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Comparing online credit card processing services

You got the shop set up, the goods on the shelves and customers coming in. But, if you accept credit cards, are you losing money every time a buyer flashes some plastic?

The answer has a lot to do with exactly what terms you agreed to when you signed on for a credit card merchant account in order to accept credit cards. Taking plastic can mean a lot more money: Checks are becoming a quaint memory, and credit card companies have effectively declared war on cash with billions of dollars in marketing messages to the consumer.

So, take that card. But understand what it will cost and make sure you get the best possible deal on merchant card services for your size business. In this guide, you'll learn:

1. How to get equipment and a merchant card services account for cheap -- and why that's risky
2. Balancing credit card merchant account fees with per-transaction charges
3. Watching out for fine print with merchant card services
4. Speeding up payment with online credit card processing and mobile credit card processing

Who's who in credit card processing companies

It can be tricky at first, but a credit card transaction has basically four stops along the way. The customer's card is from a bank. It is issued and backed (think customer service) by a card company, like Visa or MasterCard. There's an often a third party clearing the deal (although it might be the customer's bank), and then your bank has to get the money.
Try: Forbes has a great, detailed analysis of credit card processing basics. See the gamut of merchant card services at Business.com.

Set up costs for credit card processing companies

The upfront costs of credit card processing -- equipment to accept credit cards, set-up fees, putting money into a kind of escrow called a reserve account -- all this is sunk cost, anywhere from $500 to triple that.
Try: Many vendors will eat set-up fees and even discount credit card processing equipment to get a sale, but watch out. They have to make money somewhere, right? If you want to accept credit cards, better to get into the basic terminology at the MerchantSeek glossary on credit card processing or try their exhaustive frequently asked questions page.

Accept credit cards, but price the volume right

A credit card merchant account is vital to many small businesses, but get the right mix of fees. Some contracts favor businesses that processes thousands of small transactions, like fast-food vendors. Others will be better for lower volume, high priced goods, like an antique shop.
Try: Bottom line: If your per transaction rate is high -- 5% is punitive, 2% is about right -- make sure fees are low or zero. If you agree to a low transaction rate, fees you might not even notice for meaningless things (statement fees, instance) could be piled on. Allbusiness.com has a good checklist for this. Merchant card services company VantageCard has detailed explanations. Also, run the actual fees you are quoted through the handy calculator at the Merchant Account blog.

Beware fine print in credit card merchant account contracts

Would you agree to eat lunch at the same coffee shop for three years? Buy toilet paper at the same store? Of course not. But if you're not careful, that can happen when you sign on with credit card processing companies.
Try: Read up on all the fine print tips at Business Know-How and at Web Marketing Today. See the Business.com directory page, too, for more on setting up a credit card merchant account.

Speed up the money using online credit card processing companies

Using a point-of-sale device, the card swiper we've all seen, is not instantaneous. In most cases, a cumbersome clearinghouse process means your money is days away, and the card might come back bad.
Try: Online credit card processing uses the Web to accept credit cards and charge while your customer is still there. (Wireless mobile credit card processing is similar.) This kind of credit card merchant account is particularly useful for automated sales on Web sites or, in the case of mobile credit card processing, for collecting on sales or service calls. Network Solutions, Verisign and Thawte have detailed solutions. There's more on online credit card processing and mobile credit card processing at Business.com.

Terminology matters: "Qualifed" charges means your employee at some point had the card in her hand and swiped it. "Non-qualifed" charges are taken over the phone. Card processors usually try to charge a lot more for non-qualified charges.
If you can handle the (slight) delay of not swiping, drive down costs by using online credit card processing. Open a screen, type in the numbers and it's payday.
Chargebacks -- when customers turn back a charge because of some dispute -- can be expensive. If you deal with a lot of returns, make sure your choices in credit card processing companies won't penalize you for this.

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Tips & Advice to help you make your decision on Credit Card Processing

As your business grows, offering more forms of payment will become a necessity. You will soon have to choose a professional company for your credit card processing. This is no small task; it is not a decision to be taken lightly because your sales and income are important. There are some questions to ask before you commit to a company. The terms of the contract should be your first priority.

The fee structure is of the utmost importance to many companies. Your company will always pay a transaction fee that will vary. It will vary from each provider, it will also depend on the size of your business, how long you have been operated and what your credit score is. Other types of fees ... more