Friday, February 17

5 Tips for Choosing the Best Payment Processor for Your Small Business

As a Floreant POS user, choosing the right credit card processor can be a challenging task. With hundreds of options available in the US, it's essential to narrow down the list to processors that match your business needs. In this blog post, we have compiled five tips to help you choose the best payment processor for your business.

Assess your credit card processing needs
Assess your business's credit card processing needs and look for a processor that provides tailor-made tools for your business. Determine if you need in-store, online, or mobile credit card processing, industry-specific processing tools, a POS solution, or if you need to purchase processing equipment. If you operate in an industry prone to fraud, consider a credit card processor with robust authentication tools.

Shop around
Do not choose the first processor you find. Comparing multiple processors will help you find the best rates and features that suit your business needs. Look for transparent pricing and features, and compare processors using consumer watchdog groups like the Better Business Bureau (BBB) and Consumer Affairs.

Consider the different types of processing fees
There are three major types of processing fee structures. Flat-rate pricing is popular but may hide a higher markup cost. Interchange Plus Pricing and Interchange Plus-Plus Pricing offer more transparency and often better value in the long run.

Check if the processor offers any hardware deals
Some processors offer hardware discounts to clients. Check if your processor partners with a POS provider to offer hardware deals. If you already have hardware, search for a processor or POS provider compatible with your existing infrastructure.

Receive transparent quotes before making any commitments
Always ask for full quotes and read all terms and conditions before signing a contract. Determine the fees you need during the quoting process and request clarification in writing if you're unsure about any clause. Never accept a processor's word unless it's been formally documented.

In conclusion, it's essential to take time to find the best processor for your business. Evaluate your processing needs, shop around, consider different fee structures, check for hardware deals, and request transparent quotes before making any commitments.
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