Small businesses need credit card processing that is affordable and flexible. Instead of bulky registers, most small businesses now sell online or through portable devices. Today, many retailers need minimal or no hardware to process credit card transactions.
Fact #3: Credit Card Processing Should Integrate With Small Businesses' Existing Systems
If you've been in business for a while, you have plenty of existing systems in place. Your credit card processor should plug into the tools you already have—not add more complexity.
Common integrations include:
Automated bills for recurring payments
Online booking tools
Accounting software, such as Quickbooks
If integration isn't possible, the provider might offer their own versions of these services. For example, GoSite's mobile app puts a detailed record of every credit card transaction at your fingertips.
Fact #4: Credit Card Processing Companies Should Keep Small Businesses' Data Safe
When choosing a credit card processing vendor, small businesses should always put safety first. With cyber crime on the rise, it's important to always protect customer data.
Today,nearly one-quarter of Americanshave personally experienced identity theft. Customers won't use a payment processor unless they feel confident it will keep them safe.
One essential feature ispoint-to-point encryption. Instead of capturing and transmitting customers' real data, encryption masks identifying information.
If hackers intercept encrypted data, they won't be able to easily understand or use it. Only approved recipients will be able to decode and use the data to process payments.
Fact #5: When Choosing Credit Card Processing for Small Business, Beware of Hidden Fees
No small business wants to pay unnecessary fees. When choosing a credit card processor, be sure to ask tough questions about fees. You don't want to sign a contract only to get a surprise bill later.
There are two industry-standard fees you can always expect to pay:
A flat rate transaction fee
A percentage-based processing fee
As mentioned above, these fees cover basic costs of doing business.
Other fees vary depending on the credit card processor you choose. Examples of fees you might encounter include:
ACH batch fee
Voice authorization fee
Address verification fee, or AVS
Minimum processing fee
Early cancellation fee
Monthly statement fee
Annual membership fee
These fees can vary between providers, so it's important to research them carefully. Some credit card processors charge small businesses one-time fees or recurring monthly fees.
While some fees are the normal cost of doing business, others are not. Unethical credit card processors might even try to mislead small businesses by concealing fees.
Want to see how simple credit card processing for small business can be? Check out our free fact sheet below!