How to Pick a Financial Credit Card Reader for Payment Processing
It is after you choose to accept credit cards that you need to pick a credit card reader to process the transactions that will ensue. The reason is that you will have to deal with a host of hardware, fees, and the complexities of getaway services. Let’s break down the factors that you should give credence to when selecting a credit card reader.
It is first essential to give consideration to the business type that you operate. Among the choices you could settle for include mobile card readers, eCommerce payment getaways, physical point-of-sale registers, or a combination of all of them. Making a selection without evaluating your business would, therefore, be unwise. The point here is to choose one or several that benefit your firm most. A good example is a business that sells goods at fairs, shows, and exhibitions where a card reader that attaches to a smartphone is the most suitable option.
Seek recommendations from merchants who have been in the same industry as you for some time. Seek information on the benefits and challenges of dealing with their credit card readers and if they can propose them to others. Pick a payment processor that is most popular in the industry, but that is after you find out the reason for its widespread use.
Check the fees that come with using a particular credit card reader since they have a potential to reduce your profits to a great extent. Transaction and monthly fees are the types of costs that recur most, so take a good look at them to determine how they affect your bottom line. If the charge per transaction is large; you may incur loads of costs if you run multiple transactions is a single day.
When processing a payment, you are bound to encounter various challenges. It is the support service in place by a credit card reader that will ensure that you sort out such issues as fast as possible. A good customer service is one that features email and phone support that is manned by humans and not robots.
Check credit card reader reviews on the internet. Here, you will find impartial appraisals of select payment processors. In addition to star ratings, you will learn how the payment processors fair when it comes to customer support, fees and pricing, and setup, and service.
Go through the payment processing contract before agreeing to its terms. It is essential that you understand the cancellation procedure to follow, fee structure, and other obligations beforehand. If you fail to understand what the contract entails, seek help as you may be penalized for non-compliance with some of the key terms.
Originally posted 2016-10-15 13:39:25.