Feel like you fit with your credit card processing company for small business? What about when you’re a medium-sized business?
One of the biggest difficulties when approaching decisions as a small business starting out is planning ahead for growth. Any successful entrepreneur will tell you that you have to prepare and plan ahead for what you don’t know. This happens when choosing locations, selecting your inventory, and in many other ways.
Did you know that it also happens with your credit card processing company? The range of approaches, products, and systems that make your payment solution mean that there are a lot of things to consider when selecting the best option. As you grow, what worked before may not continue to be the best option. So what does it mean to outgrow your solution? And how can the discerning business plan ahead so that your payment solution drives success, rather than holding you back? Let’s look.
One thing that needs to be considered is the rate structure for processing transactions. Some companies work to try and keep their rate structure unclear, variable, or otherwise tough to understand. This often serves to keep the service looking inexpensive, especially at the outset, where processing volumes are lower. When a company grows to the point that they are processing more and more transactions, they may eventually realize that they’re paying way more than they should be. Taking the time to crunch estimated future numbers, in addition to making sure that there are no hidden fees, is key to making sure you won’t outgrow your processor.
As a company grows, more and different technology may become increasingly necessary. Whether it’s eCommerce or in-store transactions, you want to be aware of potential future limitations your technology may place on you. This may happen in a range of ways. Your point of sale, for example, needs to be flexible enough to connect in all the ways it needs to. If you plan on growing to more than one location, you’ll need a merchant solution that can coordinate the multiple sales channels that you’re dealing with and enable you to glean insight from the transaction information your store generates.
On the web, you want to ensure that your eCommerce solution has robust features. At the outset, you may be content with a simple cart and checkout feature. But in order to maintain growth, more features may be beneficial, such as integrations with fulfillment and inventory services, and a range of others.
To summarize, to ensure that you and your credit card processing solution stay a good fit for each other, the name of the game is flexibility. Moolah does just that for those that sign up for our dedicated merchant accounts. We also make a point to be clear and transparent about our pricing, and collaborative with our approach to systems and technology. The result? We may just be the credit card processing company for small business that you’ll never outgrow.