A firm whose primary business is to process credit cards aids you to accept credit card payments from your consumer for the various services and products you have to offer. This also facilitates major business houses to help their consumers or clients accept payments for the products or services they have purchased with the help of credit cards.

Almost all the credit card processing firms are local banks that have the bank account of the traders. Processing firms can also be trade associations and third party processors. Payments made by using credit cards are a secure and safe mode of making payments. These processing firms help traders in setting up accounts and also send reports about all the transactions that have occurred between a consumer and the trader’s firm. For getting a merchant account, your business and its credentials will be closely examined.

The credit card processing firms will also check your credit history from reliable sources such as banks. Rates will also be calculated after having a look at the company’s business standing, turnover and revenues.

Firms that are not well established will have to shell out higher rates when compared to those firms that are well-established. But, if the company’s financial and payment track record are good, then such companies can negotiate to get better rates for their merchant account.

Evaluating a business is not an easy task and could be very frustrating because there is a possibility that a firm faces financial losses after the permission for opening a merchant account is granted. High risk businesses and start-up firms have slim chances of getting their merchant account applications approved. This is because banks and other processing firms do not want to take the risk of providing accounts to such firms. If this is the case, your only option is to select one among the several “third party credit card processing” firms.

After this, issues associated with security will crop up. Credit card frauds are rampant these days and measures have to be taken to keep this menace at bay. Keeping such issues in mind, it is essential for you to choose a good and competitive credit card processing firm. If not, there is a possibility that you will lose out on costumers.

There are a few points that you need to keep in mind while evaluating credit card processing firms. Evaluating credit card firms has to be base on the following –

-       The total number of modes of payment offered by a firm such as e-checks, regular checks, credit cards and debit cards.

-       The credit card processing firm must allow processing of online transactions.

-       Protection and high security from fraud has to be provided for each and every transaction that takes place with the hep of technologies such as AVS or “address verification Service” as well as “Verisign SSl Certification”.

-       The firm should offer 24/7 consumer service.

-       Payment gateway and set up charges should be reasonable.

-       Reasonable fee structure should be offered along with a number of benefits. 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.