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How do I choose a merchant processor?

The game has changed and there are multiple merchant service providers for all small businesses to look at today. What are the main issues you need to be aware of when choosing a processor?

Fees add up over time, and can be extremely expensive if you are not careful.  If a processor is offering an amazingly low rate that you do not believe, be careful.  They have to make that money back in hidden fees somehow.  Beware of the hidden fees, ask questions, be suspicious of the too good to be true offer.  It probably is.  Remember, set up fees and monthly fees vary depending on every provider.  Ask questions.

In this increasingly digital world, security should be at the top of your list.  Make sure your new equipment is EMV compliant and that your provider follows PCI guidelines.  You as a merchant must also follow PCI guidelines for security or face severe fines for noncompliance.  Train your staff on the necessity to use the EMV slot for processing on your equipment, as opposed to the magnetic slider.  If an employee uses the magnetic slider and a card comes up as fraudulent, your business, not the bank, could be left being responsible for the entire amount of the fraud. 

Cash flow is a very important piece of your business map.  What do we mean?  Processors can hold the money from your transactions from the time it is processed to the time it reaches your bank account.  Each processor follows a different system, and depending on your business or your personal credit, your wait for funding can be next day or as long as 4 days from the transaction.  Make sure your processor is giving you the fastest turnaround for your money that they are allowed.

There is no one size fits all solution with this necessary business tool.  Do your homework so you can get the best deal for you. 

For more questions, you can contact http://www.nationalcardsolutions.com

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Media Contact
Company Name: National Card Solutions
Contact Person: Nancy Clinton
Email: info@nationalcardsolutions.com
Phone: (844) 838-3087
Country: United States
Website: www.nationalcardsolutions.com

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