Finding the right credit card processor to pair with your business can make or break your profitability. Choosing the right processor for your business can also be difficult. Some processors might be better for certain businesses due to having different pricing structures and benefits. In this article, we will discuss some of the key things to consider when you are aiming to identify the best app for credit card processing.
Being able to accept credit card payments is crucial for any business. Whether you are selling products or services, you want to be able to offer your customers the option to pay with a credit card. You want to have a credit card processing company on your side that makes it as easy and convenient as possible for your customers to pay you using a credit card.
Things to Consider When Choosing The Best Apps For Credit Card Processing:
With integrated processing, you can effectively automate everything from start to finish. The payment processing is tied directly to your POS or ‘point of sale’ systems, customer relationship management systems, project management systems, account systems, and reporting systems. It can help increase operational efficiency within your business and help you get better insight into your customers, their habits, and more.
There are a variety of reasons why you would want to be sure that you are investing in a fully integrated system that includes the ability to capture customer data with optimal accuracy. One is the ability to cut down on organizational resources that you have to use to handle the various reporting and tracking tasks due to full automation. You will also be able to achieve much better overall forecasting because you will be able to see exactly where your money is coming from and where it’s going. It can also make tax preparations much more efficient and offer you much more data to make better marketing decisions.
Another big aspect of finding the right processor for your business comes down to the numbers. Without taking a close look at these numbers, you could end up choosing a processing company that eats into your profit margins and causes your business to lose too much money in the process. When choosing between processors, you should be doing a thorough pricing comparison when it comes to processing rates. That way, you will be able to identify what processor is going to cost less to implement into your business long term. The processing rates can vary from processing company to processing company.
Another factor is whether there is a monthly fixed fee attached to the partnership. Some processing companies add a monthly fee to their standard processing rates. Some of them do this because they are offering much more than simple credit card processing. Obviously, if you are not looking to pay a monthly fee, you will want to eliminate the processors that charge it. However, some might offer a lot for the additional monthly fee and/or charge less in processing rates. Therefore, it’s important to look at the entire package that you are getting to determine whether the value is great enough to pay a monthly fee.
Number of Devices
When you are looking specifically for a credit card processing app, you are going to need to factor in the number of devices that comes with the plan. If you are going to be running a one-man shop, this might not necessarily be a deal-breaker. However, if you are going to be running a business that requires various devices to be able to accept credit card payments, you are going to want to find a processor that is going to provide you with the right number of devices. A lot of processors will provide you with unlimited devices. This can be a big selling point for a business that needs large-scale implementation of tablet and smartphone payment solutions.
Along with having the right number of devices, you will want to be sure that the app is going to function with the devices in question. Some payment solutions are going to have specific compatibility limitations. Therefore, you will want to identify the solution that is going to offer you the right kind of compatibility with the devices that you are intending on using.
Email and Text Receipts
Nowadays, customers care more than ever about the environment. A lot of customers are simply opting to deal with less paper in total. Not only does this feature allow for environmentally friendly practices, but it can make your
customers lives much more convenient. Because a lot of consumers want the ability to get their receipts either texted or emailed to them, you might consider this an important feature to look for in a future payment solution’s app.
Having the ability to split tender is going to be an essential feature to look for when you are shopping for a processor for a business that sells high-priced products or services. It can be an essential feature to look for if you are running a restaurant business as well. For some businesses, however, this might not necessarily be too big of a deal.
Now that we have gone over some of the biggest factors that you are likely going to want to consider when you are shopping for the best credit card processing apps, we will be discussing some of the biggest things that you should be factoring into your decision.
Choosing The Best Processor:
Type of Business
What type of business that you are running? A lot of your decision should rely on the type of business that you are in. For instance, certain processing companies cater more to small businesses. Other processors might cater more to large-scale businesses with a lot of transactions. By figuring out what kind of business you have and what your average sale price is, you should be able to choose the right processor.
Think about the features that you require immediately and those that you might require soon. Choosing a processor that cannot grow with your business as it grows is a big mistake. You should not only look at your short-term requirements in terms of feature-set, but you should also be factoring in the number and kind of features that you might require as your business grows. For example, you might eventually want the ability to offer gift cards for your business.
Credit Cards Accepted
Another big thing that you are going to want to factor in your decision would be whether or not the processor has any limitations on the credit cards that can be accepted. Limiting the kind of credit cards that can be used at your business is never a good idea. Some processing companies will not accept specific cards because of the high-fees associated with them, like American Express. Because of this, you want to try to identify a company that accepts all major credit cards. That way, you don’t limit any of your prospective customer’s shopping potential based on their credit card of choice.
Nowadays, more and more customers are looking to use the latest payment technologies to make their purchases. Because of this, you want to find a processing company that is forward thinking and innovative. Finding a company that has the technology in place to handle EMV chip card payments and NFC payments is key. This will allow your customers to utilize their digital wallet of choice. Most of the more popular processing companies have extra equipment that you will be able to purchase. This will allow you to effectively accept contactless payments from your customers in the form of EMV or NFC solutions.
Are you simply in search of a credit card processor or are you more interested in seeking out a full end-to-end e-commerce solution for your business? This can make a big difference in determining which company you should be going with. There are companies available to choose from that not only offer credit card processing, but full end-to-end e-commerce solutions to go along with it. Typically, you will be required a monthly subscription if you are looking for this type of package. However, it is available for those that are seeking a complete e-commerce system.
The ideal credit card processor is fully transparent with their fees and fee structure. A lot of companies still utilize a tiered pricing structure which allows the processing company to hide various transactions behind hidden tiers. The biggest issue with these tiered pricing plans is not knowing how the tiers are chosen and grouped. It is typically a way for processing companies to skim even more money out of their customers.
However, nowadays there is a dramatic push towards greater transparency among processing companies. Because of this, you want to try to identify a company that is fully transparent with their pricing structure and ideally find one that offers flat-rate pricing. That way, you will be able to see the published interchange rates and the markups associated. This will allow you to figure out how much you are paying for your processing in total which can really help you run your business much more effectively and profitably.
Because a credit card processing company is such an integral partner in your business, you want to identify a company that is going to be ready and willing to answer any questions you may have and deal with any issues that you might be faced with during your partnership. Find a company that is available 24/7 for customer support. That way, you know that whenever and if ever you have a problem, you will be able to get it situated as quickly as possible no matter when the problem occurs.
Overall, there is much that should be considered when you are looking to identify the best credit card processing app and company to partner with for your business. Identifying the right company can have a tremendous impact on your business in a variety of ways. Not only can it dictate profitability, but it is also going to play a critical role in determining your customer’s experience, the data you are able to accumulate and leverage throughout your business, the features you are able to take advantage of, and more. By following the tips above, you should be able to properly evaluate and come to a proper and well-informed conclusion with what processing company might be best for your business.
If you are looking for the best possible all-around credit card processing solution with the most functional and feature-packed app, you will want to consider our processing system. Not only do we accept all major credit cards, but we can offer both forms of contactless payments. We also focus on offering our customers complete pricing transparency and have the best customer support in the business. Contact us today to set up an appointment with one of our specialists and take your business to the next level with our payment solutions.