates are set by the credit card manufacturers (Visa and Mastercard) and are the same for each of the credit card processing companies. It, along with using this cost-plus pricing model, make it a point to ask for comprehensive fee disclosures up front.
Rule 2: No pressure
Do not tolerate high-pressure sales tactics when seeking out credit card processing companies for your business. Some salespeople may say just about anything to get you to sign the dotted line – while not living up to its promises. We recommend businesses that employ honest, respectful business developers who offer support and great customer service – bonus points if you get a real, live person who answers the phone when you need them.
Rule 3: Look for savings and value
Some credit card processing companies give you a provider that is barebones, however they do so at low, low rates. Others charge somewhat more, but provide software as part of the service. When determining how to accept credit card payments, which is best for you? That is dependent upon your needs and your budget. The cheapest credit card processing is not always the best, and the saying “you get what you pay for” comes into play in this scenario. It is important to determine the value of a merchant account against your specific business needs.
Rule 4: Reputation matters
We understand that when considering how to accept credit card payments for your business, choosing a company to work with can be daunting – regardless, the company’s reputation should always be among the top most important factors. A proven history of satisfaction is imperative to your business’s financial success. That’s not too much to ask, is it? We do not think so, and we never settle for less.
Rule 5: The cheapest credit card processing isn’t always best
When looking for a good value on rates and fees, keep in mind that the cheapest credit card processing isn’t always the best among the credit card processing companies. Some processing companies will promise the cheapest credit card processing fees and rates but are lacking in so many other areas. Be sure to come with a long list of questions regarding hiding fees, annual transactions fees, and the like so you don’t get scammed by the promise of the cheapest credit card processing that results in getting your merchant account shut down entirely.
As a quick recap to the question of how to accept credit card payments, just remember – not all credit card processing companies are created equal, the cheapest credit card processing isn’t always the best, and to never settle for anything less than the absolute best credit card processing company for your specific business type and vertical.
March 8, 2023 | Low Risk Merchant Account | Dustin