Choosing A Card Payment Processor? Things To Consider
Posted on: 15 July 2021
If you are a business owner, you know how important it is to offer your customers flexibility in your payment options. If you've always been a cash-only business, you might be losing out on a valuable customer base. As a result, you may be thinking about investing in a card payment processor. This would allow you to accept credit cards in payment as well as cash. With so many different card payment processing solutions out there, it can be tough to determine which one is the best option for your needs. Here's a look at a few things that you should think about as you weigh your options.
How Much Will The Processor Cost You?
One of the things that you need to consider is the cost of the credit card processing service. What many people don't realize is that there are several different types of fees that you will have to pay as part of your card processing service. Take the time to understand these fees so that you can be adequately prepared.
For example, there may be a monthly service fee associated with your subscription. In addition, you'll typically pay a per-transaction fee that is not only a small flat rate but also a percentage of the total transaction cost. Some processors also have a minimum monthly fee that you're billed if you don't meet it in transactions.
Is The Processor's System Compatible With Your Existing POS Platform?
Another important consideration when choosing a card payment processing solution is finding one that will integrate into your existing POS platform. Otherwise, you may have to invest in a whole new sales and inventory infrastructure, which could prove costly.
Talk with each potential processing provider about the software and hardware that they provide and ensure that it will integrate seamlessly with your platform. That way, you can be confident that your processing system will be responsive and consistent when you need it to be.
What Kind Of Security Does The Processor Offer?
Remember that security is a paramount concern any time you're dealing with credit card numbers. Your business could face costly liability issues if there's a credit card breach. Clarify with your payment processor whether credit card numbers are stored in the system or not, and what means of security they use to protect that data if the numbers are stored.
You'll also want to be sure that your communication between the point-of-sale system and the credit card processor's network is encrypted properly so that you don't have any risk of the data being intercepted in transmission.
These are a few of the most important things to think about when you're choosing a credit card payment processor. Talk with a few providers near you today to find the right one for your business.
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