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Credit Card Processing Tips for Business Owners (Guest Blog)

Choosing the Right Credit Card Processor for your Business

Choosing the right credit card processor for your business is a lot more important than you might think.  In this under-regulated industry, here are some of the top questions to ask when deciding who to use for your business:

IS THERE A CONTRACT?

Most processors will lock you into a contract with sometimes hefty termination fees that can range from hundreds to thousands of dollars.  If so, ask up front what the termination fees are to break that contract.

WILL MY RATES INCREASE?

The purpose of most contracts is to start you off with good rates and then raise them, often significantly, over the course of the contract, add in hefty contract termination fees and now you’re stuck.

WHAT OTHER FEES ARE INVOLVED?

Processors can charge you arbitrary fees for anything they want and call or text it anything they want.  Sometimes your “rates” can look good, but your monthly, quarterly, and annual fees can cost you a lot (most of these are junk fees).  Ask if there are arbitrary fees and if they can be added in at any time, and for any reason.

WHAT ARE MY EQUIPMENT COSTS?

Is there a lease? Most equipment should never be leased, and if it is, run! It will cost you hundreds if not thousands more than it should.  “Free” Point of Sale, “Free” terminal; be wary.  Imagine being given a free Suburban, you drive 250K miles per year and for the next 3-5 years you have to only buy gas from the dealership for $9.00 gallon.  A good processor will work with you on cost and provide equipment at reasonable and competitive pricing.

HOW IS YOUR CUSTOMER SERVICE?

What sets you apart? What are wait times like? Is there a local rep? Who does my setup? You won’t know you need it until you need it, but when you do you will be grateful if they are there for your business.  Imagine suddenly going without the ability to take payments from your customers and then being left in the dark.

You can never eliminate all of your costs processing credit cards for your business, but if you educate yourself you can minimize these costs with often significant savings, and way fewer headaches.

If you have any questions, would like any more information, or would like a free consultation, please call or text Todd Kipperman, Team Lead and Founding Member of Beyond at 203.641.6557, or email him at Todd.Kipperman@getbeyond.com.