Quick Guide to Credit Card Processing
Why Your Business Should Accept Credit Cards
Accepting credit cards can have a positive effect on you business and can boost sales. Many people these days use credit cards more often than cash. Accepting credit cards can help you expand your business to more customers - especially if you want to expand your business online. Also, people typically buy more when paying with a credit card, increasing your average sale per customer.
Things to Know About Credit Cards
- Credit card processing specialist companies charge monthly fees as well as fees per transaction. There may be other fees associated with an account as well (depending on what types of fraud protection or account maintenance options you choose).
- Fraud protection is important! Make sure your company offers CW2 (three digit code on the back of cards) and SSL (secure socket layer) options if you are going to be accepting cards online.
- Its important to ask about what types of help and support your company offers. Most will offer 24 hour a day help over the phone. You want to be able to have a contact in case you have an issue.
Questions to Ask Credit Card Processing Companies:
- How much do you charge per month/per transaction?
- What is your minimum transaction fee?
- What is the maximum I can charge on one card?
- How many days will it take for my account to be credited after a transaction is made?
- Are there set-up and/or cancellation fees?
- What types of fraud protection do you offer?
- What types of cards does your service support?
- Do you have a 24 hour a day contact I can reach if I have problems with my credit card processing service?