Could Your Business Benefit from a Different Credit Card Processor?

By Cindy Cabbage

With the rush of retail holiday shopping, we see a lot of credit and debit cards being used.  If your business is looking to accept credit cards from your customers or if you believe that your business could benefit from changing your credit card processor, you might want to talk to Federated Bank.

Benefits and Trade-Offs of Credit Card Processors

Sometimes it can seem difficult to determine which merchant for credit card processing would be best for your small business.  Let’s face it, there’s no lack of merchant suppliers both online and offline.  They provide a set of tools for simple credit card processing such as virtual terminals, mobile credit card readers, credit card equipment, and so on.  The bottom line when it comes to credit card processing is that there are many options to consider.  Factors to evaluate include total fees, timeliness of payment, speed and ease of set-up, and convenient features.  Each benefit has trade-offs. For example, going with “fast and easy” is not always the best or most cost-effective solution.  Simplicity is expensive so before you decide to use a turnkey payment processing company, remember that the fees can be 2.9% +.30 per transaction.  Take some time and research ways to receive much lower fees for credit card processing.

Questions to Consider When Selecting a Credit Card Processor

The ability to accept credit cards over the internet is becoming a given for every online business owner looking to sell products and services to their customers.  Finding the best credit card processing company requires a little bit of extra work on your end.  Make sure you investigate different merchant services, determine your business’ needs, and compare companies that offer similar services.  Good questions to consider when evaluating a credit card processor include:

1. How much do they charge per month/per transaction?
2. What is the minimum transaction fee?
3. What is the maximum you can charge on one card?
4. How many days will it take for your account to be credited after a transaction is made?
5. Are there set-up and/or cancellation fees?
6. What types of fraud protection are offered?
7. What types of cards do they service/support?
8. Do they have a 24 hour a day contact you can reach if you have problems with your credit card processing service?

Once you get these questions answered and decide on your potential options, then you can get any fees in writing and compare the total costs from each qualified candidate.  Federated Bank partners with Payment Alliance International (PAI) to offer a myriad of debit and credit card processing solutions to suit your needs.  Whether you need simple terminal-only applications, integrated terminal/printer/PIN Pad/check imager solutions, or state-of-the-art wireless, mobile, or online credit card processing solutions, they have the equipment, software, and expertise to find the solution that fits your business.  If you are looking at adding this service or believe a change might be in order, contact your business lending expert at Federated Bank.  We will work with you to evaluate the credit card processing options from PAI.