Choosing a credit card processor for your business is an extremely important decision. After all, they are handling your customer's sensitive data and YOUR MONEY. Here are 5 things to look for when choosing a credit card processor:
1. Customer Service
Many processors have taken a shortcut by contracting out their customer support. You don't want that. You want to dial a specific number and be routed immediately to a live person who can help.
2. Retention & Reputation
A reputable credit card processor should have an A+ BBB rating and a retention rate of 80% or higher. You should be suspicious of any credit card processor that cannot provide high quality information about their reputation.
3. PCI Compliance Process
Many credit card processors are happy to charge you a monthly fee for "non-compliance" and are not really concerned if you are compliant. A credit card processor that is a true business partner strives for you to be PCI compliant because it protects your customer's information while reducing risk and liability for your business.
4. Products & Services Designed to Grow Your Business
A great processor will help you implement products and services like fraud protection services, customer reporting, and recurring billing; these services help you lower risk, reduce cost, increase sales, and grow your business.
5. Pricing
Bottom line: Can they save you money? The best plan for your business depends on how many credit cards you process, what types of cards you process, your average ticket amount, and many other factors. A quality processor will thoroughly investigate your business, then present the plan that will be most cost-effective for you.
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