Accepting credit cards should be a simple process, but all too frequently, frustration over middleman costs and processing fees is overwhelming – especially for small businesses. Every dollar spent on fees is more acutely felt as lost profit. However, the advantage credit card processing provides is clear to your customers through increased security and convenience. Read on to understand what to look for in a processor and how to keep your costs low. How can you get the most out of accepting credit, debit, fleet and gift card payments?
Every time you accept a credit or debit card payment, multiple players are involved and charge for each step in the transaction. Fees are associated with everything from setup and processing to customer service. What makes the process even more complex is that some providers advertise low rates but may charge more for service items, statement fees, audit fees and more, or charge more upfront setup costs but “waive” other ongoing service charges. It’s important to take a careful look at the merchant provider and their individual fees and costs on your statement to fully appreciate your liability and costs involved.
Points to consider while researching a processor:
- Choose an integrated payment solution with your POS. Save time and money by reducing errors and data entry (credit card verification, reconciliation, etc.).
- Understand the fees involved. Don’t be fooled by the advertisement of upfront low-costs. Look for bundled or “hidden” charges. Ask to see an example of the processor’s normal monthly statement with each item and charge fully described.
- Evaluate the different types of integration and automation. Does the payment solution include pre-authorization or automatically accept/decline payments? Make sure it includes the functionality that your business needs.
- Ask yourself if you understand what is being pitched to you? If not, keep asking questions until you are comfortable with both the answers and the processor.
There is no getting around fees associated with accepting credit and debit payments. Your best defense against hidden and expensive fees is to do your research. Integrated payment solutions will help you reduce costs, improve accuracy and increase efficiency. Research and spend time investigating and you will reap the rewards.
Questions? We would love to answer them! Call your ISI sales rep at 800-922-3099 or visit ints.com.