If you’re looking to grow your business by accepting plastic, one of the first steps is choosing from a dozen credit card processing companies. You need a company that’s supportive, affordable, and able to evolve with the forever changing trends of payment processing. Because it seems like every company has similar offerings, making the right decision can be difficult if you don’t know what to look for.
To make the decision-making process easier, we’ve detailed some things you should avoid when seeking out credit card processing companies:
Avoid Making Rushed Decisions
First and foremost, choosing a credit card processing company isn’t a decision that should be made overnight. Of course, you want to get things moving quickly; however, making a rushed decision is a mistake.
You need time to evaluate the needs of your company, determine what aspects of payment processing are the most important, and decide what payment methods your customers value most.
You’ll also need to research different companies, compare prices, and make phone calls to determine which one is the best fit for you. In order to make the right choice, you must avoid making a rushed decision.
Avoid Companies That Don’t Offer New Technology
Not too long ago, the preferred payment method was cash. Today, more and more consumers are reaching for debit or credit cards that are equipped with contactless technology, allowing them to pay for goods and services by simply tapping the payment terminal. In fact, today, one in five card payments are contactless. For this reason, it’s important to avoid credit card processing companies that don’t offer the latest payment processing technology. Not only will this help your business offer your customers the latest and greatest, but it will also help keep you competitive.
Avoid Companies That Don’t Accept Different Payment Types
While credit and debit cards have become today’s payment method of choice, prepaid cards and gift cards are still commonly used. If your business can’t process these types of payments, you’re missing out on potential sales and disappointing your customers.
Avoid credit card processing companies that don’t accept all major credit and debit cards, along with gift cards and prepaid cards. Otherwise, you run the risk of missing out on sales and turning away customers.
Avoid Companies with Poor Customer Support
While it may not be the first thing on your checklist, prioritizing credit card processing companies with impressive customer support will help your business if something does happen to go wrong.
Whether it’s a broken machine or spotty service, it’s important someone has your back and it’s always easier when the company you’re working with is your greatest ally. Make sure you ask the right questions regarding what extent of customer support the company offers and be sure it’ll be able to help if something doesn’t go as planned.
Avoid Companies with Hidden Fees
Every payment processing company is going to have fees. However, sometimes companies will sneak confusing and unnecessary fees into your monthly bill. While it’s hard to spot these hidden fees at the start, it’s important to regularly check your bill for any fees that seem strange or confusing. Assessment fees, surcharges, and application fees are all red flags you should watch for when deciphering which fees seem right and wrong.
With dozens of credit card processing companies to choose from, making the right choice may feel like finding a needle in a haystack. However, by avoiding these simple red flags, you’ll be working with the right company in no time.