Partnering with a trusted credit card processing service provider is more important than one might think for their business. Unfortunately, not all credit card processing companies operate the same. Misconceptions and misleading information can lead to a direct effect on your bottom line. Check out these 3 roadblocks to avoid when choosing a credit card processor.
Roadblock #1: PCI Non-Compliant Fees
Being PCI compliant means you are processing customer credit card information in a secure environment. Your merchant services provider should inform you of this compliance requirement and guide you in how to become compliant if needed, which involves an annual questionnaire and quarterly scans. Is your provider providing these services?
If the answer is no, then it might be a good idea to inquire with your provider. Reasonable PCI compliance fees are normal but what you may not know is that you are charged higher fees when non-compliant. If your merchant services provider isn’t providing the support you need in this area, it may be best to search for another partner that will. Why pay unnecessary fees?
Roadblock #2: Shortage of Industry Knowledge
When choosing a merchant services provider, it’s also essential to make sure they have the industry knowledge to educate you on the ever-changing rules of card brands that help avoid fines and even credit card fraud.
Does your merchant services provider talk to you about rules and regulations that protect and benefit your business? Have they mentioned EMV compliance, card present transaction standards or protocols for card-not-present transactions? Have they informed you that you cannot charge a surcharge on debit card or gift card transactions? This information is vital to any business owner.
Roadblock #3: Lack of Customer Support
It’s not uncommon that some credit card processing companies outsource their sales and customer support representatives, and sometimes this leaves merchants in a sticky situation when they need prompt support. Asking about availability of local customer support before signing any agreement is imperative.
Before choosing a credit card processor, do your research. Review their website, check to see how they keep their merchant base up to date. It also helps to find out their specific customer support hours, so you are assured that they are available when you need them in a pinch.
At OTM Payments, transparency and unmatched customer service are always at the forefront with our merchant clients. As a family-owned and operated company with a team of industry veterans, our cost-saving solutions and flat-rate models have a proven track record to help your bottom line. We are confident that our team is the right partner for your unique merchant service needs. Ready to start saving? Reach out to us to learn more about our services: [email protected] or 732.230.7700
Copyright © 2022 - On The Mark Payments, LLC is a registered ISO of Wells Fargo Bank, Concord, CA. On The Mark Payments provides electronic payment processing services to merchants throughout the country.