It has now become essential for businesses to accept multiple methods of payment. Cash only transactions are fast becoming a thing of the past and checks are not as popular as they once were.
Indeed, not only does accepting card payments make it easier for businesses to carry out transactions, but it can also guarantee an uplift in sales. There are now so many different ways for customers to pay that they often don't carry and physical money around at all. It's essential your business can take card payments in the modern consumer world.
In order to process credit card payments, businesses need to sign up with a credit card processing service. These companies normally charge a monthly fee as well as a fee per transaction.
If your business is not purely web based, they will also provide point of sale terminals to help you facilitate these transactions.
However, as there are literally hundreds of companies from which you can choose. It is difficult to say which is best, and what's right for you will largely depend on your business's individual needs.
However, some of the largest and best known providers are as follows:
Cayan has been around since 1998 and is based in Boston. Cayan offers a variety of credit and debit processing solutions and has many gateways to choose from.
Cayan process over $7 billion worth of transactions per year and have a client base of over a hundred thousand merchants.
It takes around two days to set up an account and their customer support is available twenty-four hours a day. Cayan’s Genius® platform allows customers to pay how they want, where they want, and be on their way quickly - whether it’s through chip card transactions or any of the array of mobile payments on the market.
Cayan are well connected on social networks and have a popular Twitter feed and Facebook page, as well as a presence on LinkedIn.
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Flagship Merchant Services
Flagship Merchant Services have been around since 2001 and are based in Massachusetts.
There is no fee for joining and accounts take one to two days to set up. The application process can be done entirely online.
They offer services for many industries from retail through to hotels and are used by large companies such as Subway and Avon. You do not have to sign a long term contract as a month-to-month account is available.
Flagship also offer round the clock support and a 'lowest overall cost' policy commitment.
National Bankcard were established in 2008 and are headquartered in Florida. Their accounts can be set up on the day of application.
There is no set up fee and they offer free landline and IP terminals. There is also no cancellation fee should you wish to end your contract.
The company's support team is available round the clock via telephone, email and live online chat. Users can access their accounts at any time to see sales volumes and charges.
Choosing a Card Processing Company
When choosing a credit card processing company, it is always best to do your research.
Be sure to check reviews and compare multiple suppliers to fully understand what you are getting for your money and ensure that you are making a fully informed decision.
Pay particular attention to costs, payment clearing times and customer service offerings, as these will often prove the most important criteria.