Credit Card Processing- The First Step To Make Your Business Look More Professional

Accept Credit Card Payments

                          Credit Card Processing Ways

Those who own online businesses must have the facilities to accept credit card payments. In developed countries, more than 90 percent of the customers use credit cards for making payments. If you don’t own a credit card processing facility, you are losing all these customers to your competitors. Some might have the idea that credit card processing is affordable only for large scale businesses. There is no base for this belief. Credit card processing can be affordable and useful for both small scale businesses and large scale businesses, given that the right credit card processing service is used for the transactions.

Advantages of credit cards

Most customers prefer credit cards to conventional payments methods because of two different reasons; they are easy to use and safe. Of late, it has become a tendency among customers to ditch ecommerce websites or shopping outlets that do not have credit card processing facility. Online credit card processing is also becoming popular among customers as well as merchants.

What is online card processing?

Online credit card processing is not different from usual credit card processing. For online card processing, the merchant uses his smartphone, PC or tablet, which is connected to a credit card processing machine. Conversely, for normal credit card processing, a credit card processing terminal is used instead. According to experts, online card processing is cheaper and therefore more affordable for small-scale businesses.

Advantages of online card processing

Online Credit Card Processing

                    Credit Card Processing Units

Equipping your business with an online card processing facility is the best way to make it appear more professional. When you accept conventional payment methods like checks, chances are that you might get bad checks or bounced checks. Moreover, when you accept these types of payment options, you have to wait for several days until the payment is cleared. Conversely, credit card payment is instant. The money is transferred to your account immediately. Most important of all, your customers feel safer with their transactions.

Getting started with credit card processing

Getting started with an online credit card processing service is not a big deal. The basic requirement for it is a merchant account. Make sure that you have an impressive credit score to apply for a merchant account. Some banks provide credit card processing machines for free and help you get started with the service immediately.

Enquire about the service with a few banks or seek the advice of a professional in the field before making the choice.

Processing Credit Card Orders Online

Credit Card Processing

          Credit Card Processing Plans

There are several credit card processing companies available nowadays that come with interesting options for small businesses. These companies offer merchant accounts to let small businesses accept credit cards in retail stores and even through mobile phones. But then, selecting the best credit card payment and processing service for your firm can be a difficult task due to the availability of a plethora of such services.

Small business companies usually need to go through third party providers who can help in securing the merchant account for the firm. Moreover, if you’re opting for such a service, you need to be aware of the online gateway system as well. This is because if you’re processing credit card orders online, the transaction passes through such an online gateway system. While opting for such a service, you need to adhere to certain aspects. Most importantly, you need to know about the crucial factors that can help you accept credit cards easily in your business.

Some of the crucial factors that can determine the rates involved in credit card processing include the percentage of sales that are made over the internet, the type of business you own as well as the number of years you have been into this business. Also, you need to closely monitor the cost of the equipment or software required to process the charges. There are certain companies who may want you to maintain an account in their bank to process the credit cards.

Merchant Accounts

      Credit Card Processing Companies

Well, if you’re planning to opt for any such service, make sure that you read all the agreements carefully. This can help you to know about the circumstances the bank can hold your account and all. Some credit card companies also charge their customers if they plan to stop the processing charges all of a sudden. Hence, you should carefully read all the rules and regulations before opting for such a service for your firm.

While planning to choose a credit card processing service, it is important that you do a thorough research on the top services available. You can evaluate the rate plans offered by various credit card companies and then take a final decision on selecting the best one.

Setting up this payment method in your business will only help it grow faster, especially if you’re focusing on the online customers. But as mentioned earlier, you should choose the best service to ensure consistent growth in your business.

Intuit GoPayment And Its Features

credit-care

      Processing technology for credit cards

Credit cards became extremely popular in a very short time because of the convenience it offers. The consumers get to gain because they can exceed their account amount in return for paying it the next month. Merchants, business owners and various other establishments might suffer in terms of extra money they have to pay in order to avail this service, but make up for the losses and make further profits in terms of increase in sales volume. Banks get to profit from both merchants and clients in return for providing such a platform.

In a short time, many merchants adopted this new system, because it increases their sales potential and improves customer service. Moreover, it was used widely, because most businesses wanted to improve over their rivals making credit card services a standard system. Over time, it has become an accepted mode of payment, whether you want to make deliveries, sell at temporary events or work at remote job sites without landline connections, the ability to exchange money using a plastic card enhances your business profits.

There are several credit card processing systems, one of which is Intuit credit card processing. Intuit helps you:

  • Process transactions quickly and securely over America’s fastest 4G LTE network.
  • Take payments anytime and anywhere using your mobile phone.
  • Keep complete track of your sales data along with back-end system integration.

There are several features of the Intuit credit card processing, which makes it one of the best services:

  • Apart from being simple and fast, setting it up is FREE. You just need to download and install the free app and run it.

    Equipment

                  Card processing and payment

  • Security has been embedded into every level of card transaction in order to exchange money through safe channels. Safety and security are key features of this system.
  • The rates are pretty low (1.7% per swipe). You enjoy several other features like no setup fees, no commitment and the ability to cancel anytime with this feature.
  • The app will automatically calculate your sales tax information. Moreover, you do not even need to enter your location details. The app will factor in your GPS location and calculate your sales tax based on it.
  • It provides compatibility with accounting apps, which ensures that all the transactions are instantly added to your accounting software.

As you can see, this service is extremely useful. Since the app is free and only the credit rates are charged, the amount you pay depends on your sales. Try it once to determine how useful it is.

Credit Card Processing Using iPhone

iPhone Credit Card Processing

    Choose iPhone Credit Card Processing

People who invest in business need to accept payments. Since a majority of business transactions are carried out online, the need for a proper credit card processor is inevitable. Using the same, accepting payments would turn easier. A majority of people today depend on credit cards more than using liquid cash.

Using iPhone credit card processing, you could meet your business requirement of accepting payments in the most reliable way. If your iPhone has an active internet connection, you could connect to a card reader with your iPhone and accept payments easily. The major advantage of making payments using iPhone is that it enables you to process the transaction within 48 hours. You could thus avoid the hassle of opening a merchant account in order to initialize payment through cell phone. If your cell phone has an active internet connection, making payment can be done quite easily.

Mere sales of product and services cannot be considered as the sole factor that can increase profit. If the credit card processor does not function properly, it can affect hundreds of payment transactions. This could cause more harm to the business than good. A customer would stick with your product and service only if all the factors are favorable. If the customer goes through a bitter credit card transaction, he may choose to move on to the competitor’s product and their better payment methods.

Card Reader

    Get iPhone Credit Card Processing

One of the major advantages of iPhone credit card processing is that you could make the payment from anywhere in the world. You can attach the card reader with your iPhone and enter the details. After the completion of the transaction successfully, the customer will get a receipt for the same. Other merits of iPhone credit card processing include a secure transaction. The customers provide their most sensitive credit card information online and hence this credit card processing makes use of SSL connection. This means, the information entered will be encrypted to ensure security. Another advantage is that the credit card number will not be saved on the iPhone and this will help to increase the credibility in the minds of the users.

Having a credit card processor of iPhone is in fact a substitute for different payment devices that are used by a cashier. Moreover, Apple products are reliable and hence businessmen could choose this payment method for successful business transactions. There is no doubt that credit card processing through iPhones will gain wide popularity in the coming years.

When Looking For A Credit Card Processing Service For Your ‘High Risk’ Firm

High Risk Credit Card Processing

    About Credit Card Processing Services

All credit card processing firms adhere to certain guidelines when it comes to providing services to businesses. They evaluate the business you are operating in detail, before offering you their services. However, if by chance, your firm is categorized as a high-risk business, then you might find it difficult to get the card processing service you require.

Opt for high risk credit card processing services

Many credit card processing services refuse to provide services to those businesses, which they deem risky. However, they have opened up a nice business opportunity for many others, who are ready to fill this gap. Also, there are some companies that offer high risk credit card processing services to such companies. Obviously, they charge more for the extra risk they are supposedly taking.

It is common to ask why your business end up in the high risk firms list. This can be due to many reasons like the nature of your business, the poor record keeping system in your office, credit score, and so on. Even if your business mainly involves offshore transactions, then the credit card service provider can classify such a business as high risk.

If a credit card service provider rejects your application though, you can contact them asking for the exact reasons why your business was classified as such. This will help in making the necessary changes in the business processes to reduce the risk perception associated with your firm. If your negative credit history is what led to the high risk rating, then you will have to work on improving your credit score with the help of a financial consultant.

Secured Payment Channels

      High Risk Card Processing Options

However, as mentioned earlier, if the very nature of your business is deemed risky, then there is nothing you can do about it, except to go for a service provider that offers credit card processing services to such high risk businesses. These firms are good at providing the necessary secured payment channels required as well. Some of them specialize in dealing with terminated merchant accounts, especially if it was terminated because of some technical reasons rather than your failure to pay.

So, as you can see, there are plenty of options for getting a credit card processing service for the high risk business you are running. As usual, you have to read the service contract carefully, before signing up for the service.

Major Advantages Of Costco Credit Card Processing

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                Costco Card Processing Services

There is no doubt that with the advent of credit cards our daily monetary functions have become much faster. We can make instant credit payments using our credit cards. Numerous credit card service providers are out there. Costco credit card processing is also quite similar to other credit card processing services. Read along to know more about the major advantages of Costco card processing services.

Costco credit card processing

You can see that Costco happens to be a reseller of the Evalon’s credit card services. Therefore, one of the major benefits that you will be able to enjoy with the Costco credit card facility is the discounted prices. At the same time, you must remember that discount prices are available only to the premium members of Costco.

It is interesting to know that Costco have joined hands with Net Pay for reducing the cost of credit card transactions. The credit processing facilities are having a strong backup of an exceptional customer care department. You can always call on their telephone number to get prompt feedbacks and answers to your technical queries. You can also log on to their official website to know more about their credit card policy and other special benefits. Even though credit cards can make our lives much easier, it is advisable to be a little cautious while using your credit card. This will enable us to evade unwanted financial problems and bad credit. Bad credit can be a problem when you approach banks to avail loans or apply for a new credit card.

Equipment

                             Costco Credit Cards

We can say that Costco credit card processing facility is in fact suitable for small business owners. It will be more apt to say Costco provides numerous opportunities for both consumers and business establishments to save money. The limit of money transactions is comparatively limited with the Costco credit card services. Almost 1.48 percent of Costco credit services are currently incorporated with Master card and Visa. Though there are many people who use premium credit cards such as AmEx and Discover, Costco credit cards are also most commonly used by people. This is especially due to the beneficial features that are not available with other credit card processing services.

It is estimated that almost 50 million people from all over the globe are satisfied users of Costco credit cards. That itself shows the widespread acceptance and popularity of Costco credit cards. The annual membership fee for becoming an executive Costco credit card member is 110 dollars.

Techniques To Cut Down Credit Card Processing Fees

Credit Card Processing Fees

                         Credit Card Setup

Most of us use credit cards to pay for various purchases we make whether it is online or from a local store in the neighborhood. The advantages and conveniences of credit cards have made it much popular.

Credit card processing fees varies with companies. Now, if you think that your credit card processing company charges you a lot, then you could cut down this rate by a few techniques. The services of a payment processing specialist could come handy here. The specialist should have adequate knowledge of level 2 processing and interchange qualification.

When you look at the monthly statement from the merchant, you may find it a bit confusing. The processor might give you either a detailed statement or a consolidated one. The consolidated statement might be very difficult to understand. Some of the common keywords that you would find in a statement are mid-qualified ‘Mid-Qual’, NSQF, EIRF, commercial electronic, keyword transaction, corporate data rate 1, Non- qualified ‘Non-Qual’ etc. These keywords are related to additional surcharges that come with the credit card processing fees.

Let us consider an example. If you have the account setup in the structure of a ‘Bill-Back’ or ‘Tiered’ form, the rates might be about 2-3 percent higher, which would in turn make the processing fee to double. The disadvantage is that the margin that you gain as profit would be lost in the form of these charges.

Now, let us find out how to avoid these additional charges. By following two processing methods, you can avoid these unwanted charges. Let us go through these methods below.

Interchange Pass-Through

Interchange Qualification

                            Credit Card Charges

Earlier, only Fortune 500 companies were provided with this program. However, now this program has been made available to all. The advantage of this technique is that the processor would pass through all the credit cards used for different transactions and then check the interchange rate. Interchange rate is the base cost set by Discover, Visa and MC for transactions. A small processing fee is then applied to all.

Level 2 Processing

Let it be a government card, a purchasing card or a business card, with this technique, you can save .35 percent to .65 percent on each card that you accept from the customer. Commercial cards could come under Commercial Data Rate 2 that could cut down costs.

With the above techniques, you could cut down a significant amount as credit card processing fees. So, apply these techniques and cut down your processing charges at the earliest.

Choosing The Most Efficient Credit Card Processing Company For Your Business

Online Credit Card Processing

 Best Credit Card Processing Company

Credit card processing facilities have become an inevitable part of businesses since it becomes convenient for both the customers and businesses to make and process payments. If you are running a small business and already have a website setup for the business, then it is quite simple to add online credit card processing to it. However, your website should have a shopping cart in it and a store for this purpose.

There are numerous advantages of making use of an online credit card processing technique. With this technique, you no longer have security concerns and can avoid paper works. The monthly fees charged as processing fee is cheap and affordable for the business house. Most of the service providers offer two payment modes. In the first method, users are redirected to the service provider’s website to make the payment and in the second method, users can make payments directly from the payment button integrated in the retailer website. Keep in mind that the payment system should be encrypted and secure. Therefore, it is advisable that you seek the help of an expert web developer for this purpose.

Now, when you setup online credit card processing technique, make sure that it is versatile. Keep in mind that customers may use different types of cards and restricting some of these cards may affect your business. Therefore, make sure that the credit card setup is capable of accepting most of the cards. As mentioned above, security is also an important criterion. You should be careful in choosing the credit card service provider and should make sure that the company is trustworthy and has a good service record.

Payment System

 Advantages Of Credit Card Processing

The fee can vary depending on the service provider you choose. The different fees include statement fees, percentage fees, gateway fees, etc. Keep in mind that you can negotiate on the price with the service provider. When it comes to subscription, most of the service providers would be interested in offering you annual subscription. However, it is advisable to go for the monthly subscription packages. This is because you can quit the service any month if you are not satisfied with it.

So, if you are looking to provide better payment methods for your customers, then avail the service of a credit card processing company today. Make sure that you go through all the service agreements and find out if there are any hidden charges involved before signing the final contract.

Basic Things To Look For In A Credit Card Processing Company

Credit Card Processing Companies

       Credit Card Processing Services

Choosing one from the plethora of credit card processing companies offering card processing services can be a daunting task. While looking for a credit card processing firm, make sure that you have checked the following constraints before making the final choice.

Early Termination Fee

One of the basic things that you need to check when looking for a credit card processing company is the early termination or cancelation fee. Make sure that you select a company that does not charge you for the early termination of the card. However, since it is very difficult to find a company that provides processing services without taking a cancelation fee, make it your priority to look for and select the one that takes only minimal amount as cancelation fee. Never take services from a credit card processing company that has liquidated damages termination fee. This means that you will have to pay the company for the rest of the amount on your full contract.

What Each Transaction Costs You

Another factor that you need to know is how much the credit card processing companies will charge you for each transaction you make using the credit cards. You also need to make sure what other fees the credit card processors collect from you as some charge monthly or annual fees, regulatory fees, compliance fees and statement fees from their customers. Make sure that you do know about all these fees before taking a credit card.

Early Termination Fee

        Card Processing Companies

Another thing that you need to consider is whether the card processor sees you as a high-risk customer or not. Customers with low credit score are considered as high risk customers and it is difficult for a high-risk customer to get a card. Even if they get a card, they will have to pay higher rates for processing their credit cards. Even though it is not easy to find the same, knowing this factor will greatly help you in selecting a good credit card processor.

One of the major things that you need to note is the encryption techniques and security measures adopted by the credit card processing companies for processing your card. Make sure that the company provides you with high security encrypted service on online payments. Select the company that provides the most secure environment so that the user data stays safe and secure. Also, make sure that the processor will provide you with support 24×7.