Accepting Cards: The Small Business Checklist
For every small business, there comes a time when the need for reliable credit card processing becomes greater than the desire to keep things as they are— in other words, there comes a time when not accepting credit cards is no longer an option. If you find yourself in that position, you may be feeling a little in over your head from looking into the variety of options that define this big market. What’s the best credit card processing company? Do I need a merchant account? Do I need mobile credit card processing? What about eCommerce? If you’ve got these and other questions, allow Moolah to give you a short, simple checklist of the five most important things to consider.
#1: The Fees
It’s all about the fees. Some companies can be incredibly opaque about the whole gamut of fees that may be charged. Interchange fees (the percent charged per transaction) are usually stated upfront. Still, these basic fees can often be affected by things like type of card accepted, number of transactions processed, and other factors. Also check carefully for monthly statement fees, setup fees, monthly minimum fees, and termination fees for contracted services.
The good news is that at Moolah, we have a very simply, pay-as-you-go payment structure – the greater of 2.79% + $0.29 or $14.95 per month – and no setup or termination fees!
#2: Setup Time
Companies like Stripe, who are aggregators, are able to have a relatively streamlined application process— sometimes easy enough to complete in a short sitting.
Other companies, like Moolah, who offer a dedicated merchant account, need a little time to approve the application, lengthening the process a little. But this is beneficial in other ways. For one, they are able to provide faster payment processing. In Moolah’s case, we can get your funds into your account with next-day processing if you wanted it. Definitely not possible with the average aggregator.
#3: Payment types accepted
The most straight-forward strategy for accepting payment types: don’t limit your customer. That’s why it’s wise to know precisely what your processor can accept, and if possible, strive to accept all major credit cards. Don’t stop there— accepting EBT and prepaid cards may fit into your customers’ needs too.
#4: The Tech
New technologies are totally transforming the market. NFC, or near-field communication payments (think Apple Pay) are rapidly gaining traction, and are fast on their way to becoming the norm as more and more retailers jump on the bandwagon. IT comes down to the point of sale. Moolah actually offers a free Poynt Smart Terminal that not only accepts NFC, but also offers a wide range of apps and services that make it a high-tech alternative to the standard old card-swiper.
#5: Customer Support
A big transition, like moving to accept credit cards, takes time and guidance to accomplish successfully. One of the greatest benefits to your business is a partnership with a company you can work with— not just some service provider that you send money to. Moolah’s dedication to customer service has earned us recognition, including a 90% rating for customer service from toptenreviews.com. We make great customer service a priority because we can’t be the best credit card processing company without the best customer service.
Working through these five items can allow you to better match your processing company to your business, and when you’re able to count on the service, and you benefit from the increased payment base, you open your business up to greater success.