Are You Brand New to Taking Credit Card Payments?
Businesses that do not presently accept credit cards should first look for a merchant services provider. Unless you require a unique feature not found in most credit card terminals, it’s advisable to open a low-cost merchant account with a credit card processor and then select equipment from their inventory.
Because processors can provide a wide choice of equipment, doing it this manner assures that you receive a machine that meets your demands while also getting the best credit card processing rates.
But what if you require a unique feature? In that scenario, look for your credit card terminal or point-of-sale system first, the one with the unique feature or features you require. Restaurant pay at the table and online ordering are examples of specialty features.
Are You an Experienced Business that has Been Taking Credit Card Payments?
Equipment may play a larger role in decisions for businesses that currently accept credit cards. You’ll need to decide whether it’s more important to keep your current system, buy a new one or use a new online payment solution.
Evaluating Options for Choosing a Merchant Services Provider
-Make a list of the features you must have, the characteristics you want, and the features you don’t require.
-Inquire with the processors about the terminals they propose or support.
-Look into those terminals, do your research and determine if they have the specific features you need. This includes scheduling demos with your top picks depending on your study.
-Purchase your system. It’s not required that you buy it through your processor, but it’s a good idea. Know whether buying or leasing is best for you (be sure to check out our blog post about the benefits of leasing)
-Whether you decide to buy elsewhere, make sure to check with the processors to see if they can program the model you’re buying.
What You Should Be On The Look Out For:
Reviews of the “Best Processor”
You don’t have to pay attention to them, but you shouldn’t base your entire selection on credit card processor reviews or best processor rankings. The explanation for this is simple: processors tailor pricing to each particular business. Furthermore, because of the way credit card processing costs work, some processors or pricing structures are better suited to one sort of business than to another. Because of this, it’s impossible to make a generic “best processor” ranking.
When it comes to reviews, the most important thing to remember is that you never know if you’ll be offered the same pricing and terms as the individual who left the review. A restaurant that processes $700,000 in credit cards per month can be ecstatic about the low rates they received from a certain processor and give a great review. Will your $30,000-per-month car repair, on the other hand, be able to get the same rates? Most likely not.