Credit card solutions for small business may seem complicated to the small business owner. There is a seemingly endless list of companies that claim to offer the best small business solutions, but which one is really best for your business? Which are the most affordable and will provide the services you really need?
The first thing you want to consider before making a decision is what kind of service you want for your business. Credit card solutions for small business can include both online and offline solutions, mobile credit card readers, credit card machines, and virtual terminals. Do you primarily do business online or in a brick and mortar store?
The next thing to consider is your budget. Most the credit card processing solutions will offer the same basic feature and benefits. You don’t want to sacrifice quality for the price, but you also don?t want to be overpaying for basic services.
Many small business owners may opt for the simplest option. They do this because they don’t fully understand what their options are and researching the credit processing companies feels overwhelming. They decide that a turnkey payment processing company is best for the sole reason that it is simple to operate and adjust to. However, some of the simplest options are also the most expensive.
You can set up a merchant account, but many merchant account providers charge upwards of 5% in various fees. For many small businesses, that takes away too much of the profit to maintain sustainability.
Not taking credit cards is not a viable option. According to recent studies, seven out of ten Americans have and use at least one credit card. Over 70% of Americans state that their preferred payment method is either a credit or debit card.
You also need to be concerned with security. Data breaches are up almost 50% in the last year. Even larger companies are getting hacked and losing sensitive customer data. Credit card solutions for small business must include security that will put the customers at ease.
Despite hesitations you may have, it is essential that you research the best credit card processing services available to your small business. You need to choose from major credit card processors to ensure you will be able to accept all major credit cards. Not being able to accept any types of cards will limit your customer base.
There are online review and comparison sites available that can show you the best rated credit card processing companies. That may provide you with a start to your research. Once you narrow the list to companies with good ratings and customer reviews, you can dive into services and fees for small business credit card services.
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