Carefully review the payment terms and fees. Different companies offer different pricing models and things can start to get a little complex. First of all, there is the interchange fee, which the percentage is taken by the company on each transaction made. Full-service credit card processors also take monthly fees. There may also be additional costs, such as installation or minimum monthly charges.
Accepted payment methods
OctaPay Merchant Services – The Best for Fast Service Payments
OctaPay is a low-fee credit card processor that specializes in fast service and retail transactions. In other words, if you own a restaurant, bar, fast food restaurant, or other quick service business, this is a great choice for you. Also it’s a high risk merchant account providers. Naturally, several criteria should be taken into account when choosing a credit card processing company. This will often depend on the type of business you run and the volume of payments you make. In addition, some options are better suited for small businesses or beginners, while others provide more advanced solutions for experienced high volume businesses. Above all, you want a business that offers transparency, security, solid customer support, quality software and hardware, and the right pricing model for your needs. These days, you need a payment processor that accepts more than debit and credit cards. Digital wallets like PayPal, Google Pay, or Apple Pay have become extremely popular.
When shopping, customers want the whole experience to be quick and easy. This is especially important in e-commerce where the payment process needs to be streamlined. In fact, a long and complicated checkout process is the third reason consumers abandon their shopping cart in 2020. It is also essential that the payment gateway is secure because obviously we are dealing with sensitive data here. So, look for things like PCI compliance and encryption.
Of course, you or your staff is going to be the ones who actually use these systems. Thus, the software, applications and / or hardware must be user-friendly. Also, with technology there will likely be some glitch or glitch at some point. This means you need a credit card processing company that offers superior customer support. The reason is that the longer your payment processor is down, the more sales you lose. Now that you know what you need to consider when researching credit card processing companies, let’s take a look at how they work.
Credit card processor
A credit card processor is the middleman who handles transactions. The processor takes the funds from the customer’s account and deposits them into your merchant account. It also ensures that the transaction information is correct, that the customer has sufficient funds and informs the payment gateway that the transaction was successful.
Full-service credit card processor and merchant account
Full service providers do the same as credit card processors, but also provide a merchant account, which means you don’t need an additional merchant account with a bank. These providers tend to offer lower interchange fees, but also charge monthly fees and additional fees like the above mentioned installation fee etc.
Depending on the size of your transaction and the volume of payments you receive, you will need to calculate what type of credit card processing company is going to keep costs down overall. Look for companies that are transparent and straightforward about how they operate and accept fees. The fees vary depending on the payment method used. Still, OctaPay provides a transparent list of all charges for each payment method on their site. Other benefits include data-driven security, fraud prevention, and access to a dedicated team of payments specialists who will provide you with expert advice.