If it’s been awhile since you reviewed rates and fees with your current credit card processing vendor, it may be worth your time—and beneficial to your bottom line—to do so.
An annual review can help you determine if your plan still fits your business needs, if it’s keeping pace with changes in the credit card industry, and if you’re working with the right processing partner.
Many customers are now choosing to pay for their purchases with chip cards, so it’s important for businesses to have credit card terminals that accept this technology.
When shopping for new terminals, look for these things from your technology provider:
- Lease terms. Long-term technology leases can be extremely costly for business owners. Make sure you fully understand your lease or purchasing agreement before committing.
- Customer Service. If you experience terminal errors while your customer is waiting, who will you call? Look for a technology provider with a 24-hour help desk.
- Programming and training options. You receive a shiny new credit card terminal in the mail. Now what? Seek out providers that offer full support, including training with your new machine. Some providers even program the terminals before sending them to your business.
Credit Card Processors
If you’re not comparing credit card processing vendors, your business could be overcharged and underserved. Ask these questions as you interview vendors:
- What is your discount rate?
- What are the types and amounts of fees that you charge?
- Are all the fees in the processing contract in your quote?
- Do you have limits on transaction size and frequency?
The questions about fees are particularly important to ask. To avoid so-called “hidden fees,” find out up front what your processor will charge if you exceed the transaction limits stated in your contract.