Tips on Choosing a Credit Card Processing Company
One of the ways in which you can increase sales at your online store or website is by accepting payments through credit cards. If you run an online store, you are not interacting physically with customers and hence it is prudent to be able to accept payments through credit cards. Accepting credit card payments is all a matter of getting a reliable payment gateway. When the payment gateways charges the customer’s accounts, the payment will be deposited in your business merchant account.
You can use one of several payment gateways available in the market to capture payments from your customers on your website. The payment gateways are also known as credit card processors and come with different features. You should check the features available in any payment processor you are interested in. You can also compare the payment processing companies you come across to determine which one will be right for your business. Here are two things you should keep in mind when looking for a payment processing company.
Confirm the amount you will be charged for every transaction done on your website. Some companies will charge you an initial setup fee while others provide free setup. Apart from these, every customer transaction will be charged some fees. Find out how much you will pay per transaction. Look for a company that charges very low transaction fees in order to maximize your revenue. Therefore, compare the payment processing fees of different companies to know which one will leave you with the largest chunk of revenue.
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Generally, you will pay some cents for every transaction done on your website. The amount may seem small but when you add all the charges for the transactions done over time, you will quickly realize the amount is large. For busy stores, a few cents in fees can mean thousands of lost revenue when the fees are aggregated over a period of time.
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Sometimes, you may be charged different fees depending on the volume of your transactions and the industry you are in. Generally, the higher the volume of transactions, the lower your fees will be. If you are doing large transactions every month, do not be afraid to ask for a discount. You can end up paying lower rates than other merchants.
Security of Transactions
It is also important to consider the security that the company has put in place. You should keep any credit card and personal details that your customers provide when transacting on you website confidential. This means any sensitive information provided should not be able to be intercepted by third parties.
Follow the two tips above when looking for a credit card payment gateway.