When you are searching for a merchant account or credit card processing service to use for your small business, you understandably want to find the right processing service to use. Credit cards are among the most popular forms of payment among patrons in a wide range of establishments, and you may miss out on business from some of them if you only accept cash or checks as a form of payment. However, a credit card processing service can be expensive to use if the right service is not selected. Because of this, you want to make sure that you select a processing service that is highly affordable and beneficial for your company. One key factor to consider when making your selection involves which types of credit cards to accept.
Credit Cards That Your Patrons Use
There are two key components to consider when making the decision about which credit cards to accept. The first involves consumer convenience. The fact is that accepting credit cards as payment is a convenience for your patrons, so you need to consider which types of cards most of your patrons use. The majority of consumers will have at least a Visa or Mastercard in their wallet, and some will also use other credit cards like American Express, Discover and Diners Club. If your company only does a small amount of business, the number of consumers who wish to pay with a Diners Club card or another related card may be minimal, and it may not be worth your effort to accept this. If you process a larger number of transactions, accepting additional types of credit cards may be financially feasible.
Service Fees
Another factor to consider involves the service fees for the different types of accounts. Each merchant processing service has different fees, and you may find that those that accept only Visa and Mastercard are more affordable than those that accept American Express and other types of credit cards. It is important to weigh the pros and cons of each processing service before making a decision that is best for your business.
If you are comparing credit card processing or merchant accounts services today, it is imperative that you also consider the types of credit cards that you will accept. These two factors go hand in hand. Your main goal should be to find a cost-effective service that provides the convenience of credit card payments to your customers.