Are you looking for a credit card processing company to cover your needs when it comes to honoring credit card payments? Even for small businesses, there are numerous options out there. But still, the abundance of options does not eliminate the need to evaluate the companies to see if they can offer value for their services.
Of course, the first (and basically one of the few) factor that you need to assess and evaluate is the cost of the whole credit card processing set-up. But before you look into the monthly costs, you still need consider the cost of the initial set-up and the equipment to be used.
For example, credit card processing applicants need to pay a standard merchant account fee. This is a one-time payment that usually costs from 150 to 200 dollars for the application fee and the payment gateway fee. Be wary of companies that do not charge you for the initial fee. Most likely, they might charge you and charge you more in other areas such as in your monthly fees.
Consider what is included in the payment as well. Are the credit card terminals included in the initial payment, or does it entail a separate payment?
Check if the credit card processing company has a monthly transaction limit. Once this limit is reached, you cannot use your processing service. Furthermore, the bank of the service provider might freeze your funds. This is their way of minimizing risks. In any case, make sure your company offers a sizable limit and, most importantly, a sizable limit increase during months where sales can go up (such as the months of November and December).
You should also check the number of days it takes the company to clear payments. Usually, it takes two to three days. Some banks, however, take fewer days than that. Make sure your company takes no more than three days to process and clear your payments as it could affect the operation of your business.
Credit card processing has several factors, so make sure you pick a provider that offers a service that fits your needs.