It takes thousands of learning hours to know about industry of payment processing so that the valuable information can be later shared with businesses. One-size-fits-all solution is not practically possible. Please have a glimpse on the below mentioned recommendations or credit card processing reviews for various business needs and know about what each processor provides.
Best Flexible Terms- Go for No Early Termination and No Contract fees
A credit card processors offering services for month-to-month basis, without any lengthy contract and early termination fee is highly valued. It means basically that you may discontinue their services at any point of time without being burdened with heavy fees. It is very frustrating to get trapped with a service provider over a lengthy contract that’s not meeting your needs. You must focus on purchasing your equipment instead of taking lease or accepting free equipment placement program or free equipment offers, since that would need you to engage in a contract.
You must select companies which do not apply a gateway setup fee or setup fee. Some of these processors will be happy to set up your account in one or two days, without charging an annual fee. You will be assigned a dedicated account representative for providing 24/7 customer service and holding a direct contact with the company.
Best Flexible Pricing – Search for Multiple Pricing Models
Some credit card companies offers tiered pricing, which can turn as one cost-effective solution for your company in case debit card transactions makes a large part of the monthly volume. If you opt for tiered rates, you must be aware about the number of tiers present, the rates are for each tier, cards falling in each tier. Usually processors offer three tiers – for debit and credit cards: qualified, non-qualified and mid-qualified.
A pricing model most experts prefer for maximum savings are a combination of card types including rewards, government or corporate, or international credit cards, which can be more cost effective in case of interchange-plus pricing.
Best Pricing for Basic EMV Terminals – No Leasing and Low Prices Contracts
Select processors which offer the best affordable prices over basic EMV terminals since merchants need to have EMV-certified equipment after the implementation of EMV regulations since October 2015. For a small business owner it is a savvier move to purchase equipment, as lease entitles you for a non-cancellable and long-term contract. Leasing programs may seem less-expensive at the beginning, but merchants often have to pay more times the price of equipment purchase by the end of the lease.
“Free equipment placement programs” and “free equipment offers” are exciting deals many credit card processors offer, but it includes contract obligation comprising of an early termination fee and you need returning the equipment at contract end in case you are not renewing it. So before going for such an offer, consider properly whether it’s worth the cash that you are offered before getting tied up into a contract.
Best Retail Credit Card Processing – Look for Interchange-Plus Pricing
If you are a business owner you get presented by various different cards from your customers – such as credit and debit, business and consumer, rewards or regular, even cards with mobile wallet like Android Pay or Apple Pay. So it is recommended that for accepting any payment type and best rate, select a credit card processor offering interchange-plus pricing.