Choosing Merchant Processing Services for A Small Business

If you want your business to run smoothly and reach its bottom-line goals, you will have to accept credit. If you only accept cash, you miss out on many sales. Of course, you can accept checks but they often come with risks especially with new accounts or customers.

It is understandable if you are confused about who to choose for your merchant processing services. This is an industry rife with confusing charges and deposit time frames. Luckily, there are easy choices to make like looking into www.dharmamerchantservices.com/ where I feel the pricing per swipe is clear and transparent.

However, there are more ways for many businesses to accept cards when customers are not present or who wish to give you card information for you to use via telephone. For these instances, you really need to find a full-service processor.

Comparing processors is something you want to do carefully. You should start by finding those that handle businesses like yours whether you are in the service or product end of the business.

You will pay different rates for the different cards you choose to accept. You might, for instance, only choose to accept Visa and Master Card. American Express is the more expensive card to accept, yet it is also one of the most reliable when it comes to avoiding declined cards.

You have to compare interchange fees with processors, too. These are flexible fees that are billed by the individual processor. You will pay a certain percent – between 1.50 percent and 2.70 percent – per charge every time you bill a customer’s card. These fees are variable and while you want to choose a processor that offers the lowest rate, remember that they are negotiable.

It is highly important to understand the difference too between qualified charges and non-qualified ones. You might also get billed PCI or payment card industry compliance fees. If you can show you have a certain level of security regarding credit card information in place, these fees can be lower than they otherwise might be.

You also have to have a processor that offers service 24-7. They should be able to help answer questions you have every day not just Monday through Friday. With these things in mind, you can easily find a good processor for your small business credit card needs.