In order to increase your leads and get more clients, you need to know what to include in your marketing plan. Nevertheless, marketing your business is only one important matter to consider for your new business. You need to have everything ready for the moment your clients start to pay for your products or services. Including finding the least expensive way to accept credit cards to help your new clients.
A lot of small business owners get incredibly stressed when they start thinking about how much they’ll have to spend in credit card processing fees. However, not accepting credit cards is rarely an option. Therefore, looking for the best way to accept credit cards for small business becomes a must. So, as a business owner, the question: “What is the least expensive way to accept credit cards?” may come to your mind.
Reading this article should help you answer that question and hopefully reduce that stress as well. Keep reading for some ideas.
1. Choose a Merchant Services Provider
Banks often contract out to a third party to process transactions and even charge additional fees to do so. Instead, you can obtain a merchant account from a merchant services provider. This will allow you to process credit cards securely without the need to involve the bank.
There is no need for a third-party website with a merchant services provider. Besides allowing you to process payments online, you will also get fraud protection while doing your credit card transactions. Moreover, merchant services will help you increase cash flow manage your finances more efficiently.
By working with your merchant services provider you will make sure you get the lowest charges and processing fees. You will also lower your overall costs and this will ensure you are able to accept credit cards in the most efficient manner for your business. This is just one of the least expensive ways to accept credit cards.
2. Choose a Payment Gateway that is PCI Compliant
Basically, payment gateways link transaction information between the credit card network and the card-issuing bank to authorize payments. After approval, this cloud-based software will pass the funds from your customer’s credit card into your merchant account.
Making sure your credit card information is being handled within a PCI compliant payment gateway is vital. Therefore, encryption and tokenization technologies are crucial to ensure your credit card information is protected. Not just through the whole transaction process but after the fact to prevent fraud. Moreover, not being PCI compliant can cost your business monthly fees up to $100,000.
3. Integrate Your Payments
Consider a provider that offers you an option to process transactions within your ERP/accounting software to eliminate double data entry and the possibility of mistakes. Instead of marking your invoices as paid manually, you can automate the process and focus your attention, time, and energy on increasing your online presence to bring new clients to your business. Not only is this one of the least expensive ways to accept credit cards but it is also a breeze.
4. Receive Personalized Service
To help guarantee cheap credit card processing for your business, make sure to get personalized service. Most customers are not able to resolve customer service problems when they cannot talk to a live person, so get an in-house customer support team. Speaking to live representatives who can process your inquiries and resolve account issues can be invaluable. You’ll also want to get to know your relationship manager so you can contact them directly about anything to do with your account. Additionally, get a provider who offers an all-in-one solution to avoid third-party complications.
5. Choose Flat Rate Pricing
Choosing flat rate pricing will easily allow you to see how much you will pay in processing fees monthly, regardless of the type of credit card. Also, it helps you process credit cards at the same low rate every month without paying additional transaction fees. On the other hand, if your potential provider only offers you a tiered pricing option, it is better if you walk away.
6. Avoid Hidden Fees and Mandatory Contracts
Several merchant service providers tend to attach lots of additional fees to your credit card processing services, such as long-term contracts, application fees, support fees, installation fees, etc. Even large corporations need to think like startups, and your business will not be an exception. You will be too busy with your business products, services, and innovations to worry about hidden fees, so make sure that your provider is 100% transparent to avoid future surprises. Besides looking for the features we previously mentioned like free in-house customer support and flat rate processing, make sure they offer you $0 setup/upgrade/maintenance fees.
Now You Can Accept Credit Cards
By following the steps mentioned in this article, you will get the peace of mind you need in terms of credit card processing. With a secure merchant services provider that offers flat-rate pricing, in-house customer support, integrated payment services, and a PCI compliant payment gateway, you will enjoy the benefits of the knowing you’ve selected the least expensive way to accept credit card payments.