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Published August 01st, 2016 by

Facts about Small Business Credit Card Processing Companies

Starting a small business is as hard as building a large company. There are many things you have to consider when planning to build a business. You need to think whether you want a physical store or an online shop. You also need to think about the kind of products and services you want to offer. Lastly, you need to consider the number of employees you will hire.

Facts about Small Business Credit Card Processing Companies

However, there’s another factor that we often forget – getting a dependable credit card processing service. Most of us think that all credit card processing machines are the same. That could be true at some point, but they still have unique features from one another. For instance, you can’t use a web-based processing service if you own a physical store.

If that is the case, then you should get a credit card processing service for small businesses. There are many things to consider if you want to get this platform for your store. However, before getting a payment processing service, you need to read this article. This blog will discuss what it is, and what features you should look for. Moreover, you will learn the benefits that you will get if you use it for your business.

Let’s stop this introduction, and let’s begin the discussion!

What Is Small Business Credit Card Processing?

Small business credit card processing is about giving convenience for all customers. Regardless of the kind of business you have, you must decide on how you can accept credit cards.

Some stores prefer to use a “cash only” approach. It’s because they don’t need to buy a credit card terminal, which could cost a lot. However, the US Business Administration strongly recommends that every business should have a processing machine. There are two reasons for this. First: it gives every credit card holder the right to buy and pay items using the card. Hence, more and more people will go to your store if you accept this form of payment.

Second: it helps increase sales and profits. Since you’re accepting electronic payments, there’s a possibility of getting more revenues.

According to research, credit card and debit card payments have already beaten the traditional way of paying. They also believe that there will be an increase in using credit cards. They said it will increase up to 33 percent in 2017.

Features of a Good Small Business Credit Card Processing Company

Small business processing provides numerous features. Each has a role that will hugely benefit your business. However, the features offered by the machine depend on the platform you’re using. Hence, you need to consider the location of your business.

If your shop is in a physical location, you need to use a Point-of-Sale terminal. It’s a small unit that you see in restaurants, malls, and so on. It reads the credit card information when you swipe them on the machine.

There are two ways to get POS machines. It depends on how often you will use it. The first method is by buying the terminal. It’s best to purchase this platform if you own a shop. The best place to buy this equipment is a trusted merchant credit card service.

The second method is by renting the terminal. Rental POS machines are best for occasional needs. There are non-profit organizations that offer this terminal for lease. You just need to look for them online or within your area to get this system.

Another thing that you should look for is the company’s support rating and service. Let’s face it! Processing payment transactions and setting up the gateway can be a headache for many online entrepreneurs. These problems lie in your webmaster. If the webmaster is nowhere to be found, chances are these issues will occur.

Hence, if you want to hire top credit card processing services, make sure they have a dependable support and service. Ask them about the kind of tech support and service they provide. Also, ask them about the speed of their service.

If you want to learn more about a particular company, you should read some reviews of credit card processing services. These write-ups will tell you more about the quality of support and service that they offer.

Many small business owners don’t feel the need of hiring payment processors because of the tons of features they have. You may not need it now since you’re only just starting. However, as your business grows, the more payment processing services you need. Thus, you have to get these features before it’s too late.

You also need to look for the contracts they give. Make sure the statements are easy to read. According to statistics, American adults read and understand the content that is in grades seven to nine levels. Thus, payment processing services should make their agreements simple and short. That way, it will be easier for clients to understand the content of the contract.

Lastly, a dependable credit card processing service keeps their fees to a minimum. Yes, they are businesses too. They need to earn money for their needs and their employees. However, they need to understand that the success of one’s business is also the success of their companies. If their credit card processing fees are expensive, chances are clients will look for another provider that provides lower charges.

Conversely, if the company offers their services at a lower rate, more people will trust them.

Benefits of Hiring Small Business Credit Card Processing Companies

There are many advantages that you will get from major credit card processing services. For one, it gives customers another payment option. Since the US is the credit card capital of the world, people are used to using these vouchers for payment. If you have a credit card processing platform, they can choose to pay the bills using these cards.

Another benefit is it enhances your company’s image. Customers see the businesses that use innovative payment methods as dependable and professional. If an enterprise decides to use these systems, it will make their company more powerful. Moreover, it will give your store a better edge over your competition.

For instance, your business is a pizzeria, and you offer a variety of pizza flavors. As the restaurant delivers orders for free, they add additional fees to drive-thrus and takeaways to compensate the loss. Thus, people choose to order food via delivery rather than to dine in.

To encourage customers to eat in the pizza parlor, you need to get an electronic payment processing service. That way, they don’t need to withdraw cash every time they decided to dine in. They just need to use the credit card to pay the bills. As a result, you get a new group of customers, which leads to an increase in sales.

This situation is one of many circumstances that may happen if you use a credit card processor.

Another benefit is data security. Credit card frauds and identity thefts are common in the US. According to statistics, there were 31.8 million victims of credit card fraud in 2014. Thus, some people are a bit hesitant to use credit cards unless they trust the store that uses it.

With the latest technological advances, credit card processing has become safer and more secure. Some shops use mobile credit card processing services. Contrary to what other people believe, it offers more security than traditional payment processing. It’s because phones have lock features. Hence, the only person who can control the machine is authorized clerk.

Moreover, it doesn’t save card information. Out of all processing methods, it’s the only solution that doesn’t store credit card details. Whether the process is complete or not, it automatically deletes the voucher’s information.

However, there are mobile services that save information on the phone if the transmission fails. But you can deactivate this feature. All you need to do is go to the app and turn off the “save and forward” feature.

Having a credit card processing system is a must. It not only benefits all credit card holders, but your business too. With this method, you can make more sales. Moreover, it increases your company’s reputation. If customers find out that you’re using the latest payment processing technologies, they will perceive you as professional and reliable. Lastly, these methods provide more security.

There are many payment processing services that you can find. They all claim that they are one of the top credit card processing services. However, most of them say it to entice more people to get their service. To ensure that you get the best company, you should read some reviews of credit card processing services. These articles will tell you what you need to know about a particular company.

However, not all reviews that you see are reliable. Thus, before taking their advice, make sure it comes from a credible source.

There are many websites dedicated to providing payment processor reviews. But if you want to read honest reviews of credit card processing companies, then go to CrowdReviews. The site ranks these services based on customer reviews.

Trevor Price

Trevor Price helps small businesses leverage mobile technology to reach their audience and extend their capabilities in delivery, information, and tracking.

Our rankings are completely independent, transparent, and community driven; they are based on user reviews and client sentiment. These credit card processing companies had to earn their way up and didn't just pay their way up.

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