Burnsville MN Credit Card Processing Services
Apple Valley and Burnsville MN Credit Card Processing Services, including Setup & Gateway Access: Part 1
If you are considering whether or not to offer credit card services for your customers, you have probably run into a ton of information already. Admin Solutions is poised and ready to provide guidance to assist you in this big decision. Or simple hire us to manage this process for you.
Key Factors to Consider when We Help Set-up Your Credit Card Policy:
- The “Merchant Service Provider” option that you have is often a middle person to the clearinghouse that actually handles arrangements with funding sources (Visa/MC etc).
- Some Merchant Service Providers demand full credit checks during the credit card application process.
- Various percentage rates will be offered to your business. Wen will help you find the ideal one.
- Visa/Mastercard /Discover activity in comparison to American Express activity
- What volume of business sales you should anticipate.
- The difference between a Qualified versus Non-qualified Sales Transaction:
– A fully “qualified” transaction that entitles you a top processing rate – however, read the fine print first! It may be challenging to process the credit card given this environment.
– A partially qualified or non-qualified transaction will result in a higher percentage rate for processing.
- Your blended monthly percentage rate for processing will likely average out between the “qualified” rate and the higher, non-qualified rate.
- In addition to the percentages you will pay to process cards, a Merchant Service Provider will likely charge a per transaction fee, monthly account fees, quarterly or annual PCI Compliance fees and even possibly paper statement fees, just to name a few.
- PCI Compliance testing is now required by most if not all Merchant Service Providers to ensure the privacy and safety of the credit card information you are processing. This is an annual test and you DO NOT want to overlook it as the cost to you can be in the hundreds of dollars, annually.
The more challenging your business makes it to get store credit and the tougher you establish the bill-paying rules, the risks diminish that you may a taking a loss. However, you may lose a few clients to a competitor with less stringent credit card rules.
To learn more things that a business should to consider at the time of applying for or using a credit card, visit the the Consumer Financial Protection Bureau.
Figuring out the average credit card processing fees for a particular business means paying attention to the details. ~ Card Fellow