If your business is currently not accepting credit card payments today, then you are losing out on thousands of dollars worth of business. Everybody is going cashless and customers prefer paying for goods and services using credit cards and debit cards. Accepting the credit card payments also makes it easier for online shopping, especially with international customers.
Credit card payments are processed by third party companies known as merchant service providers. They are responsible for payment processing to ensure that the funds are transferred from the customer’s card to your business account. Payment processors usually charge fees for these services. These fees depend on a wide variety of factors. Unfortunately, you credit card payment process could be bleeding you dry with various extra charges.
In order to choose the best credit card processing service and cheap credit card processing rates, you should consider getting a statement evaluation service. Statement evaluation helps you link your business capacity to the most affordable and suitable payment processing service out there.
How it can help your business
Companies that provide statement evaluation services are in good standing with other vendors in the industry. Therefore, they can evaluate your business and connect you payment-processing companies that can provide the best service best on this evaluation. These companies have a database of a wide variety of payment processors and literally act as the matchmaker. Therefore, you do not have to go through all the trouble of finding a payment processor only to find they are not the right service provider for you. This saves you a lot of time and money.
Statement evaluation and analysis
Statement evaluating companies receive submissions from hundreds of businesses every day. So they have a wide base of comparison and understand the productivity levels of various business sizes and types in order to get you the cheapest rates. They use key insights in the business processing statement to determine the right service provider for you. Some of them include:
- Monthly transaction volume
- Percentage of swiped cards
- The type of business and business commodity
- Chargeback ratio
All this information is analyzed to determine whether what you are currently paying in payment processing is suitable for your business module or not. And it is not, what other payment processors can match their services to your business needs.
Comparing the results
The evaluation process is very interactive. Once the evaluation is process is complete, the processing experts will give recommendations based on their results and present you with various options for payment processors. All payment processors have their pros and cons and choosing one with the help of these processing experts can help you make the best decision.
Getting your business evaluated is a great investment to make if you want to get the best out of your business. You also get access to reputable and certified payment processors who can offer better quality services besides being more affordable than the services you used before.
Bernard Levert is a payment-processing expert. Connecting the right service provider with the client is essential for the success of business. You can read more about payment processing evaluation at http://pymntadvisors.com/.