4 Mistakes to Seriously Avoid with eCommerce Credit Card Processing
The advent of ecommerce has made it possible for the small businesses to make big impact on their customers. As such, choosing the right credit card processor to benefit their business in the long run is the greatest day-to-day priority today.
Finding a credit card processor is something that is best accomplished only after a careful budget analysis. Indeed, making a hasty choice of processing company can actually put you in a tough spot. Hence, while making the right choice, make sure to avoid the below discussed 4 common mistakes to prevent your business from consequences.
- Did you read the terms and conditions of the Merchant Agreement
While your research to find the right merchant service provider, youâ€™ll come across various sales people with their quotations. At this time, it is vital for you to go through the T&C of each and every service provider company carefully. As a business owner, you must take the time to at least do a solid skim through the contract.
- Overlooking foreseeable rate fluctuations
You might face scenarios in which the price per credit charge is 2% one day and may rise to 3% the other day. Although, it seems a small change, but can take a lot out of your profits in the future. Hence, donâ€™t overlook these rate fluctuations.
- Poor Plan Selection
Most credit card processing providers offer a range of plans that vary in their prices and the services they provide. This creates problems for the business owners in figuring out which plan would suit their business needs.
4.Â Â Misunderstanding hidden and added fees
Although the cost of transaction must come with eCommerce credit card processing, unnamed or additional fees donâ€™t have to. Most processors upcharge based on the type of card, for example premium or corporate cards, or method of card use by the customers. Although these are understandable ways for the processor to save, they should never hide these or any type of costs from merchants. Pricing tables can be complex and confusing, so be sure to enquire well and seek clarification.
Choosing a merchant account provider isnâ€™t easy.. a wrong step and you pay for it! So, be careful and decide smartly!