Realizing that your business needs to accept credit cards is only the first step in the process. The tougher decisions are the ones that follow, such as deciding on a merchant bank to work with and determining whether you need wireless credit card processing, standard terminals or virtual machines. With so many decisions to make, it’s easy for you to make a mistake that can cost your business money or lock you into a long-term contract with a merchant bank you don’t like.
Ignoring Customer Service: Too many small businesses get wrapped up in the costs associated in establishing a relationship with a payment gateway and don’t take customer service into account. The reality is that the quality of the support you receive from your merchant bank will go a long way in determining how successful your business is at accepting credit cards. You need to make sure that support is available 24 hours a day, seven days a week in a variety of ways and that the people who help you are qualified to help you with a solution to your problems.
Using Outdated Equipment: Some business owners try to cut costs by purchasing the cheapest credit card machines they can find; in many cases, this means getting “deals” on used terminals found on eBay or Craiglist. Not only does purchasing a used credit card machine mean that you have a higher likelihood of your machine breaking down without a warranty, but it also means that the equipment itself might be outdated. For example, many older wireless terminals rely on wireless networks that are no longer in use.
Understanding Wireless Terminal Coverage: Business owners who are used to wireless service coverage plans relating to their smartphones might be surprised to find out that wireless service for terminals is handled by a completely different set of companies. In general, wireless credit card terminals operate on wireless networks that are considered to be “business class,” this means that they have much higher data speeds, data limits and security than networks for personal cellular phones but they also have more limited coverage ranges. Make sure that you do research on the coverage area offered by any wireless credit card terminal provider before you make an investment.