FREQUENTLY ASKED QUESTIONS
The cost of accepting credit cards varies. You’ll be responsible for interchange fees and assessments, processing, card network fees and depending on the solution being offered other fees may apply. Be sure you have a full understanding of the contract terms and penalties!
Your business can expect to accept all magnetic stripe cards, EMV Chip Cards, RFID (Radio Frequency) Cards, and eWallets.
You’ll find that American Express Rates are more competitive now than ever before. Businesses that take Business plastic and Restaurants are generally at a disadvantage if they don’t opt to accept Amex.
Depending on the type of business, solution, and type of equipment if needed some accounts can be set up within hours while equipment being shipped may take a couple of business days. Integration methods for Point of sale solutions may take several weeks depending on the installer.
You should only enter into a contract if the provider funds your account the next business day. If you are using a self-serve solution you could find that once you begin taking payments in excess of what they anticipate holding funds for several weeks on end could happen. With a service like ours, the next business day is the norm.
Yes, most payment providers are bank agnostic. You are not required to process using your bank’s preferred vendor as a requirement of doing business with them.
If you are based in the US this is where your service center should be located. Demand it. The best possible scenario is US-based with a local sales rep you can call on a cell phone.
Every client should be offered onsite training whenever possible. There are protocols to limit your vulnerability for PCI compliance, card-not-present and card-present related transactions.
Best Tip: Stay away from leases on equipment! Ask your salesperson the true cost and what it will cost you so you understand the mark up if there is any. A reasonable price for a standard terminal should be less than $200 but depending on the solution customized for your business may vary.
Reach out and I’d be happy to help answer your questions about all things merchant services!
Based in Hopkinton, New Hampshire and supporting small businesses within the continental US, with a focus on New England.
© 2024 Sue Schoenfeld
Payments Professional +Business Advocate.
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