Finding the Ideal Merchant Credit Card Processor

To find a top-notch merchant card processing company, start by identifying an "A" list of candidates. Begin by locating providers that are being used with satisfaction by persons that you know. Another easy choice is that of a well-known and reputable company. In addition, here are other possibilities you should consider.

Your Accounting Software: Investigate whether your accounting software offers an integrated merchant credit card solution. The leading small business software packages, such as QuickBooks and Peachtree, certainly do. The integration with your accounting software may save considerable data entry time.

Your Trade Association: Trade associations are a valuable source for member benefits. They will often use the collective clout of their members to negotiate an attractive merchant credit card plan. Find out if your trade association has preferred merchant processors or independent sale organizations (ISO).

Your Peers: The best vendor is often one that is accustomed to the unique needs of businesses like yours. Talk to your peers, preferably ones in your geographic area. Find out who they use and if they are satisfied.

Your Bank: Whether or not your bank issues credit cards, they will likely be able to suggest a reputable merchant card processing company or independent sales organization (ISO). Call your trusted banker.

Once you've obtained candidates, use the following qualifying criteria to select the right processor for you.

1. Competitive Rates and Terms: Estimate monthly credit card activity (# of transactions and total dollars per month) and then estimate the cost you will incur under each processor's plan. Then, weigh the value of flexibility (contract length) and any associated cancellation penalties.

2. Hardware and Software: Some processors today will provide you

with the software and hardware that you need if you agree to sign up with them. Regardless, check any and all costs associated with the hardware and software.

3. Services: Dependability, speed and ease of use are as important as cost given the cost of labor and customer demand for checkout speed. Other popular services today include the ability to access and review statements online, ability to accept checks and gift cards on the same system as credit cards, and integration with one's accounting system.

4.             Immediate Trouble Assistance: Many companies, such as retailers, depend heavily on their ability to accept on-demand payment via credit card. If the system goes down, you want a company that provides "at the ready" assistance 24/7 by telephone and in person at your business if needed. Inquire and check local references.