James Osterman |
Jim Osterman is a Web content developer with CardAccept.com CardAccept
offers a host of credit card processing solutions for Web-based
companies wanting to accept credit cards on the Web sites. |
James Osterman
has written 2 articles for SB Informer. |
View all articles by James Osterman... |
Don't Allow the Business of Credit Card Processing Intimidate YouJames Osterman
February 14, 2008
|
|
| 1.0/5.0 (1 votes total) |
|
|
Many Web-based business owners are hesitant to make the move to accept credit cards because they are afraid the fees and the process can seem intimidating. And
while fees certainly have to be considered, they are not the only
benchmark a ‘net-merchant should go by. However, as far as the
intimidation factor is concerned, well, keep in mind the old adage:
“Information is power.” That
means it’s time to break the decision process down into manageable
pieces, then learn all you can one item at a time. Or you can look at
it another way – how do you behave as a consumer making a major
purchase? Do you ever walk into the first store, spy the first item and
buy it? Of course not! You
ask questions; gather information so you can learn all you can to make
an informed decision. The process of finding a great merchant services
partner is not all that different. First, what kind of company do you want to do business with? Your bank will probably offer credit card processing
services, and if you have a great relationship they should be
considered. However, your bank may not have the industry-driven
expertise to put together the most cost-effective package of services
for your specific business. And
when you start looking at companies that specialize in offering
merchant account services don’t get flustered by the number of vendors
out there, because there are some quick ways to eliminate some from
contention. First,
drop any company from consideration that charges a roster of fees just
to establish your service. The top players in the credit card merchant
account field don’t go into your wallet for things like processing your
application, setting you up with software for various functions or
giving you access to the technical support personnel. At
this point that long list of potential processing partners will have
shrunk. You next step will be talking to 3-6 companies. Pay attention
to those who get to know your business. Someone who has Web site
selling rare and expensive antique porcelain dolls will not have the
same needs as someone selling reconditioned cel phones. As such, any
company’s service representative should be sensitive to your needs and
put together a package that will cater to those needs. There
are other factors that also need consideration. What plan do they have
in place if their network crashes? Do they have a backup plan that can
be accessed quickly? Is there someone picking up the help line 24/7? On
the product side of the equation, can they offer you the ability to
give potential customer convenience products like a Web shopping cart?
Will they also have you set up to accept checks by internet, phone or
fax? And,
of course, there’s the price issue. Great providers, while not levying
a lot of upfront fees, do charge for transactions, payment gateways and
other elements directly related to doing business. If you are expecting
a lot of low-end transactions, the company with the lowest transaction
fee should be considered. For sites with expensive items, a lower
discount rate might be the way to go. If this sounds like a lot of hoops to jump through, consider who benefits at the end of the day – you.
|