Getting a payments processing provider who matches your needs and does not take away too much of your profit is not always easy. You should ask all the right questions before you engage a credit card payments processor. Being sure of what you will be paying helps you avoid the unexpected down the road. Here are top questions you should ask a payments processing provider before you decide to use their services.
1. Are rates or fees paid determined by the type of card used and the amount paid?
Rewards, debit, personal and business cards may be charged differently by some services. The charge may also vary depending on the transaction amount.
2. Do they charge bill backs or are the fees you pay in a given month associated with the transactions of that month only?
A service provider may entice you by quoting low rates, but not giving you all the details. You may end up paying two different prices for the same transaction which could be somewhat confusing.
3. What fees or rates do they charge you for the different ways of accepting credit cards, such as take them online, enter them manually, or swipe them?
Different rates are often charged by processors depending on how you process a card.
4. Do they charge you a fee for using their gateway, and if they do, how much is it per transaction?
You may be charged a separate fee for the gateway.
5. Are there initial fee refunds when I reverse a transaction?
Most credit card payments processors will charge you a separate fee for processing a refund. This determines your refund policy, so find out in advance.
6. What contract terms do they have and are there any fees for early termination?
Most processors will give you a minimum service time and will charge you for early cancellation.
7. What monthly fees will they charge you?
8. Are there any limitations on how much I can process?
9. Is there a minimum processing requirement for any period?
10. What type of support do they offer?
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