Top Mistakes Merchants Make with Credit Card Processors
Avoid Credit Card Processing Mistakes
For many consumers, carrying cash is a thing of the past. Credit and debit cards have become the top payment method for both in-store and online purchases. Accepting these forms of payment is paramount to a successful business. However, many merchants and businesses can fall victim to mistakes that will hinder business. Here are the top mistakes merchants will make when choosing their credit card processors.
Read the Fine Print
Regardless of what company you go with, it’s important to read over the terms and conditions of your agreement. Understand and be aware of how long your contract is for. Know what the cancellation policies are and any fees associated with it. Aside from understanding the pertinent information regarding your contract, reading over the entire contract will show you any red flags that may need to be addressed before moving forward.
Volume Commitments
Many processing agreements come with volume commitments, or a set amount of money a merchant needs to process on a monthly basis. Not all processors will require a specific amount, but if you sign with one that does and fail to meet the amount, you may be subject to various financial penalties or increased rates. Before signing a contract that calls for a volume commitment, be aware of how much business you do each month and if you can safely meet the demand.
Ignoring PCI Compliance Standards
When it comes time to set up your payment processing system, its necessary to comply with the PCI standards. This process can be time-consuming but will not only protect your self, but your future customers. This standard requires that all technology and systems that come into contact with consumer information be compliant. If a merchant or business fails to comply with the standards, the consequences will range from major fines, potential bankruptcy, and a damaged reputation.
Credit Card Processing with TOTAL-APPS
TOTAL-APPS is a leader in payment processing solutions, with in-house technology that is both PCI-compliant and FEC-compliant. We offer complete credit card processing, from international payments, split payments, and have dedicated processing experts. Along with these services, TOTAL-APPS features fraud protection, chargeback protection, has the ability to solve business-critical issues when they arise.
Contact TOTAL-APPS today to address your payment processing needs today.
