If there is one credit card processing provider on the market today, then there are a million ... or so it seems. It can be difficult to discover the best services provided by a credit card processing provider that will match your business model. I know because my search for a credit card processing provider to support my online business began about a year and a half ago.When searching for a credit card processing provider, you must first review your business. Ask yourself such questions as the volume of credit card business you process monthly. Are there months where sales are greater than others? If you are beginning a business, how much start-up costs can you afford? Will you swipe a card or simply have your customers enter it onto a website check-out page?
One of the biggest concerns facing a new business is start-up fees. Each credit card processing provider will offer different charges; some will charge an initiation fee while others will not. Even different cards, such as debit and credit will carry different costs.
Other fees include a gateway fee, where a digital gateway guards the authorization of debit or credit cards. If your store is strictly online, there is no way around this charge.
Ask a potential credit card processing provider if their service charges monthly, statement or minimum fees.
Every time a credit card is entered into the system, you will be charged a percentage of the transaction. Generally, the amount is between two to three percent, but confirms this with a credit card processing provider. Often you can control the level of security, such as requiring the buyer to enter their billing address zip code. If the customer enters the wrong information or uses several bad cards, you are charged each time they enter their card number. These fees can add up.
Visit the websites of many credit card processing provider candidates and even call them to get their offerings.