A big area that small businesses need to focus on when setting up their business is credit card processing. There are many different options out there, and it can be difficult to navigate fully. In this post, we will explore the different issues that you need to understand with processing, as well as what is the best credit card processing for small businesses like sports facilities.
Credit card processing can be extremely difficult to understand. The main reason for the difficulty in processing is that the pricing models your representative may present to you can be unclear and can be long. For example, the different models may include interchange plus, flat rate, cash discount, and more. There are also a lot of different credit cards. It’s important to find a processor that works for your business.
CC Processing Issues
There can be a lot of issues with pricing, as well. Mainly, there can be a lot of hidden fees with your credit card processing. These include account fees, PCI fees, gateway fees, IRS fees, minimum amount fees, and more.
Another issue involves contracts and pricing. For example, credit card companies always try to increase pricing in March and October. Most CC processors also try to get you into a two- to five-year contract. If you start having issues, you’re stuck in a contract you can’t get out of. At the same time, very few offer next-day funding. They usually like to hold your money for up to 72 hours.
The PCI fee is a yearly or monthly fee, to verify you are protected with your processing. Another inclusion is the PCI SAQ, or the Self Assessment Questionnaire. It is a yearly task that must be completed, or your processor will charge you a fee that ranges from $29.99 to $99.00 per month.
Typically, support is also terrible. To get support, you may have to talk to a call center overseas, or to a center not properly trained here in the USA. Not only will it be time-consuming, but it can also cause frustration and sometimes not getting your questions or issues resolved.
The Best Credit Card Processing For Small Businesses
An important question to consider: how would you budget or price your services when the processing company takes 3% to 3.5% plus a $.30 per transaction of your sales – depending on the type of card your customer uses? Consider also that pricing increases would come in March or October.
If you want a great plan, our partner offers a 2.85% flat with a $10 per month and a $.10 per transaction cost. There are no monthly minimums or contracts. It also offers next-day funding as well as a dedicated support person. We will make sure you never pay the SAQ fee, as long as you respond to us.
Credit card processing can be a struggle to fully understand. An easy processor and no issues with contracts or funding can benefit your business a lot. Book a free 15-minute consultation with our experts for more information on choosing the best credit card processing for your facility.