Recently, an editor and business owner, Paul Downs, not only searched for a new credit card processor, but also wrote of his experiences throughout his hunt. Paul writes for The New York Times and is an editor for a section of the online publication titled, “You’re the Boss: The Art of Running a Small Business.” In these four articles written by Paul, he explains the obstacles and difficulties he encounters when trying to find the right merchant services provider for credit card processing.
Credit Card Processing Fees
Paul learns a good deal about processing during his search and finds that his original plan of going to a large bank for his credit card processing needs was actually furthest from the best choice due to higher fees and contracts. I highly recommend that EVERY BUSINESS OWNER read the following articles so that they can assess for themselves whether or not their annual fees paid are too high for the volume they are processing. It is important that as a merchant that you understand how you are being charged (the rates they tell you are not always the EFFECTIVE RATE you are paying at the end of each month), and that you know what services you will receive in return for those fees.
After reading his four articles linked below, I realized that not all merchant processors run their business like ours. However, there are some similarities and you should find that a majority of this information should be helpful.
Keep in mind that there are many ways to refer to our business, some of the more common terminology are as follows: Merchant services, credit card processing, merchant processing, merchant services provider, etc.
What you need to know about processing payments with QuickBooks Intuit: Credit card Payment processing for QuickBooks