As a business owner, it may seem like there are a million decisions to make on a daily basis. One more important decision you will need to make is in choosing a credit card processing company.
While this may not seem like a big choice to make, and unfortunately many businesses don’t take the time to research and consider their options, it can have a very big impact on what types of cards you can accept, the functionality of the system, and even how much you will have to pay per transaction.
At MBN, we recommend to all our customers that spending some time comparing different options is always important. While we are proud to offer the lowest rates and a range of different customized processing programs, we believe that knowing what is available, and how we compare, is important to our clients and those considering our services.
Fees and Costs
The rates, as well as fees and costs, of processing credit and debit cards will vary considerably between different providers. It is essential when comparing fee, costs and rates between one credit card processing company and another to make sure you are comparing apples to apples.
Some companies will offer low rates, but then have higher additional costs that more than make up for the slightly higher rate per transaction. Just be sure to read the complete contract so you clearly understand the charges you can expect.
Most of the major credit card processors will accept all the major credit cards and debit cards. This includes MasterCard, Visa, Discover, and American Express. However, not all systems will allow you to process gift cards or EBT (electronic benefit transfer) types of payments.
Knowing what your customers prefer to use, which is often based on your business type, will be important in your evaluation of different processing companies.
Moving Forward with Technology
It is important to choose a credit card processing company that is on the cutting edge of technology and not struggling to keep up. A good way to evaluate that is to ask if the company is capable of handling payments using Google Wallet or the increasingly popular Apple Pay.
As payment options and forms are constantly evolving, now with the literally touchless near-field communication options on smartphones and tablets, staying ahead of the curve is going to be more important than ever, and that is something MBN has always done.