When you select a credit card processor for your business, you are entering into a partnership that should be equally beneficial to both parties. Here are three main points to consider before you choose your credit card processor:
Consider a local provider
A local provider will be able to meet with you face-to-face to answer any questions or problems you may have. Look for one that is BBB accredited. If you do choose to sign up with a credit card processor through your bank, know that many times you will end up working with a third party, so make sure you understand the relationship between the bank and the processor.
Consider the type of processor you need
Your credit card processor should be able to help you figure out which types of processing vehicles would be best for your business. Some businesses may need a point-of-sale terminal as well as a mobile terminal. Others may need a Gateway. Consider your business needs before you meet with a credit card processor.
Understand your costs
Some credit card processors will lease you the hardware, saving you on costs up front. Others may even agree to loan you the equipment if it’s a short-term situation. If you decide to buy your equipment, which could be more cost-efficient in the long run, be careful purchasing proprietary equipment. Some processors will sell you equipment that can only be used with their company, tying your hands if the partnership doesn’t work out. Also, look for hidden fees such as cancellation fees that would be incurred over the remainder of the agreement should you decide to end the partnership.
Please reach out if you would like to discuss your business.
Owner, Retriever Payment Systems