You’re working hard to build your small business and being able to accept all major credit cards will allow you to get sales that you would otherwise have missed. An Intuit study showed that businesses that do not accept credit cards miss about $7,000 in sales annually. How do you know, though, which credit card processor is right for you? There are many options to select from when choosing a credit card processing for small business. As you navigate through the options, there are also many questions that you should ask before selecting the one that will be right for you. The first question should be to make sure that you understand the fees that you will be charged. Some companies charge as much as 5% per sale. Beyond the interchange fee, there are often set up fees, monthly fees and fees that stipulate the minimum amount of transactions that business must process each month. Also, make sure that the credit card processor will accept a wide variety of credit and debit cards. Credit card processors that have responsive and helpful customer service departments will also make your life easier and allow you to focus on what is important – your business. Lastly, determine if the credit card processor is keeping current with new payment technologies. As business evolves, new payment methods are also evolving. You want to select a company that is sensitive to these changes and able to support you. A company that embraces new payment technology will help you to be able to also change with the times. Accepting payments, such as the new “near field technology”, allows customers, particularly millennials, to patronize your business. Another modern option is the recent move away from terminals and toward readers that can be used with a call phone or iPad. These allow you to accept payments “on the go”. This is particularly helpful if you are selling at fairs, sporting events or festivals. It gives you the opportunity to get your products and services in front of the public and still earn the money your business needs.
There are many ways credit card processing for small business is delivered. Not all of them will be right for your company. It takes time and some research to find the one that is right for you. This is the time to read the fine print and ask a lot of questions. Asking friends and colleagues who also have small businesses about their experiences will also give you a better idea of what your options truly are. You’ve taken a huge step by opening your business and putting your products and services out there. Now, take the extra step to find the credit card processor that will really work for you.