As a small business owner, it is essential to minimize the costs of doing business so that profit margins can be maximized. Because most small businesses perform a lower amount of transactions than large businesses, volume discounts can be difficult to achieve. Finding a merchant account provider that specializes in small business activities ensures that credit card processing operates as smoothly as possible for all parties involved.
Small business owners should search for a merchant account provider that allows for multiple interchange options. The fee charged by the account provider depends on upon the way that the small business processes each credit card transaction. The flexibility to type in a credit card number and allow customers to swipe their cards are among the options that business owners can select. As a general rule of thumb, card swipes generate fewer fees from the merchant account provider than keyed-in numbers due to the security features built into the magnetic strip.
Being able to monitor online transactions is important for small business owners who operate service and product sales over the Internet. Being able to accept credit cards via the web is essential to doing business online. Merchant account providers offer clearinghouses that verify the availability of funds and ensure that the credit card has not been reported as stolen or locked due to fraudulent activities. While there is a fee for these services, the fee is minimal compared to dealing with the cost of chargebacks and non-payment due to fraud.
The last thing any small business owner wants to deal with is a confusing payment gateway. Desktop software allows for real-time processing of online and in-person transactions and allows the business owner to monitor and track the details of the payments. When researching merchant account providers, be sure to ask about fees for the payment gateways as well as other processes such as the setup fee, ongoing fees, transaction fees, termination fees, and chargeback fees.
Finding the merchant account provider that provides the best fit is a challenge to any small business. However, the time spent researching is worthwhile due to the amount of money that can be saved on fees. From 24/7 customer service to multiple processing options, there are many features to consider when choosing. As always, consider us at High Risk Pay when selecting a merchant account provider for your business.