Guide to Compare Credit Card Processing for Small Businesses

One of the challenges as a small business owner is finding ways to improve your bottom line. Accepting credit card payments can be helpful, but you need to make sure that you have the right credit card machine and merchant account that will suit the type of business you are running. There may be a lot of options available, and to make an informed decision, you need to take some time to compare credit card processing for a small business. There are online tools that can help you explore quotes and features at a glance, so you can pick an appropriate credit card processing service that will be affordable and ideal for your business in the long run.

As you compare credit card processing for small business, be sure to look into the following factors before you make your decision:

• Fees – Determine the cost of processing credit card payments by adding the credit card processing fees to the price of the card machine. Keep in mind that fees will vary per merchant account, as well as per your business, but be on the lookout for costs like the payment gateway, card machine price, interchange fee, early termination fee, transaction fee, monthly minimum fee, and chargeback fees.

• Types – There are three types - ISO, high-risk, and aggregate merchant accounts. Small businesses typically get aggregate accounts, as they only charge you when you make a sale and they usually do not have monthly and set-up fees. Independent Sales Organisation (ISO) accounts are flexible and suitable if you are the only merchant with high sales volumes. If your business is considered high-risk (i.e. travel, healthcare, or subscription service), be sure to check high-risk merchant accounts when you compare credit card processing for small businesses.

• Your likelihood of approval – Merchant account providers look at the age of your business, credit history, and any previous credit card processing services you may have had in the past to determine your credibility.

• Cards acceptable – Make sure the most common cards are acceptable as you compare credit card processing for small businesses.  These include Visa and Mastercard, as but some may also accept JCB, Solo, Switch, Diners Club, and American Express.

Compare The Best Mobile Card Readers in the UK

Looking for the best mobile card reader in the UK? Understanding the different types of systems there are is a good place to start. From the outset, you want a mobile card reader that is equipped to handle different kinds of payment options, from mobile wallets to chip cards, and even more traditional magnetic strip credit cards. An advanced device that can accept these kinds of payments is definitely a better choice over other systems that is limited to one type of card.

This said, staying up-to-date with more advanced technologies isn’t always the easiest nor the cheapest option, especially for small businesses. The best mobile card reader in the UK is one that accommodates the needs of your business and your customers, first and foremost. Advanced features are a great bonus if you can afford them and if market demands are moving toward their use. EMV chip card readers, for instance, are rising in popularity, as more and more banks and credit providers prefer EMV chips over traditional magnetic stripes, which have long been used in credit and debit cards. The EMV chip card is developed and managed by leading credit card companies like American Express, JCB, Discover, Mastercard, Visa, and UnionPay. It is a more secure technology than older magnetic stripe swiping technology that businesses and consumers are used to because it uses a fresh encryption for each transaction.

Systems that allow for mobile wallet transactions are also ideal, because not only are customers inclined to leaving cash at home, they are also more comfortable leaving home without their wallets. Modern customers are becoming accustomed to using their smart phones to conduct retail transactions through built-in apps and mobile wallet systems that are linked to their credit cards. These mobile technologies make use of NFC or Near Field Communications, which allow for wireless and contactless payments between card readers and smart phone devices.