Regardless of the size of your business, if you accept credit cards for payment of products and services, you will widen you customer base, maximize sales volume, and quickly facilitate a transaction before a potential buyer can mosey their mouse on over to another online store.
But just as a seasoned shopper browses the eCommerce landscape for a good deal, business owners must also take adequate steps to research the best options for their credit card processing needs.
1. Thoroughly Explore Your Options
Although this critical tip seems painfully obvious, each year countless businesses fall prey to the deceptive marketing tactics of some merchant services providers that do little more than overcharge for inadequate services and substandard security. To find a secure and reliable solution, comprehensively explore all available options and make an educated decision.
2. Uncover All Hidden Fees
One of the biggest mistakes made by newcomers to eCommerce is assuming that their only credit card processing expenses will be limited to processing fees. Unfortunately, this isn't always the case. Look closely at the fine print for details about other potential fees. Consider the prospect of facing these charges as you weigh different merchant account providers.
3. Capitalize on Real Time Reporting
Be sure to select a merchant services provider that offers real time processing. This enables your customers’ credit or debit cards to be accepted or denied instantly during checkout. "The greatest benefit of real-time processing lies in the customers’ instantaneous results," explains North American Bancard, a leading credit card processing provider well known for its security prowess and service excellence. "This is particularly important if you are in the business of selling goods and services that are delivered quickly, like information or software packages. And, real-time processing provides the ability to automate certain business operations so that you can free yourself or your employees to focus on other jobs."
4. Being Cheap Could Cost You
A PCI compliant merchant services provider will take all necessary and appropriate actions to ensure the security of your customers' financial information. Although searching for the best deal is important in this process, be certain that the "best deal" doesn't compromise excellent security, reliable service, and exceptional customer service. In the long run, cutting corners could cost you substantially more.
5. Stay Informed
It's no secret that businesses change credit card processors all the time. In fact, most would probably have done so even sooner if they were fully aware of their service provider's pricing structure. Carefully review how you're charged per transaction. If you don't understand a charge, don't simply accept it and forge ahead. Be certain that all charges are correct and consistent with the industry's best prices and practices.