Your Credit Card Processing Bill of Rights

Your Credit Card Processing Bill of Rights

by Jim Osterman

Whether a business is a traditional brick-and-mortar establishment or a Web-based retailer " or both " its unlikely any merchant can thrive in today's economy without the ability to accept credit cards.

With the change in the amount of money charge card operators are allowed to accept, people are using their plastic for fast-food meals, designer coffee drinks and other minor purchases. As such, fewer people are carrying cash, which means the merchant that doesn't have credit card processing is going to miss an increasing number of sales.

On the Internet, more than 80% of all goods and services procured are paid for with a credit card. Fewer consumers are willing to place their order via a paper check when they can speed up the process by using their plastic.

However, if you are one of those businesses that have not added merchant account service, it's not too late. Indeed, there may never be a better time to do so than now, with the proliferation of companies offering card processing.

While all merchant services companies do have fees, competition has pushed some of them to waive certain fees, discount others, or bundle services into more cost-effective packages. The key for the merchant to draft their own “customer bill of rights as they undertake a search for the right card processing partner.

First, they have the right to review as many companies as they need to so they can come to a well-informed decision. For some this will be two or three, others may start by looking at a dozen providers.

Second, they have the right to compare apples to apples. What companies are offering what services and what's the bottom-lone price? And if someone is bundling credit card processing services and claiming that will result in cost savings, make them prove it.

Third, they have the right ask questions. How many? As many as it takes until they feel they have all the necessary information they need to make an informed decision that is in the best interest of their business.

Fourth, they have the right to test drive any provider's services connected to their ability to accept credit cards. Reliable merchant service providers will have demo's that allow a prospect to see how their particular process works, and how quickly they can find their comfort level with it. Additionally, they should be able to call a company's technical support and customer service center to get a sense of how well that department would respond if there's a problem.

Fifth, any merchant account company should have the flexibility to grow as their customers grow. Studies have found that businesses that have credit card processing capabilities are more likely to see increased traffic and sales. And that means their needs today will not be the same six months or a year from now. As such the contract they sign today shouldn't penalize them later for being successful.

Sixth, they should expect the company they sign with to accept credit cards to view them as a partner, not just another account. As such, there should be the expectation that both parties are invested in the other's growth and future success.