Retailers and other merchants can’t avoid the necessity of taking credit and debit card payments in today’s increasingly cashless society. What they can avoid is getting taken advantage of by dishonest merchant credit card processors who unscrupulously fleece their clients.
While many credit card processing companies provide honest, excellent service to their customers, there is a substantial number of bad apples in the industry. Smart business owners can separate the honest businesses from the shady operators by following these tips:
Find Out Their Policies Regarding Chargebacks
This is very important, as chargebacks can be a major source of loss for merchants. Chargebacks typically occur when cardholders return an item or complain that the goods or services bought with their card were purchased without their consent. When chargebacks occur, the merchant is responsible for returning the cardholders’ money and paying chargeback fees to the credit card processors. Honest card processors offer merchants the opportunity to contest chargebacks that may be bogus.
Be Wary of Misleading Ads
If a card processor lies in their ads, it’s highly likely that they’ll lie to you after you’ve established a business relationship. Be wary of guarantees, and carefully examine the letter and meaning of offers to make sure that the language is the same on any agreement you sign. If something’s off, that should be a huge red flag to merchants.
Check Out Their Hardware
Many shady card processing companies sell their client’s buggy, sub-standard card terminals. When working out an agreement with credit card processors, be sure they use terminals from respected POS terminal companies, such as Ingenico or Verifone. These terminals are used by merchants around the country, and they have been found to provide fast and reliable card processing.
Make sure they’re stable
Doing business with a credit card processor that just set up shop is a recipe for disaster. When choosing a processing company, make sure you find one that is well-established, and which has a significant national reach.
Check Out What Other Merchants are Saying
A simple Google search can reveal merchant reviews of their credit card processors. While not all online complaints may be legit, if there are a significant amount of complaints against a vendor, further investigation is warranted.
Reliable payment processing services are an absolute business necessity, particularly for companies that want to do business online. Plastic is the go-to payment option for most consumers, as a recent survey reported on by the New York Post revealed that 80 percent of consumers prefer to pay transactions with a credit or debit card. Just 17 percent prefer cash, and only 3 percent write checks.
Leap Payments provides in-store and online merchant account processing services for a wide variety of companies, including PetSmart, H&R Block, TrueValue, and many more. Leap Payments offers affordable processing services to client’s large and small, clear and unambiguous pricing and statements, and round-the-clock technical support. For a card processor you can trust to help your business maximize revenues, Leap Payments is the right choice.
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