Best Credit Card Processing: Define, Learn, Search
You won’t find the best credit card processing unless you define what “best” means for your business, and then learn the fundamentals of processing before setting out in search of a processor.
You won’t find the best credit card processing unless you define what “best” means for your business, and then learn the fundamentals of processing before setting out in search of a processor.
Like the saying goes, “there’s no such thing as a free lunch.” Credit card processors recoup the cost of a free credit card machine through expensive tiered pricing and various other fees.
Flat rate credit card processing is an expensive illusion based more on clever marketing than reality. What some companies advertise as a competitive flat rate is actually oversimplified and expensive pricing that conceals the true costs to process.
Credit card surcharges, checkout fees, merchant surcharges – whatever you call them, the concept is the same: you add a fee when a customer uses a credit card. But are they legal? And more importantly, are they a good idea for your business?
To answer those questions, we’ll explore all aspects of what surcharging entails.
The chargeback process is designed to increase consumer confidence — it’s very easy for credit card users to dispute charges, while businesses and banks have to do all of the legwork to figure out whether or not a transaction is legitimate.
From a business’s point of view, credit card processing is a straightforward system — swipe, sign, and the customer leaves with their purchase. However, making a customer’s experience so hassle-free requires a complex array of companies working behind the scenes to ensure that credit card payments are processed securely and efficiently.
If your business is paying qualified, mid-qualified and non-qualified charges to process credit cards, it’s paying too much. In fact, businesses that find a processor through CardFellow typically lower fees by as much as 40% by eliminating non-qualified rates.
Hidden surcharges, fine print and tiered pricing combine to make Intuit Merchant Services one of the most expensive, opaque credit card processing solutions on the market today.