What to Know When Choosing a Credit Card Processor

An estimated 183 million Americans have credit cards. If you want to be sure that your customers can pay for the goods and services you provide, you need to be sure that you can process credit card payments.

If you’re setting up an eCommerce website, need to be sure that you can process all customer transactions. Whether selling goods online or in-person, it’s essential that you work with a credit card processing company that can process all payments that your customers make.

When choosing a credit card processor, however, you’ll need to be sure that you make the right choice. Here are the things that you should know when choosing a credit card processor.

What Is a Credit Card Processor?

When operating a business, you’ll need to work with a payment processor to accept credit card payments and other types of payments. A payment processor will authorize payments and process them. They’ll help ensure that you can get paid for the products, services, and subscriptions that you provide.

Credit card transactions need to be secure. A payment processor can ensure that everything is encrypted and that customers can make payments securely.

There are several different types of terms that you should be aware of as part of payment processing.

Here’s what you should know:

As an e-commerce business, it’s important to have a merchant account. You should also have both a payment processor and a payment gateway for credit card payments.

Some processors will be compatible with third-party payment gateways. Others will offer their own to businesses.

What to Know About Choosing a Credit Card Processor

There are many different things that you’ll want to consider. Here are the main things that you should think about when making your choice.

Processing Fees

One of the main things that you should think about when choosing a payment processor is how much you’ll pay in fees. Be sure that the payment processor you choose to work with is very transparent about fees and has competitive pricing.

Transaction fees and other fees may vary based on the number of orders you’ll be processing. They’ll also change whether your business will be accepting payments online or in person.

Payment companies will have other fees as well. This could include application fees, setup fees, monthly minimum fees, interchange fees, and more. There could also be fees associated with early termination.

You’ll want to compare your options to find out what you can expect from the credit card processor you choose.

Technology Requirements

If you need to choose a credit card processor, you should also consider what hardware and software you’ll need.

If you’ll be taking payments in person then you’ll want to understand what POS terminals are available. You should understand how the credit card processor will integrate with current software.

You’ll also want to learn about mobile card readers and payment options. Be sure to understand what card reader and app options are available for your business and get an idea of how easy or difficult the setup will be.

Security Measures

It’s also important to know the security measures that the credit card processor will take as well. Be sure that your customers’ credit card information will be safe and that it won’t be lost or stolen.

It’s important to protect your business from credit card fraud as well. Especially for some high-risk industries, fraud is common. You’ll want to be sure that they will help protect your business as much as possible.

The credit card processor should be PCI-DSS compliant . It should support SSL certificates and CVV2 verification for online payments. Ensure that they offer great security before choosing them for your business needs.

Customer Support

Not every credit card processor can provide great customer support to you when you have a specific need or concern .

Before you choose a credit card processor, you should make sure that the company is easy to work with and provides support when you need it. Ideally, look for a credit card payment processor that provides 24/7 support. Ensure that the company allows you to get in direct touch with a real person to get solutions for your problems.

Consider reading some online reviews before choosing a credit card processor to find out how they tend to treat their clients. Remember that a professional credit card processing company will respond quickly to customer service requests. They’ll do a great job of helping with any issues that occur.

Level of Risk

Another thing to think about when choosing a credit card processor is what level of risk they specialize in.

Merchants are classified based on their risk level. High-risk industries can have trouble finding a credit card processing company. If you’re in a high-risk vertical, you’ll want to ensure that the payment processor will work with your business.

There are many reasons why your business could be considered high-risk. This includes having bad credit, having a high instance of refunds and chargebacks, or offering controversial products and services. If your business is in an industry that’s related to adult entertainment or gambling, it may be harder to find a credit card processor.

If your business is at a high-risk level, be sure to choose a credit card processor that will work with your industry.

Choosing the Right Credit Card Processor for Your Business

If you need a credit card processor, be sure that you compare your options carefully. Ensure that you understand the fees and verify that they have high-security standards. Also, ensure that they’ll work with your level of risk.

Looking for a reliable payment processor for high-risk industries? Contact us today to learn more about what we can do for you.