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Small Business Insight

Four Types of Credit Card Processors to Avoid

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Finding a trustworthy and affordable credit card processor can be extremely stressful. It can also cause quite a few headaches for modern business owners.

While there are reputable providers out there, it will take some time and effort to find the best of the best.

If you want to ensure that you find the right credit card processor for your needs, try to avoid the following.

Fee Fanatics

This type of processor doesn't focus on you. Instead, the goal is to make money. They will weasel their way into your wallet to earn more revenue in any way possible.

This means you will begin to see "secret" fees, which eventually put your business in the red. All the pricing factors you talked about, to begin with, will disappear.

The Alternative: Find a processor that is completely transparent with fees and charges.

Contract Crusaders

This is the processor that takes the legal documents to an entirely new level. They also won't blink an eye when it comes to locking you into a new contract - and never letting you out. These companies are insecure and not able to stand behind the services they offer.

They will also rule with an iron fist, knowing that the only way they will keep you is by forcing you into an unbreakable contract.

The Alternative: Find a processor who is transparent with nothing to hide.

Unsecured Data Issues

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This processor is not going to provide proper payment security. As a result, they are going to put your customer's data at risk for fraud. They also won't be offering PCIcompliant solutions or using the latest technology available.

The Alternative: Find a processor that will take your security and the security of your customers seriously, and that is PCI compliant.

Outsourced Support

When you choose this type of processor, you will discover that the company doesn't see it as their responsibility to handle anything beyond processing the payments. If you ever have a question, concern or issue - they are not going to be around.

The Alternative: Find a processor who offers 24/7 in-house support. Also, make sure there isn't a "middle-man" fielding questions and calls.

Believe it or not, there are great processing companies out there. To make sure you find the one right for your business, avoid the types highlighted here.

Other articles you may enjoy: http://insight.getvms.com/what-is-pci-compliance-and-how-does-it-affect-my-business
and 
http://insight.getvms.com/early-termination-fees-credit-card-processing

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