Credit Card Processing Software for your Business

Most businesses today require fast and easy transactions for their customers, yet most don’t know they’re in need of a credit card processor. Credit card processors are in charge of accepting and declining the credit/debit cards that your customers bring to complete the transaction, so that your business receives what’s owed. That being said, your business needs to be sure they are utilizing the correct Credit Card Processor for their company. 

How does it work?

Usually, the customer presents their credit card information for the payment, but with technology advancing at this rate, there are new ways. 

  • In stores, customers may swipe their physical cards or use contactless cards like Apple Pay via smartphone
  • For online stores, customers need to manually enter their card information 
  • Some online systems have programs that will automatically scan the card being presented via camera and automatically enter the information
  • Lastly, phone orders require a virtual terminal that offers their own credit card processor

The credit card information that is received is then sent to the processor, whom communicates with the customers bank. The bank then deems it approved or declined, and then sends the results back to the payment processor, and finally back to the credit card reader. 

What you Should look out for when Searching for a Credit Card Processor?

When researching potential card processors, it’s important to require information about these four critical areas:

Transaction Speed

Customers want to pay with debit and credit cards, and they want it fast. Make sure the processing time needed for your credit card processor is compliant with customer time. On average, today’s credit card processors take under two seconds to complete transactions. 

Strong Uptime Record

Be sure that your credit card processor has strong reliable uptime. You don’t want constant system outages, which are rare, but if your credit card system meets an outage, so does your business. It’s as good as shut down, so be sure to ask about your credit card processors uptime history. 

Fair and Straightforward Rates and Fees

Ask for clear and concise explanations of your credit card processors rates and fees. Be sure that there services are being straightforward with you and your money. Most rates and fees differ depending on many factors, like interchange pricing. Processors like to charge their own rates on top of interchange pricing. Interchange pricing is set by credit card brands and should be the same for all processors.

Access to Help and Support

Dealing with technology can be tricky. Troubleshooting can occur anywhere and at anytime of the day. Be sure that you feel comfortable and confident with the help and support your credit card processor is offering. Some processors don’t offer 24/7 live support and only offer remote bots for help. You may want real human contact to support the issues that your business is dealing with.