Successful merchants know that they need to offer their customers every
payment option available when they want customers to buy (cash,credit
cards,checks, debit cards). This very necessary customer service can be cost
effective and efficient. To best achieve this goal, merchants need to consider:
Who will be handling my money? Who will give me the best services and
the most options? Who can offer the best rates? Who has professional
representatives I can call on when I need help? How do I select a credit
card processor for my business?
Your credit card processor should be a long established bank, FDIC insured,
and provide 24 hour customer service, quick application response, and
easy-to-understand statements and procedures. Your processor should be
represented locally for training and equipment service. Money should be
deposited into your business bank account in a timely manner, usually 48 hours.
The processor you select will offer a wide variety of processing equipment.
This might be a single terminal or a terminal and printer in-one or software or
cellular units or your own existing equipment which can be readily
reprogrammed. Also available is your choice from among many flexible leasing
or purchasing arrangements
The processor you select should be able to offer competitive discount rates appropriate to your type of
business from retail, restaurant, home-based, service, internet, mail or telephone order. This discount rate is the fee charged
for processing each sale and may vary from 1.59% for retail business to 2.35%
for mail or telephone order businesses.
You should be able to accept Visa, MasterCard, American Express, Discover, as
well as debit cards such as MAC or NYCE, and have checks guaranteed. Your
processing bank should provide one integrated monthly statement for credit
cards, debit cards, and check guaranty.
Each merchant application requires three business references, a business bank
account for deposit of bankcard sales, a site inspection (including home-based
businesses) and trade name registration or incorporation papers.
Once all this is processed, you are assigned a merchant number and provided
with processing equipment appropriate to your business, You will be trained to
use the equipment properly and to understand the responsibilities you have as a
merchant. You can expect your sales to increase from 20%-50%.
For a list of recommended processors call: 1-888-722-9551 or 1-732-345-9551, or
e-mail us.
