How To Effectively Set Up Functioning Credit Card Processing For Small Business

Posted by Moolah on May 14th, 2019

Congratulations if you run any business and are prepared to take the next step of setting up credit card processing for small business. Whether it’s a new venture that you are investing in or your very first business, you might not be that familiar with card processing. This article outlines the four steps for setting it all up.

Select the pricing plan you prefer

Small businesses appear to feature low processing volumes and simple business models thus, it’s best to go for a pricing plan that’s uncomplicated. Here the best recommendation will be the interchange-plus or flat pricing for such businesses because each features unique benefits.

Interchange-plus will win from a cost-saving angle but it needs your business to be set up with an appropriate merchant account. Understanding how fees are calculated is quite helpful as you take the steps.

Establish your must-have features

It’s most probable that your business does not require all the bells and whistles to process cards, but it will certainly be quite silly to pass up on varying tools that battle fraud, ensure that your clients’ data remains safe and secured, and provide your business with a true competitive advantage. There are lots of varying tools that you have to consider for your business when it comes to the process of accepting cards. It is believed that cards on file and remote signature capture are among the foremost must-have features you will get even from the best credit card processing company.

Assess terms, contracts, and fees

Now that you have finished with the evaluation of price and features, it is time to take a look at the stuff that’s not-so-fun; contract. For any card processing contract, you have two options to choose from; long term or month-to-month. Long-term contracts could comprise sneaky terms that will lock you into a truly extended agreement or pose a heavy fee if you desire to exit the terms prior to the end date. You also have to be very wary of ‘miscellaneous fees’, some of which can turn out to be totally unethical and can have a truly significant impact on any small business that features a low processing volume.

Sign up

Depending on what you discovered between steps one and three, the process of signing up for card processing goes one of only two ways; an application process or an instant setup. If you prefer flat pricing, then you should be looking at instant setup with your payment facilitator. Processing could even start as soon as you have filled out your information, but you will probably be given limited support by the facilitator and you have to deal withheld funds sometimes. With the interchange-plus plan, you have to work with a real merchant services provider and undergo an application process, which comprises an underwriting time period for approval. The process typically takes between two and five days to be completed, but you enjoy uninterrupted access to funds and quality support.

These are the four steps for setting up functioning credit card processing for small business. Contact experts if you need any further information or have questions.