Credit cards are one of the most common forms of payment in the world today. In order to attract more customers and stay abreast of competition, businesses that have not been offering credit card payment should start doing so. Presently, there is a wide range of credit card processing services available, and it is important for you to select one that suits your business needs.
Here are some tips that can help you make the right choice….
Benefits of Offering Credit Card Payment
One example of putting the credit card system to work for businesses is in Canada. According to a report released by the Bank of Canada and Bank for International Settlements Red Book, credit cards accounted for about 22 percent of the total number of transactions and slightly more than 50 percent of the total dollar amount of transactions in Canada in 2011. This means that businesses that do not accept credit cards have a significantly smaller pool of potential customers.
Offering credit cards enables you to expand your customer base and sell your products to consumers in other countries, resulting in an increase in sales and profits. It is also an efficient payment method that can shorten lines at checkout. Additionally, accepting credit cards can reduce the amount of cash you need to handle, which can save time and lower the risks of theft and mistakes made by cashiers.
Choosing the Right Credit Card Processor for Your Business
Know What You Need
It is essential that you get a credit card processing solution that meets your needs perfectly. Take a look at your business model, both now and in the future, and consider all the factors that can affect your ability to offer credit card payment effectively. Are you selling your products in a physical or online store, or while you are traveling? Do you need to accept every type of cards, both credit and debit cards?
One of the most important questions that you need to ask yourself when you are choosing a credit card processor is how much do you really pay for credit card processing?
Rates can vary significantly from one provider to another, and you have to choose a provider that offers a price that you are comfortable with. Other than the unavoidable hard costs, you should be wary of the hidden fees and surcharges that the provider may tack on.
Easy to Integrate
A credit card processing solution that looks perfect on paper may not be easy to integrate with your system. Make sure that the solution you choose can be integrated seamlessly, cost-effectively and securely.
Security and Support
It is essential that you select a credit card processor that is fully compliant with PCI and EMV standards. Such a processor provides better protection against loss and theft of credit card information. Also, make sure that you will be receiving 24/7 customer support, so that you can get assistance promptly when unexpected problems, such as terminal malfunctions, occur.
After selecting a credit card processor, you also need to get the right credit card processing equipment. You can ask your processor to help you determine which credit card processing equipment will work well with your system.
About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.