Female worker processing credit card at a small business

Credit Card Processing for Small Businesses: 5 Factors to Look For

Looking for the right credit card processing system for small businesses is a must. So, how do you know which one is best for you? Check out these five things before you choose!

Want the best credit card processing system for your small business? Contact us at Consumer Credit Services to learn more!

What You Need to Know about Credit Card Processing for Small Businesses

Having the best credit card processing system for small businesses can significantly affect how well your company runs and how much profit you make. How do you know which one is right for you? Ask these five questions and consider the answers you get.

1. Is the System Versatile?

It seems that everyone these days has their own preferred method of payment. Some use a digital wallet, while others prefer to carry a physical card. At CCS, we recommend and work with Clover, an all-in-one system that accepts any type of payment, including in-person processing by swipe or tap and mobile or online payments. With the Clover system, you can use their POS system, a virtual terminal, or an e-commerce interface.

2. What Fees Will You Pay?

Sometimes, credit card processing for small businesses comes with a host of fees. You may be paying for services like the following.

  • Application
  • Setup
  • Monthly statements
  • Gateway access
  • Interchange
  • Monthly minimums

With Clover, you can pay monthly or pay in full for the year. To find out which processor is the most economical, ask for a sample bill with itemized charges. Clover allows you to accept credit cards with no fee, get free installation, and have funds transferred to your bank within one day.

3. Does the system have good security features?

Security is essential to credit card processing for small businesses. You’ll want a processor with multi-layered security, such as fingerprint login and end-to-end encryption. Again, Clover is our top pick due to their strong security. At CCS, we provide secure payment systems and payment security tips for small Alaska.

4. Is the pricing transparent?

Small businesses need to be mindful of all components of credit card processing pricing. Otherwise, you might think you have had a fantastic month, only to find that fees have eaten up a significant portion of your profits. With transparent pricing, you see exactly what you’re paying for and have the data you need to plan for the future. Clover offers the most transparent pricing for small businesses, so you can track and analyze it all when you get your statement.

5. What will you pay if you terminate your contract early?

While you hope to make the best choice, sometimes you won’t be sure until you’ve tried a particular type of credit card processing for small businesses. That’s why you should find out what they would charge if you terminate your contract early. Credit card processors typically charge a fee for early termination, but you need to know how much that is to make the right decision. With Clover, all pricing is transparent, including the fees you pay during or at the end of your contract.

Consumer Credit Services and Credit Card Processing

You can rely on your MSP team at Cornerstone Credit in Alaska to advise you and provide the perfect credit card processor for your small business. We connect you with Clover, where you will get a customized system designed for your specific business. Our team can teach you what you need to know to get started with payment processing or guide you on the next phase of your growth. We value our customers and provide you with the tools you need to accept payments from your customers!

Looking for a credit card processing system that meets your small business’s needs? Ask the experts at Consumer Credit Services today!

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