Compare Credit Card Processing Service Prices - BUYERS GUIDE 2017
What Are Credit Card Processors and How Much Do They Cost?
Credit card processing fees are typically charged on a percentage basis of 0.35% to 3% on every transaction, depending on whether or not the card was present at the point of purchase. On top of that, there is usually a monthly fee that may range as high as $35 per month.
Credit card processing companies allow you to actually receive payment for goods and services via credit or debit cards. By utilizing this type of service, you can allow your business to meet the needs of your customers who are looking for easier and more varied payment options. It also allows you sell your goods and services through additional channels such as telephone or online ordering.
Compare Credit Card Processing Pricing
What to Look in Credit Card Processing
When setting up a credit card processing service for your business, the first thing you need to look at is what type of institution you want to do business with, as there are several who offer this type of service. For many businesses, the easiest solution may be to use whatever credit card processing service is offered by their primary banking institution. For others however, if may be worth looking into other merchant services, or an independent sales organization that may represent several merchant services. These ISOs aren’t regulated the same ways that banks are, so if you do business with one of them, you should look carefully into their background and read all contracts in detail before agreeing to anything.
You also need to look for a company that has the best rates for your primary type of transaction. In most cases, companies charge less in fees if you are going to primarily be processing transactions where the customer actually presents you with a physical card that you swipe to charge their account. If you take orders over the phone without a card present, you should shop around for a provider with lower fees for those particular types of transactions.
Other features offered by these companies can make you competitive in our modern, tech-driven society. For instance, integrated shopping carts to incorporate into your online store, or the ability to take payments through a mobile device can help you be more flexible to meet your customer’s needs.
Support is also very important in the credit card processing industry. If you have a problem with your ability to take payments, it means frustrated customers and lost profits. Make sure that company you hire has round-the-clock agile support that is available to quickly help you resolve any issues accepting payments.
Credit Card Processing Sample Costs
Below are a few examples of prices for credit card processors which will give you an idea how much you will pay for your purchase.
- $85 to $200 Minimum Cost of EMV Upgrades
- Interchange Plus Markup range is between 18% -0.25%
- Per transaction fees cost about $0.10
- Swiped Debit Card Rates are38%-2%
- 58%-3.5% average for swiped credit cards
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