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HOW TO CHOOSE THE CORRECT FOREX CREDIT CARD PAYMENT PROCESSING PROVIDER

Many owners of small businesses don’t want to provide their customers with the facility to pay using credit cards because they are scared that the equipment costs and fees will eat in to their profits. However, fees aren’t the one and only thing you should consider while you are looking for the right payment processor.

First, you should be sure as to which type of company you would like to be associated with. There are banks which offer services to accept credit card payments and also independent financial institutions. There are also credit card companies which do this.

The major advantage of doing business with the same bank where you have your accounts is that you trust the bank and also since you are already involved with them, you will have a one point contact source to solve all your problems.

However, the independent financial institutions are more experienced and are also more flexible. They are ready to work with more kinds of businesses as they are willing to take higher risk.

While you are looking for the right processor by looking at the different packages offered by each of them, there are some other things that you should see:

  • Reliability

You should find out from the previous customers whether the processor’s network is reliable or has too much down time? How long do they take to rectify the network? How good is their customer support and also how responsive they are? Whether their customer support is available 24/7?

  • Products

What are the different payment processing products that are available through them? Are they willing to help you to make the right choice of processing?

  • Extras

What other types of payment can be processed with this system? Example, can electronic checks or electronic gift cards be processed by them?

However, the only factor that people consider when opening their merchant account is the cost. There are several kinds of fees which are associated with credit or debit card payments which include transaction fees, discount rate and application fees, among others.

There are many other fees’ such as statement fees, minimum monthly fees and so on.

You should look at all these costs before making your decision and not only the initial cost of the account, because, those companies which offer low initial cost will have exorbitant rates and fees. Suppose, you expect customers to make several purchases of small amounts using their credit cards then you should opt for low transaction fees. On the other hand, if your business attracts customers who make large credit card payments then you should open a merchant account which has low discount rate.

The last thing you should consider is: are there any charges for buying or renting equipment? There are few companies which give free equipment for their customers and this can be useful for the small businesses that don’t have enough capital to pay for the processing equipment in the initial stages. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.