Consumers today often prefer to pay for their purchases with credit cards over cash or check. As a business owner, you must find a convenient and affordable way to accept their credit card payments. Without this ability, you run the risk of losing business. There are numerous merchant services providers that you can choose to work with, but their services and fees can vary significantly. When you are shopping for a new provider to work with for credit card processing, pay attention to a few key points.
The Types of Credit Cards Accepted
One of the most important factors to consider when reviewing merchant accounts is the type of credit cards that are accepted. Your acceptance of credit cards should be a convenience to your customers, so you need to choose a provider that accepts most types of standard credit cards. Some may only accept one of the primary types used by consumers, and this is not always ideal. Consider that some consumers may only have one credit card in their wallet, and they may not be able to complete a transaction if you cannot accept their payment. While you may not need to accept uncommon types of credit cards, most companies will benefit from working with a provider that can accommodate purchases made with the top three or four most common types.
How the Fees Are Charged
In addition, you should also review merchant accounts to see how the fees are accessed. The fee structure can vary significantly from provider to provider. Some may charge a flat rate per purchase, and this may be ideal if your business normally has a smaller number of large transactions per day. Other providers charge a fee based on percentage of each charge. When this percentage rate is rather low, it may be more cost effective for retailers that normally complete many transactions per day or when those transactions have a smaller dollar amount.
Credit card processing is an imperative function in many types of businesses today. Whether you have a retail storefront, an e-commerce site or any other type of business where your consumers want to pay with a credit card, you need to find a merchant account that facilitates this process. As you shop around to find the best provider to work with, keep these points in mind so that you make the best decision for your customers and your company.