Part 1

If your small business plans to accept debit and credit cards or already do — whether in person, by phone or online — you’ll need to choose a credit card processing company to accept them. Although you’ll pay some upfront costs and ongoing credit card processing fees for doing so, going from a cash-only business to one that accepts credit and debit cards could lead to a big boost in sales.

A study by Intuit estimates that businesses that don’t accept credit cards miss out on approximately $7,000 in sales each year, while a2013 survey by the Federal Reserve says the number of debit card payments increased more than any other payment type from 2009 to 2012. And as mobile payment options such as Apple Pay soar in popularity with younger shoppers, your small business might want to adopt new technologies to meet the needs of your customer base.

Here are five important factors to consider when you choose a credit card processing company:

1. How much are the fees and other costs?

Credit card processing fees can be up to 5% and as low as 0.05% on everything a company earns from its credit and debit card sales, according to the U.S. Small Business Administration. However, some companies might charge much less than others while offering the same products and level of service.

Here are some of the main credit card processing fees to look out for:

-Interchange fees: This refers to a fee that is charged for every transaction you process, and it’s paid by the payment processor to the card-issuing bank. The rate you’ll pay for a transaction ultimately depends on several factors, including the type of card accepted (credit, debit or a rewards card), the type of transaction (if it’s done in store, by phone or online), and the size of each transaction (larger and fewer transactions result in lower fees). In-store transactions will cost you less in interchange fees, since the card is physically present, meaning there’s less risk of fraud. We are here in Security and Technology do our best to make sure our clients get the lowest interchange fees because we are a wholesaler so we provide better services and fees.

-Monthly statement fees: The credit card processing company might charge you monthly statement fees to cover the expense of mailing you a statement. It costs about $10 per month on average. We normally do not charge this monthly fee.

-Application and setup fees: You may face a fee just for applying for the processing service. Setting up the equipment that’s necessary to accept credit cards may cost you extra, too. This fee can vary widely, depending on company. As we are a wholesaler company we provide the setup for the application and the equipment at no cost.

-Monthly minimum fee: This refers to a minimum amount in fees the processing company must collect in any one month. If you don’t meet or exceed this minimum amount, the processing company will charge you to meet the minimum. For example, the company’s monthly minimum fee may be $25; if your total credit card transaction fees one month are $20, the company will charge you $5 to make up the difference.

-Monthly gateway access fee: Some processors may charge you this monthly fee for providing a payment gateway, which transmits transaction data from your processing system to the credit card companies. Monthly fees cost approximately $10 to $30.

-Early termination fee: Some processors may charge you this fee for early cancellation of your contract. The fee can cost anywhere from a few hundred dollars to thousands.

As you can see, there are quite a few credit card processing fees your payments company may charge. It’s important to make sure you understand all the fees and service terms; if you have any questions or concerns, Contact Us or ask a company representative for an explanation. If they can’t provide you a detailed explanation on any costs or fees, it might be time to move on to the next processor.

Stay Tuned! Part Two, Coming soon

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{Part 1}How to Choose a Credit Card Processing Company?

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