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5 Considerations When Selecting a Credit Card Processor for Your Business

Feb 8, 2016 3:30:47 PM


As a small to mid-sized business, accepting credit cards is paramount to your company success.  Behind the scenes of accepting credit cards and keeping track of your inventory and/or services, you need a variety of solutions to run your business.  A key aspect of accepting credit cards is selecting which credit card processing solution you should use. 




Many businesses make the mistake of thinking all credit card processing companies are the same; that they charge the same fees using the same fee structure.  This couldn’t be farther from the truth.  While they all process the credit card transactions and deposit your money, there are a number of details to be aware of which could save you thousands of dollars a year. 

Here are 5 key areas you should talk to your credit card processor about:


Are you PCI Compliant?
PCI compliance was established by the major card brands to protect cardholder data and is required for all companies processing credit cards.  Non-compliance results in monthly penalty fees which can add up to hundreds of dollars a year. Talk to your processing company about PCI-compliancy.  Explore how they can help you.


Are Your Monthly Merchant Statements Clear?
There are several ways credit card processors can charge you.  Be sure to clearly understand how you will be charged.  It helps to know what the bank fees are, as well as those of the processor.  Are you charged a flat rate or charged based on the bank interchange rates plus a fee.  Being on the right plan can save you thousands of dollars yearly.  Be sure there are no hidden fees in your statements.


Can Your Credit Card Processor Integrate with Your ERP?

Does your processor integrate directly into your ERP system? If you change ERPs, will you need to change processing companies?  Integration helps to streamline processing and, in many cases, save you money.


How Quickly Can You Access Your Funds?

You should be able to access you funds within 24 hours – depending on when you batch out and the location of your storefront locations.  Be sure you select a processor who does not hold your funds for 2 – 3 days.  You deserve your hard earned money as quickly as possible.


Are You Leveraging Programs That Can Save You More?

Be sure you talk to your processor about programs such as Level 2 and 3 processing and the American Express OptBlue Program.  Each is designed specifically by leading card issuers to help small businesses process at a lower rate.  Be sure your processor is giving you the benefit of these programs if your business qualifies. 

American Payment Solutions prides ourselves on educating all our customers on the areas discussed above.  We can help you understand each of these areas by starting with a no-cost consultation and an analysis of your current merchant statements.  Simply contact us today to get started.


Tricia Hartigan
Written by Tricia Hartigan

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