Payment processing is something that many small businesses may not have to worry about. However, if you’re one of the thousands of new entrepreneurs out there today, it might be time for you to start looking into different Credit Card Processing Companies and see which ones will make the most sense for your company (and your budget).
What are Credit Card Processing Companies?
It’s the simplest definition one could think of: they process credit card transactions.
Credit Card Processing Companies are companies that will take credit card payments on behalf of a business. They’re similar to what you would call a merchant account, i.e., they provide the infrastructure and software needed to take credit cards as payment for your products or services. Usually, expenses like this are not paid out of pocket by small businesses – and if they are, it won’t be for long.
Working of Credit Card Processing Companies:
The basic premise behind working with a credit card processing company is that they take the credit card information of the customer and passes it on to your website or store’s point-of-sale (POS) system (in other words, they process it). Customers then come to the website and pay for their order using a credit card, using the payment processor’s services.
Once you set up your account with these companies, you just have to be sure to choose an option that suits your needs best. Some options include transaction fees, monthly charges and more. Keep these things in mind as you choose – knowing all these details beforehand will help make a good decision when it comes to your credit card processing company.
Importance of Credit Card Processing Companies:
One of the most important factors to keep in mind when choosing a credit card processing company is how easy it will be to manage your account. You don’t want to have to deal with a lot of paperwork and red tape – you want something that’s simple and streamlined, so paying your bills on time becomes second-nature. It may mean having to do some research upfront, but choosing a credit card processing company that fits your needs is just as important as choosing the right product or service to sell.
One of the most important things that people forget when they’re working with a new company is how important communication is. It’s easy to quote a price and then say “goodbye”, but what if you have to deal with problems in the future? Being able to talk to an expert and solve issues right away may be the difference between getting paid or not – something you definitely want to keep in mind when choosing a credit card processing company.
It’s also very important that you choose a credit card processing company that has been around for awhile. Generally, I’d say choosing one that has been around for at least 3 years is definitely advantageous.
Top 5 Credit Card Processing Companies
Here are the best Credit Card Processing Companies for small businesses. Though there’s no singular answer, here are some of the best overall options:
Processing Services: 1. Chase Paymentech 2. Worldpay 3. First Data 4. Amex 5. Adyen Software: 1. PayPal 2. Braintree Payments 3. Stripe 4. Authorize On-line (previously Paypal)
In order to find the right credit card processor, you’ll need to first figure out what type of services you need. Think about it: why do you need credit card processing in the first place? Answering this question is key to making a successful decision that will be best for your business. Think about these questions:
How often are you accepting credit cards and have you decided to do so long-term?
What type of customers will you be taking in?
How many accounts do you need to service?
Will the account be managed by you or someone else?
The answers to these questions will help determine the kind of services that best suit your needs. Once you know what you need, start researching. There are lots of different Credit Card Processing Companies out there, and it might be hard to pick the right one on your own so don’t hesitate to ask your friends and colleagues for their opinions as well.
Once you’ve decided on the type of service and decide who will be managing your accounts, start looking online for credit card processors that fit your needs.
As you can see, choosing a credit card processing company is something that should be taken very seriously. These companies control your very livelihood and there’s no telling what kind of problems could come up if you don’t choose the right company. For this reason, it’s very important to do your research and take good care of your new business in order to have the best possible experience possible. Use the information in this article to find the best Credit Card Processing Companies for small businesses.