Wednesday, May 24, 2017

For Small businesses, accepting credit card payments is a must.






Customers have come to expect the ease and flexibility of paying with a credit card, and accepting them can help increase sales. But when it comes to credit card processing, if you don’t look for the best fit (and the best deal) for your business, you could be losing money on fees.

If you’re shopping around for a merchant processor, it’s important to ask the right questions. Charles Colbert  Managing Director at iSmallBiz, shared the following list to help you evaluate merchant processors:

Do you use tiered pricing/what are your qualified rates? Tiered pricing models are often expensive and nontransparent, while interchange plus pricing and flat rate pricing can potentially offer lower costs. References to “qualified” and “non-qualified” rates indicate tiered pricing.

What are your fees beyond the rates? You want to find out up-front if there’s a monthly fee, annual fee, PCI compliance fee, statement fee, set-up fee, maintenance fee, etc.

Is there a cancellation fee? If so, see if you can get it waived. There’s no reason to agree to a cancellation fee. Do you refund interchange to me if I give a customer a refund? One smaller way businesses lose money is when they give a customer a refund, and don’t get a portion of their processing fee back from the original transaction.


To learn more about finding the best merchant processing solution for your business, read more "accepting-credit-cards-how-can-help-your-small-business" posted on LinkedIn Published on 

Leveraging his experience & education, Charles currently partners with growth stage companies who are in need of creative financing solutions to help them grow. In his efforts to help the small business community, Charles has also created video courses, webinars and articles to help educate entrepreneurs & CEO’s, and guide them to success. He can be reached by telephone at 973-991-4408 by email: charles@ismallbusinesscredit.com.
Twitter: @ChazzScot
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