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As important as it is to have a processor, you don’t want to choose one blindly. It is best to ask certain questions first. This way, you determine which one is best suited to your business. Since payment processing is so important you should carefully weigh this decision.
One question that needs to be asked concerns fees. If you don’t ask for details about every fee you pay, you may find your business suffering. Providers don’t tend to disclose this information freely. You have to make it a point to seek out the information. One pitfall to avoid is giving the impression you don’t understand interchange. The better your understanding of it is, the better your relationship with your merchant provider will be.
Where fees are concerned, you’ll also want to know the fees you will have to pay for accepting certain credit cards. You may also encounter fees if a customer’s purchase is below a certain amount. Depending on the particular industry you are in, you may encounter fees other businesses don’t. These are all questions you want to ask before agreeing to anything.
Every merchant charges a rate per credit card swipe. The rate may be different, depending on if they swipe or key in their credit card number manually. If your business takes online purchases, you will likely have to pay a different rate. This also applies to phone orders.
Asking all of the right questions is your best strategy. Ensuring your payment processing won’t harm your business is not an easy task. It requires careful thought and consideration before any decisions are made.
