| As a merchant you want, one of your many | | | | Anyone can become an agent, generally speaking, |
| goals is to provide your customers with as many | | | | but in order to become an ISO, a company must |
| opportunities to pay you as possible. One of the | | | | go through a lengthy and costly application |
| most convenient ways for many customers to | | | | process. When looking for a merchant processor, |
| pay you is with their credit cards. For the | | | | I recommend you look for one who is an ISO. |
| customer it means added security because if | | | | You can usually find a merchant processor |
| there is a problem, they have the credit card | | | | through your local Chamber of Commerce or |
| company behind them. For you, the merchant, it | | | | Board of Trade. Alternatively, ask for a reference |
| means the funds are in your bank in 24 hours and | | | | from a trusted source.What should you ask when |
| there is no handling of cash. But who should you | | | | selecting a Merchant Processor? Your relationship |
| go to in order to set up your merchant account | | | | with your merchant processor is a very |
| and what questions should you ask? There are | | | | important one. Since your merchant processor will |
| some very important questions you should ask | | | | ultimately set your discount rates and be |
| yourself and your prospective merchant | | | | responsible (to some degree) for dispersing your |
| processor before committing to one.What are the | | | | funds, you will want to ensure that you know the |
| benefits to my business for accepting credit | | | | company and its policies and procedures. Here are |
| cards? This is not as simple a question as it | | | | some good questions to ask when selecting a |
| seems. Many businesses just don't need to accept | | | | merchant processor: Who is their primary bank? I |
| credit cards. Small food vendors or other small | | | | recommend you choose one who is with Chase |
| cash transaction based vendors are probably | | | | Paymentech, by far the World leader and largest |
| better off being cash only. Alternatively, service | | | | payment clearing house. Who are some of their |
| firms that do large invoices also may not need to | | | | clients? Find out who some of their clients and |
| accept credit cards because the transaction size is | | | | partners are. You can usually tell whether there |
| large and the volume is low. Merchants who do a | | | | will be a fit if the merchant processor provides |
| high volume of transactions, for example clothing | | | | services for related businesses. How long have |
| stores, attractions, retailers, or restaurants are | | | | they been in business. Although this is not always |
| ideal candidates.Transaction volume and size will | | | | a good indicator, generally a well established |
| generally increase because customers are | | | | company will be easier to work with in the long |
| comfortable spending on credit cards and are | | | | term. What fees will be charged. This is an |
| more likely to spend a little extra in order to | | | | important question. You will want to know exactly |
| purchase what they want. Most consumers have | | | | how much each transaction is going to cost you |
| access to credit cards, as a result, you may find | | | | so that you can find ways to recover the costs. |
| that you will attract more customers who would | | | | In summary, always do some due diligence when |
| otherwise not spend cash with your business.In | | | | choosing a merchant processor. Be prepared to |
| addition to being able to accept credit card | | | | negotiate and ask |
| payments, there are some other benefits including | | | | Card Transactions, Inc. (CCT) is a merchant |
| increased fraud protection through payments like | | | | account processing company serving businesses |
| the Verified by Visa and MasterCode programs. | | | | nationwide. Our company provides payment |
| You can also run gift card programs that use the | | | | processing services for Visa, MasterCard, |
| same underlying technology as credit cards.How | | | | Discover, American Express, Diners Club, JCB, |
| to find a Merchant Processor? There are two | | | | ATM, debit cards, EBT state and government |
| types of merchant processors, those who are | | | | cards, electronic gift and loyalty cards, as well as |
| ISOs (independent Sales Organizations) for the | | | | a variety of private label and smart card |
| major banks like Chase/Paymentech or HSBC, | | | | technologies. |
| and those who are agents who work with an ISO. | | | | |