Figuring out the best credit card service provider for your company is no small feat. There are many service options, fees and jargon making it difficult to understand what the most important factors are. This article addresses the topic in order focus on the most important factors.

Cost

Generally the most significant factor in selecting a credit card service provider is cost. The most important fees fit into two board categories Monthly Fees and Transactional Fees. The main Monthly Fees are the monthly minimum fee (in the $15 to $30 range), the monthly statement fee (in the $10 range) and in addition if you are accepting credit cards online you will have to pay a monthly gateway fee (around $10-20).

Important transactional fees to consider are the discount rate fee (in the 2% range) and the account provider transaction fee (about 20-30 each transaction) and the address verification fee (5 cents each time).

Account Setup

Ease and speed of account setup are also critical in small business. Ask about the Average Approval Rating, this determines what percentage of merchants get approved and is a good indicator of how easy the setup process and support is (95% or greater is preferable).

Also, pay attention for account setup time. Most good merchant account providers can setup an account in 2 days. Make sure to determine how long it will take for the money to transfer into your account after a purchase is made. The better services can do this in 2 days.

Customer Service and Features

Determine whether customer service is 24/7. Also find out what service channels exist i.e. email, phone, and instant message.

If you are physically swiping credit cards you will want to make sure that the merchant account provider has access to a good selection of Point of Service (POS) machines.

Focusing on cost, ease of setup and customer service will help you examine the critical credit card processing criteria and make the best decision with regards to your small business needs.

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