What to Look for in a Credit Card Processor

Choosing a credit card processor is one of the most important decisions that can be made for your business.  All companies today require credit card processing. It is not an option anymore. However, many merchants do not research the industry before making a decision. Usually they will choose the first processor or solution that they speak with. It is a fact that it will only take a couple of days to setup your account however the research of certain companies should take much longer than that. Merchants should look for a processor that not only has low fees but that also provides support and 24/7 toll free service.

Companies should also consider how the payment processor will make their business easier to operate and less time consuming. This is done by having automated shopping carts that are included for internet businesses and payment systems that offer real-time approvals or declines. These two items will allow your business to run flawlessly in the new age of business.  Don’t settle for merchant account providers that give you anything less.  

There are a number of different fees that are part of merchant accounts. The first fee is a transaction fee. This fee is charged to any transaction done. There is a cost for every transaction when it is sent through to the processing company. These fees are usually $.20-$.25.

The second type of fee is the discount rate. This is usually the largest cost. Merchants have a percentage of each transaction sent to the bank in the form of a rate. The bank charges this fee since there is risk with every type of transaction and the bank bears this risk along with the processing company.

Monthly fees such as the statement fee are required by the bank. Other monthly fees usually are considered junk fees. If your business is a regular low risk business there should be no annual, upfront or setup fees. These fees are also junk fees.

Power Pay Services has been providing merchant accounts for over 10 years and processes thousands of transactions on a daily basis. They have no cancellation fee which means that the 98% of clients that they retain on a month to month basis stay because of the service, support and pricing. The industry average is 55-65%. Don’t risk processing with any other company that does not return your support inquiries or answers your questions.

Setup a credit card processing merchant account today!