The world has moved over to plastic payments for products and services and this is true for businesses that sell to other businesses as well as for those who sell directly to different individual customers. Paying via credit card provides a wide range of benefits to the payer; security, ease, and, of course, credit card rewards that can earn them real money. It is a wonder that anyone pays via cash or check when businesses that they buy from accept credit card payments. Many customers will seek out businesses that will accept credit cards and they will, therefore, have a competitive business advantage over the businesses that do not accept credit card payment.
Importance of Finding the Best Credit Card Processor For Your Business
Not all credit card processors are equal to one another. Finding the right credit card processing company for your business can help ease potential frictions with customers that may come about in a data breach, can help your business to earn additional amounts of money in the form of savings that are associated with lower credit card processing fees, and can help to save your staff time and effort when processing credit cards. There are many differences associated with different credit card processors and finding the right card processor should be important for your business to pursue. Here are some of the tips to help find a quality processor for your business.
Credit card processors charge a fee that is typically a set fee per transaction and a percentage of the collections that you process through the credit card. These are not a set amount that is universal, though there are minimum amounts that typically go by the name of interchange rates. While you won’t be able to get a rate lower than the interchange rate, which the credit card processors pay to Visa, Mastercard, and American Express, the premium charged on top of that will fluctuate based on many factors including the data you collect from those who are charging the cards. For example, companies that require customers charging to input a zip code offer another layer of security that can lead to lower business credit card processing fees. There is not a one size fits all solution and be sure to look around for the best rate on the credit card fees that you are charged by your credit card processor.
Consider the Convenience of Accepting the Credit Card on the Site
Some accounting or ERP systems will accept credit cards directly when you issue an invoice to a customer. When doing so the business can attach a link to the invoice when it is sent, receive back pay and apply it against their open accounting invoice in their accounting software, and then they can save time and money when doing so. Accepting credit card payment when an invoice is sent out is a huge advantage for a business and will sometimes lead to a decreased amount of bad debt and A/R write-offs, which means that the fees that you are going to pay maybe less important than the convenience associated with these options and payments.
Finding the Credit Card Processor For Your Business is often about exploring the different options that are out there and making the wisest choices for your staff and for the ultimate success of your business. Often this comes down to understanding the cost of the business credit card processing fees, understanding the convenience of the different processors and how they integrate into your current systems, as well as the security that they offer in their systems.