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FREE CREDIT CARD PROCESSING AND
TERMINALS
It is impossible to run an e – commerce
project successfully, these days,
without the capability of accepting
credit card payments. Processing of
Credit Cards involves several things
like verifying the customer’s credit
card expiry date, number and other
information related to credit cards.
If you are an amateur in business, the
option of “Free Credit Card Processing”
services will be the best suited for
you. Unlike the normal processing of
credit cards, the user of “Free credit
card processing” will not have to pay
any monthly gateway fees, minimum
transaction fees, secure server,
customer service fees and software for
credit card processing.
Almost all “free credit card processing”
firms only charge a small fee for each
transaction or a percentage fee on a
monthly base. Hence, free credit card
processing will save a huge amount for
your business each month. Yet, this will
not work out as well as merchant
accounts, for your company. Regular
processing of credit card involves
payment of a license fee, discount fee,
minimum fee and statement fee on top of
the start – up fees that we have to pay.
If you decide that “free credit card
processing” is all you can take, then
take a trip to the nearest credit card
processing company and understand what
sort of transactions mostly take place
while processing a credit card. There is
also another of option “Third Party
Credit Card” processor which is also
much less expensive than merchant
account to begin with.
There are several “free credit card
processing” firms that do not require
you to create a merchant account.
Presently, there are several online
businesses that use the “free credit
card processing” facility, which include
ShareIt, V-Share, iBill and CCBill.
Do Free Credit Card Terminals really
exist?
Well the old saying “You cannot get
something for nothing” is absolutely
true in this case. When the companies
talk about Free Terminals, they are not
totally free. It means that there are no
upfront costs. However, such processors
who give free terminals recover the cost
by charging various fees’ like
termination fee, monthly minimum fee and
annual fee.
If we look at it in one way then, the
merchants are being cheated by these
“free credit card terminal” providers.
Also, the processing equipment is never
yours. You are only entitled to use the
equipment as long as you have a
relationship with the company. Also, you
will not be able to take the equipment
to any other service provider as the
terminal’s program will not work.
If you decide to terminate your account,
according to the agreement you will have
to return the machine as it was when you
received it. But, this will mostly
impossible because after months of usage
the machine would have got worn out a
little bit. Therefore, you are now
liable to pay a penalty ranging from
$595 to $795. If you total the actual
cost incurred for the free terminal it
would come up to much more than the cost
of a paid terminal.
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