Payment Processing Options

Get Your Money!!

As a small business owner, when the time comes that you need to start allowing payment for your products and services via credit cards, picking the right payment processor is a huge decision. There is a whole market of credit card processors out there, all hoping to get your business when the time comes, so knowing what to look for and what to look out for in those ‘hidden fee’s can be vital to operating a successful business. So here is a short list of things to contemplate when your in the market, or just contemplating a switch in processor services.

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Fee/Payment Transparency

Make sure you find a processor that offers easy to understand, straightforward monthly fees and individual charge costs. If you have to spend a bunch of your own time every month reading through your agreement to see what you’re actually paying, there are better options out there. At any given time, you should know exactly what your paying to run a credit card and why.

User Friendly Software

Obviously, your time is important, so having user friendly easy to operate processing software can go a long way. Whether you are running the credit card charges manually, or your employees are doing it, being able to charge that card quickly and accurately is important. Along with the ease of refunding a charge for returned items.

Payment Process Options

Do you need a credit card reader at your location? Something your customer can personally swipe their card through? Maybe a newer style with the safer chip reader option? Or can you get away with just an online app where the cards can be manually entered and charged? Think about what your company really needs and has use for, and then make sure you’re not paying for equipment or services you won’t use.

If you’re curious about some of the most common processors used in today’s small businesses, here is a short list you may want to look into further. You’ve got dozens of choices here, so the couple examples here may not work for you, but it may offer a place for your to start.

Square – Starts at 2.75% per transaction and has an easy to use customizable point of sale system with various credit card processing capabilities at your disposal.
Clover – Starts at just $60 for hardware, with 2.69% transaction fee, with an additional $0.05 fee. Offers a big variety of hardware.
Authorize.net – $25 per month fee, with $0.10 per transaction fee and $0.10 daily batch fee. Easy to use, online credit card process with no hardware required.
Quickbooks POS – Upfront costs of $200-1200 depending on business needs, with smaller per transaction fees. Online desktop process, with no monthly fees.