Is Your Business Ready for Changes in Credit Card Processing?

This article was contributed by guest author Pat Kavan, a 16-year veteran of the credit card processing industry and a member of GROW Nebraska.

Change is underway in the credit card industry. NFC (near field communication: ApplePay, Google Wallet, etc.) and smart card implementation is happening now. It’s important to be ready for the future of payments.

A dizzying array of payment processors offer all kinds of pricing and options. Here’s advice on how to choose the correct set up for your business.

Find a provider with a proven track record and a stellar reputation. How long have they been in business? Are they financially stable?

Check customer service and technical support options. Do they offer training? What are their hours? Are they reliable?

Compare fees assessed and associated rates. Obtain a list of all possible fees. Be wary of processors who offer significantly lower rates since they usually have hidden fees.

Review a sample processing contract. What is the term and is there an early termination agreement? Be aware of what you’re committing to.

Evaluate point-of-sale solutions. Are they true processors or an equipment sales company? Will you be locked into a long-term lease that is unfavorable? Do they have an upgrade policy as time changes?

Ensure specific payment acceptance meet your business needs. How soon will your deposits get to your account? Do they provide security and fraud assistance? Do they have the products that you specifically need for your business?

For more information, contact Pat Kavan at at 402.309.0167 or Pat is senior sales executive with TSYS.