Any business owner who does not use a credit card merchant machine to accept credit card payments have realized a significant loss in revenue. By not accepting credit cards from consumers, you – as a business owner – are making a decision to turn away a large number of clientele.
Finding the right merchant, however to process your credit card payments and provide you with the necessary equipment and support can be difficult. Before you sign up with a credit card processing merchant, here are a few things of which you should be aware.
The most important piece of knowledge you need is that the FTC (Federal Trade Commission) has imposed strict guidelines on specifications of credit card merchant machines. Any machine not authorized by the FTC is a bad investment. You also need to be sure the specifications of the machine are compliant with PCI (Payment Card Industry) requirements.
Your merchant provider may be able to provide you with equipment. There will, however, be an additional cost per month attached. You may be better off buying the equipment from a third party vendor. Either way you go, make sure that you will have help installing the device and that you will have free technical support in the future. You also will want to be very clear on the life of the warranty associated with your equipment. If you decide to rent from your merchant machine provider, ask for a discount. Most times, they are available, but they are not always offered.
Before settling on a merchant, feel free to take your time and compare rates they will charge per credit card transaction. Every company will charge a fee, but some may be more competitive. Also, make sure to thoroughly investigate your top options before entering into a contractual agreement. You can find excellent consumer feedback on the BBB (Better Business Bureau) website.
Remember that every consumer is free to file a complaint with the BBB. Negative consumer feedback may not be an indication of a bad company. Look into how the matter was resolved. Also, check to see how many more negative complaints exist. You may find the file is full of positive feedback, aside from one unhappy customer.
Accepting credit card payments is a wise decision for any business owner…Rushing into a credit card processing agreement is not. Take your time and investigate your options sufficiently before settling on a merchant machine provider to handle your credit card transactions.