![]() Most terminals still provide swiping capabilities. While traditional machines that only accept cards with a magnetic stripe on the back are still in use, it's best to look for a company that offers an affordable, upgraded EMV terminal. Having an EMV card reader provides an essential safeguard against this additional financial risk. As of October 1, 2015, all merchants are now liable for counterfeit-card transactions. "EMV-enabled" terminals: "EMV" is an acronym for Europay, MasterCard and Visa, and it refers to all card readers that accept chip cards for greater fraud protection.Some also help you upgrade when there are new payment options. Most credit card processing companies offer various types of card readers and customizable accessories needed to help businesses accept payments. Some payment processors offer month-to-month options with no cancellation fees. If you have other needs, such as mobile services, phone orders, mail orders (or a combination of any of these or other options), talk to a sales rep and convey your business needs. Most processing companies can handle a brick-and-mortar store that also has an online presence. Target processors that match your needs and then ask specific questions that relate to your business. Many credit card processing companies specialize in certain industries or businesses of specific sizes. You also need to consider how fast your company is growing and if the credit card processing company can handle your current growth rate. Small businesses often save money working with processors that have lower-volume transaction limits or specialize in small businesses or startups. ![]() ![]() Not every credit card payment handler can efficiently accommodate more than $10,000 in sales in one month, so always check the standard sales volume that each processor is equipped to manage. Plus, a fixed percentage of the total value of their sale also goes to the credit card processing company. Interest and flat fees per transaction: Each time the seller accepts a card payment, they typically pay a standard flat rate per sale.Monthly maintenance: Many credit card processing companies require a monthly fee to cover customer support, account management, technical support and the general operating costs of the merchant's system.Online transactions: Processors often consolidate online transaction fees into one monthly payment, but sometimes they offer smaller costs per transaction for smaller businesses.Chargeback fees: Merchants must pay this additional charge to credit card processors every time the business cancels a transaction and refunds money to a client.Some processors charge a PCI-compliance fee so be sure to ask if this is applicable to your situation. If the requirements are not met, merchants may be fined. These requirements ensure that companies who process, store or transmit credit card data sustain a secure environment. PCI compliance costs: Every merchant must meet the requirements of the Payment Card Industry (PCI).If the processing company is not transparent about fees on their website, ask a lot of questions and get quotes in writing. Miscellaneous fees: While the top companies minimize hidden fees to remain competitive, it's still important to ask first about additional charges for installation, new contracts and any early cancellation penalties.A recent example is the need for businesses to begin accepting credit cards with computer chips. Sometimes the equipment has to be upgraded, and this usually involves a fee for new equipment. Equipment: Some processors offer free terminals or mobile card readers, but this might not be comprehensive enough for your needs.Due to security enhancements, payment processing software often needs regular upgrades, which may or may not be free. But companies who work with high-volume credit card processing companies might face an initial cost to purchase the payment processing software. Software: Some smaller processors offer free apps to get you started.Also, get a comprehensive list of recurring fees before signing up so you can avoid any surprise charges in the future. When you contact a sales rep, ask about their initial fees. But most credit card processing companies break down their costs into several main categories, so you might not get an all-inclusive quote upfront. Some payment processing companies share their rates and fees on their websites.
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