How to Select the Right Credit Card Processing Service: Selecting a provider

After finishing a delicious meal, a customer goes to the cash register to pay for the meal only to encounter a sign, “Cash only. Credit cards not accepted.” Cue frustration, disappointment, anger and panic. “What?! But I already ate the entire meal and am low on cash! Where’s the closest ATM?”
For businesses, “cash only” means lost sales and profits.

With the evolving technology and increasing convenience of credit card processing, many small business owners who once thought a credit card merchant account wasn’t worth the cost may now find that they can’t afford to not accept credit cards. Adapting to your customers’ needs and expectations is crucial to maintaining a competitive edge in today’s challenging market.
A reliable merchant account provider can offer the expertise, products, support and security your business needs to grow.
Features to Look for in a Processing Service
A merchant account provider or credit card processor provides businesses with the ability to accept credit cards and debit cards as payment for services and products.
When comparing merchant account providers, consider the following:

• What are the transaction rates and fees?
• To what percentage of transactions the lowest rates apply?
• What services does the processor provide?
• How reliable is the processor’s customer support program?
• How’s the company credit card security and PCI DSS compliance? (More on this in a moment.)

Costs and Fees
One of the biggest concerns for businesses needing of a processor is cost: What are the transaction rates and fees? Transaction rates are a percentage of the total transaction, while fees can include a flat amount charged by the processor.
Be careful in selecting the processor with the lowest rates and fees. They could also be charging hidden fees. Find out to what percentage of transactions the lowest rates apply. Always know exactly what you are paying for and why.
Services Offered
Another area to look at is the range of services the processor provides. Maybe you need a simple retail merchant account and credit card terminal rental, but what if your business expands? If your merchant processor cannot support your growing needs, you will eventually have to look into a second or third vendor that can provide additional services.
The more affordable and convenient option is finding an all-in-one merchant account provider that provides a wide range of credit card processing services. The provider should also have a secure payment gateway with the technology to efficiently, safely and quickly authorize transactions.
By consolidating your vendors with a one-source credit card processing solution, you’ll have just one statement to deal with and one company to call for questions and support. And speaking of support – you’ll want to look into that, too. Customer support available 24/7 helps reduce lost production and business caused by processing issues. The sooner the problem is resolved, the sooner you can get back to work.
Compliance with the Payment Card Industry Data Security Standard (PCI DSS) is required for all businesses that accept credit card payments. Failure to meet security standards can lead to hefty fines and a loss of business credibility. Be sure your credit card processor offers and implements the proper PCI security features, such as advanced encryption technology and cardholder verification systems.
Get Started!
As with any new project, do your homework and weigh the pros and cons of each merchant account provider and credit card processing service. Talk to colleagues, get several different opinions and stay updated on the latest news and products in the payment processing industry. Then get ready to take that next step toward achieving your business goals.
And throw out that “cash only” sign already.
About the Author: Jacqui MacKenzie is a writer for Straight North, a Chicago Internet marketing agency that works with BluePay, a company offering credit card processing products. To learn more about payment processing industry, follow BluePay on Twitter.