Online credit card processors are needed not only for point of purchase transactions, but also for online transactions. Even if you don’t do online business currently, chances are you will in the future. There are many things to consider when hiring a payment processing company; one of the considerations should be that the processing company is able to do both types of transactions. Other considerations when hiring a payment processing company:
FIXED FEES FOR PAYMENT PROCESSING
There will be some fees that are fixed; these are fees that will occur regularly for specific services or transactions. These should be clearly defined and in writing. Some common fixed fees:
- Start up costs
- Gateway fees
- Statement fees
- Monthly minimum fees
- Software costs
- Equipment fees
This market is very competitive and many will offer discounts or not charge for fixed fee items. When comparing companies, see if offer is an introductory offer (limited time) or it will be a permanent part of the contract.
TRANSACTIONS FEES AND DISCOUNT FEES FOR PAYMENT PROCESSING
These are specific fees for each credit card transaction. It is very important to be very clear what these fees are. Each transaction will be discounted, also. This is determined by a percentage. Knowing your average number of transactions and the average amount of each transaction will help you to accurately estimate what your fees will be per month. When shopping around, make sure you do the math as it pertains to your business transaction history. Estimate changes in the future so you can make an accurate comparison and an informed choice.
PAYMENT PROCESSING SECURITY
The consequences to the business and the customer are serious when security has been breached. The customer has a lot to loose and the business can face charges and fines. The credit card company’s security system should be researched. Ultimately, it is the business’ responsibility to assure their customers’ private and protected information is safe.
Merchant Data Systems can assure secure transactions both online and at the point of purchase. Contact them today and fill out an approval form. You can also buy payment processing equipment for point of purchase transaction. Merchant Data Systems is a full service payment processing company that offers other related processing payment processing products and services.
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