Credit card processing is a necessary part of running a business. It allows you to accept credit and debit cards, a popular payment method among consumers.
You should choose a credit card processor that will help you protect customer information, offer helpful support and work well with your business. It should also provide affordable pricing that doesn’t overcharge you.
Cost
A credit card processor is essential to your business’s financial success. It acts as a middleman between you and the banks, issuers and credit card networks, accepting, processing and completing payments.
Choosing the suitable credit card processor for your business involves evaluating your needs and negotiating a cost-effective plan. A good processor will thoroughly research how you run your business, including the average ticket amount you process and what types of cards you accept, before offering a plan that makes sense for your specific requirements.
Your costs will also depend on the type of processing fees you’re charged. Some are standard and non-negotiable, while others can be negotiated. Interchange fees, for example, are set by the card-issuing bank.
Other fees, like assessment and markup, can be negotiated with the processor. Some processors offer tiered pricing, which bundles interchange rates, assessment fees and the processor’s markup into one pricing model.
A high-quality processor like NetSuite credit card processing will be transparent about its rates and fees. This is vital in avoiding hidden fees that could cost you more than the actual rate. Moreover, a sound processor will provide easy-to-read statements and savings analysis.
Flexibility
In the credit card processing industry, flexibility refers to a company’s ability to make changes quickly and efficiently to accommodate new market demands or client expectations. This allows companies to remain profitable, reduce costs, increase revenues and scale over time.
Businesses that achieve flexibility often implement new technology, adopt innovative business models, and adjust their processes to meet customers’ needs. It takes a lot of work to gain flexibility, including a culture that embraces change and the capital to fund it.
Flexibility policies must be clear, well-defined and communicated widely across the company. They also need to be aligned with performance and work-life needs.
A flexible work policy should also address diversity and inclusion issues. Especially in service industries, where immigrants and people of color make up the majority of employees, it’s critical to ensure that flexible work arrangements don’t exclude or stigmatize this group.
As long as employees feel valued and their work contributes to the company’s success, they’ll be more likely to put in the extra effort needed to stay with a flexible employer. Even small forms of appreciation, such as gift cards or treats, help show that a company values its employees and is willing to invest in them.
Security
Credit card processors are responsible for processing the funds transferred from customers’ credit accounts to your business. This can happen online, over the phone or by mail. They use a variety of methods to ensure payment security.
You’ll want to find a credit card processor with the security measures to protect your business from fraud and chargebacks. These measures include PCI compliance, SSL encryption, and secure networks.
The PCI Data Security Standard (PCI DSS) is an industry standard that sets guidelines for merchants to comply with when handling sensitive customer information. Most processors enforce penalties for non-compliance, so choosing a company dedicated to being PCI-compliant is essential.
It’s also a good idea to select a credit card processor that offers extra security services, such as fraud protection and seller protection. These services can help you lower risk, reduce costs and increase sales.
Finally, choosing a credit card processor that will be a good fit for your business is essential. Some industries, such as tobacco and gambling, are considered high-risk and may have difficulty finding a processor to work with them.
A good credit card processor will ultimately be committed to helping your business grow and succeed. They’ll help you choose the best products and services for your needs and help you implement them. They’ll help you manage your inventory, improve sales reporting and reduce risk with gift and loyalty cards.
Customer Service
Choosing a suitable credit card processor for your business is critical because it will handle your customers’ payment information. Finding a company with excellent customer service is essential so that you can resolve any issues quickly and easily.
A poor customer service experience can be an extremely costly issue for a business, and it can even lead to the loss of new business. This is because repeated problems can leave your customers feeling frustrated and wondering what’s wrong with their experience, which could cause them to take their business elsewhere.
The best credit card processors are dedicated to providing excellent customer service. This means they’ll offer you 24/7 phone support, online help centers and email or chat features to answer your questions quickly.
When finding a processor, you’ll need to look for a credit card processing company with an A+ BBB rating, a high retention rate and excellent references from other businesses. Another red flag to watch for is an ownership history that changes frequently.
One of the worst mistakes a business can make is selecting a processor that doesn’t value customer service. This can be especially true if your business is a small one that needs fast, responsive support.