Last update at December 11, 2020
Choosing the best credit card processing company for your business is an extremely important decision to make. Processing fees vary widely depending on what services you require, so it is absolutely essential that you are not paying for more than you need.
Credit card processing companies often use industry-specific terminology that can make it confusing when you are trying to find the best credit card processing company for your business needs. Understanding these few key words will help you to get started on your search:
The best credit card processing companies offer analytics reports to their clients, which is data collected about the customer’s spending. This data can then be used to better understand your customer’s buying habits and to predict trends.
Approval time is the time it takes from when you make your application for credit card processing to when it is finalized. The best credit card processing companies are thorough yet quick with their approval process.
A chargeback occurs when a customer disputes a payment on their credit card directly with the credit card processing company. When the money is refunded to the customer, the merchant is charged a fee by the credit card processing company. The best credit card processing companies will investigate chargeback requests in order to avoid fraudulent chargebacks.
An EMV terminal, sometimes called a chip terminal, POS terminal, ATM terminal, chip card reader, or chip reader, is the machine that processes the credit card payments. The best credit card processing companies offer a wide variety of EMV terminals to suit a variety of business needs.
Funding time is the amount of time between when the customer’s credit card is charged and when it is available for deposit into your business’s bank account. Average funding time is between one and three days, though same-day funding or next-day funding options are available with some companies. The best credit card processing companies will shorten the funding time when a good business relationship has been established.
Month to Month Agreement
A month-to-month agreement with a credit card processing company does not include a long-term contract. You are free to cancel at any time, without penalty. The best credit card processing companies will offer incentives to lock your business into a longer-term contract.
Your qualified rate is the lowest rate for credit card processing services that is offered to you based on your application. The best credit card processing companies will explain their rates thoroughly.
Transparent pricing means that all costs associated with the credit card processing services are apparent. In other words, there are no hidden fees. The best credit card processing companies are up-front with their pricing.
A virtual terminal is an online application that allows you to process payments without a card reader. The best credit card processing companies will offer the option of a virtual terminal alongside their traditional terminals. Some card readers can connect to digital devices and process payments through the virtual terminal. Visit our website for more details.
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