As a business owner, you want to be able to provide your customers with as many payment options as possible. You don't want to end up losing out on a sale simply because you cannot accommodate the customers' needs. Because of this, many business owners are beginning to incorporate credit card payments into the mix. But, how can you possibly know what credit card processing system is the best one for your business needs? To help you choose someone who is going to work the best for you, ask the following questions to make an informed decision.
When do you deposit the funds into the bank account on file?
One of the main things business owners want to know is when they are going to get their money. While some processors push payments through every day, others only process payments once every week. You need to know when to expect your money to determine if it is going to work for your budgetary needs. You don't want to end up going in the red simply because you were waiting on payments to post through to your bank account. Knowing the payment terms will help you figure out which plan is going to work the best for your needs.
What type of fees will come out of the payments?
Another thing to ask is what type of fees you are going to pay for using the payment processor. Some charge a flat monthly fee, while others charge you per transaction. It might be a rate of 3% of the transaction fee plus $0.30 or something similar. All companies have different fees, so you need to get a printout of what you are going to pay for accepting credit cards.
Is there a long-term commitment required?
Make sure to find out whether there is a long-term commitment required or not. You don't want to end up choosing a company where you are locked in with them for the next two years. You want to be able to change to another company if a better plan comes along. Flexibility is important when it comes to choosing who you are going to use to process your credit card payments.
By asking the three questions above, you can make sure you get a provider who is going to work the best for your individual business needs and wants. Don't ever feel like you should rush into making a decision without doing some research first.
You can start researching providers now by checking out a company like Payment Solution Pros.