5 Tips for Selecting a Credit Card Processor for Your Business

Fewer and fewer transactions are being carried out with cash these days, as consumers are quickly adopting the much more convenient option of carrying around credit and debit cards instead. Loose change and dollar bills are certainly not the preferred method of payment anymore, and as such, just about every single business that wishes to succeed is going to need a way to process credit cards. Whether you’re getting started with your first entrepreneurial endeavor, or are looking to give your existing business a system upgrade, you have a lot to consider when it comes to finding the best credit card processor. These five tips will help you make sure you’re getting your money’s worth when you look around for the company that will handle your credit card transactions.

1. Read Reviews & Testimonials. It’s almost never smart to shop by price alone. You’ve got to make sure that you’re finding out what others have had to say, especially if you can be reading about the experiences had by businesses similar to yours. Find out what others have had to say about the options you’re considering so you can make sure you’re getting a product with which you’ll be happy.

2. Shop Around. Do your due diligence and make sure you spend enough time considering all the different options available to you. It might not be a whole lot of fun to shop around for something like a credit card processor, but this is one of those things that can see you saving a lot of money in the long run if you do it right. Credit card processing services come with things like monthly fees and will also usually make their money by taking a percentage of the charges they process for you. Finding the best deal can mean saving big money in the long run.

3. Get the Best Turnaround Time. How quickly you will actually get the money is going to be one of the most important questions you can possibly ask when you’re looking for your next credit card processing company. The turnaround time that’s offered by different providers can vary, so you want to make sure you will be able to get your funds quickly enough.

4. Consider Mobility. Many mobile businesses (delivery services, taxi drivers, and the like) are excited about the fact that iPhone credit card processing is now very much a reality. If this sounds like something that sounds appealing, make sure your credit card processing company has options that will be able to accommodate any mobility you might want to introduce into your business.

5. Find the Most Secure Option. Security is one of the most important things about your credit card processing company. The last year alone saw huge companies like PlayStation get their users’ credit card information hacked, and nobody likes to be giving up customers’ information like this. Make sure your processing company is secure so that you don’t wind up compromising your customers’ sensitive information.