The Specialized Benefits of Credit Card Processing Services

When you signed up for a credit card processing service for your business, you might have thought the only benefit was being able to process credit card payments. Actually, there are a lot more benefits than that. There’s no doubt that credit card processing is vital for today’s business. Customers do want to be able to charge their purchases. But there are also benefits for you, the business owner. Check and see if your credit card processing service is matching these offers: Processing for all major payment processing brands You can decide what you want to offer - from debit to credit cards to pre-paid cards and loyalty or gift cards. The more choices you offer, the easier it will be for your customers to accept your services or buy your products. And next time around, your customers will remember that dealing with your company was easily accomplished. Real-time processing and fast authorizations When you enter a credit card number, you want that transaction processed quickly - in real time. With real time processing, the input and output of information is continual. If information is not processed in real time, it is processed in batches - called batch processing. In this case, transactions are collected and held over a period of time and then the transactions are processed. What you do not want is to have your payments “held over a period of time.” You want your money in “real time.” Full-time customer support If anything should happen to your equipment and your credit card terminal goes down, you need to know there is someone to call. You need to know that you have 24/7 customer service support that can get you back online. After all, the sooner you are back online, the sooner you are back in business. Lifetime equipment warranty If a terminal malfunctions, you need that machine fixed or replaced ASAP. You need a new machine shipped to you overnight. Next-day access to funds When you make a transaction, you most likely want your funds as soon as possible. In some cases - mostly with smaller businesses - you may have to wait weeks for transactions to clear and find the money in your account. No one wants to wait for money that is legally theirs. You won’t have to do that with next-day access to funds. This service sometimes requires an upgrade to your account, but it is worth it. You will find your funds in your account as soon as the next morning. PCI compliant equipment Not only is it good business to keep your customers’ credit card information secure, you are legally required to do so. Before you sign on with credit processing company, make sure the equipment being provided is PCI compliant. Doing business with the right credit card processing service helps to ensure you will be PCI compliant. PCI stands for Payment Card Industry, which sets the standards established by the PCI Security Standards Council, a group founded by credit giants American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa, Inc. As of July 2010, all new merchants must utilize a PCI compliant terminal. Credit card machines that are PCI compliant meet certain standards that help to ensure customers are protected. For example, credit card machines cannot retain credit card information. (Note: American National Standards Institute and Visa/Mastercard bank associations allow older, non-compliant credit card machines to continue operating until the merchants decide to upgrade or the terminal simply fails due to age.) Free supplies Another benefit of credit card processing is the free supplies you can receive, such as space-saving countertop terminals, virtual terminals, wireless terminals, PIN pads and check readers. If one of these machines stops operating, you qualify for free replacement terminals. And to support the equipment, you can receive quarterly free shipping, paper rolls for terminals, sales slips, ribbon cartridges and more. Discounts Because credit card processing companies conduct business with other major firms, they often team up. The result is you can qualify for discounts from today’s business leaders, such as Best Buy, UPS, Sprint, OfficeMax and T-Mobile. Detailed reports You can receive detailed information on your transactions, via a secure online portal. These reports allow you to look at your business activity over the last 24 hours. You can schedule customized reports to be delivered upon your request. Similarly, you can view statements and billing and deposit information for all card types and transactions. Making the decision to accept credit cards can open the doors to entirely new lines of business. It may bring you customers you couldn’t envision, and it may benefit you in ways you have never considered. You need to explore the different services offered by credit card processing firms. Find one that’s right for your business today. Alberto Moran is a freelance writer who writes about a range of topics including credit card processing services.