It is not easy to figure out which credit card processing service you should choose for your firm. There are many card processing service providers out there, and they all provide different types of services and offer different credit card processing fees for the transactions. This makes it quite difficult to compare them.
Merchant credit card processing service
When you are looking for a credit card processing service for your firm, cost alone should not be the deciding factor. In fact, reliability and security are more important than the price considerations. The credit payment facility that you are setting up in your shop or website should work smoothly all year long without any problems. And, of course, security is another main concern when setting a credit card processing system. So, the service provider you are hiring should have all the means and facilities to protect the credit card information from the reach of hackers and identity thieves as well.
Reducing the credit card processing fees
You need to hire a credit card processing service that follows standard industry rates. If you come across a credit card processing team that charges way below the industry standard, then you need to look at the services they are providing in their package. There is also a good chance that you might have to pay some other hidden charges later on. So, always go for a reputed firm that is known for their reliable and secure services, and then, try to negotiate with them, if possible, to get a more favourable rate for your firm.
There are also many other means, by which, you can reduce the total amount in card processing fees you will be paying them every year. Remember that cash transaction is still the better option, if you can somehow encourage your customers to pay in cash. Try offering some discounts or loyalty points for such cash transactions. This will make a small but significant change in the number of card transactions per year, and as a result, the total amount you will have to pay to the card processing service will be lesser.
Also, request your customers to bring the card with them. Swiping card transactions are charged lesser than online transactions. This also keeps a note on the security, as these ‘card-less’ transactions are deemed riskier.
These are just a few points about credit card processing services. Search our website for more such tips.