By Harry Smith
Choosing the best credit card processor for your business may be a little difficult. There are several options to choose from; but, most likely, if you need just one to meet your needs or an additional one, there is one type that will best suit your purposes.
Letting your customers use multiple methods of payment will increase your bottom line. Each type of business has special needs for an anti high risk credit card processing system, and it is determined by your business and customers. If you need a point of sale (POS) device, you can choose between a standard processor that will accept most credit and debit cards or one that can accept EMV payments (EuroPay, MasterCard, Visa).
Phone and Email Orders
If your business gets orders through the phone, regular mail, or emails, a virtual credit card processor is likely what you need. This processor displays a screen that lets data be entered easily to record your customer’s info and products ordered. It also records the cost of past purchases and how often the customer makes a purchase. Repeat payments can also be set up from a virtual processor.
A virtual processor lets you process a wide variety of credit cards and debit cards, and also electronic checks. The only thing you need is access to the Internet, a Web browser, and a gateway ID – which your provider will give you. It also gives you nearly instant credit card approval.
If your business is away from an office, or if you want to take your customer’s payment where they are in your business, or at a tradeshow, etc., a mobile or wireless terminal can be ideal. They are commonly used in restaurants or by contractors because they work with your cell phone. As long as you have a signal, you can accept payments via credit or debit cards.
This type of credit card processor is compact and lightweight. There are several models available, each one is capable of working with a cellphone, Wi-Fi, or Bluetooth. They can also handle several types of payments, including swipe and contactless. Some can also accept EMV and NFC.
Sales may be lost because customers may be hesitant about providing you with their personal information. A virtual terminal gives you the option to provide a link for customers to supply their information. The invoice can be given with your logo and will itemize costs.
If you choose to go with a virtual processor, but you decide that your business needs more than one option for processing payments, they can easily be added to and integrated with your system. Devices such as receipt printers, credit card readers, and software for inventory or accounting can be added.
When you need to find the right credit card processor for your business, be sure to shop around before taking the plunge. Look for companies that provide all the equipment you need to be able to accept payments from your customers. Some will offer a no setup fee, same day setup, wholesale rates, live customer support, and next-day payment while others will lack some of these qualities.