All You Need To Know About Credit Card Processing In Any Business

BANGALORE: Business owners have enough going on in their busy schedules without having to worry about getting ripped off by a credit card processor. That’s why many ecommerce companies take the easier route with PayPal or the reason why brick and mortar shops sign up with the first salesperson to swing by their office. Unfortunately, most businesses can stand to have major savings just by reexamining their credit card processing terms. Here’s what to look for:

1. Never allow cancellation fees

Make sure to read the fine print on the credit card processing contract–it may sometimes hide a cancellation fee. This fee is a way of guaranteeing loyalty to the processor, regardless of customer satisfaction. The good news is that getting rid of this fee should not be a problem: most salespeople have the authority to waive it.

To avoid this issue, talk to the salesperson and make sure the fee is waived in writing either in the contract or as an amendment. As a startup, making sure to have the no cancellation fee clause is a great hedge in case anything goes wrong.

2. Comparison shop

Research shows that the best deal can be found by comparing shopping credit card processors–at least five. However, make sure to compare on an apples-to-apples basis, and be sure each processor knows that you are actively shopping. You can easily make your bids more competitive by leveraging the power of comparison.

Read More: Internet Economy Can Reach $200 Bn By 2020: Ravi Shankar Prasad

Rs 5 Lakh Crore Investment In Road Building In 5 Years: Nitin Gadkari