Credit Card Processing Without Excessive Fees
It is impossible to do business in today’s market without a credit card merchant account. While there are still a few consumers who insist on using checks and cash, most prefer the convenience and simplicity of the little plastic card or would rather just pay for everything online. However, credit card processing has traditionally been an expensive option for businesses as most banking services are offered at a percentage of the transaction on top of monthly charges, rental charges for equipment and software, setup fees, and any other miscellaneous fee that can be tagged on.
The motive for most individuals to use credit is based on the security of a paper trail and the fraud protection offered by both banks and credit card companies, in conjunction with the ease of never having to search for an ATM or come up just short of necessary funds. This trend towards simple and secure has been developing for decades, driving the need for businesses to maintain a credit card merchant account, and forever changing the way people pay for the things they want or need.
Unfortunately, technology has not been fast enough, or cheap enough, to handle the vast number of credit card processing transactions until recently, so many companies refused to offer the service, or they charged a surcharge to recoup losses. This has changed over the last decade as the cost for internet services and data processing have steadily decreased, security measures have been implemented, and the cost of payment processing hardware has significantly decreased.
In fact, the security level has even grown to the point where a general computer can successfully process payments without the fear of theft, and it only requires a small add on. For smaller companies who work off of a single computer and have constant access to the internet, this becomes the optimal solution. On the other hand, businesses who have limited access to the World Wide Web and those with a large number of payment processing locations require more advanced setups, but the cost is far less than it used to be.
While there are still a few companies who refuse to acclimate to the market changes, consumers expect modern forms of payment processing, both in store and online. Additionally, the movement away from cash transactions has reduced the treat of miscounting, shortchanging, and cashier theft at the register. No matter how it is looked at, a credit card merchant account has become a requirement for all businesses, and it looks to be the preferred method of payment for quite some time.
Terry Fletcher has assisted numerous developing companies in deciding and setting up their payment processing plans over the last 4 years. Due to the fact that many start-ups are strapped for cash, the number one request for Terry has always been low finance charges. As such, Terry has become adept at setting up a credit card merchant account that meets his client’s needs while keeping costs at a minimum.
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