Credit Card Processing for Business With No Monthly Fee

credit card processing
Image: Contributed | Credit Card Processing for Business With No Monthly Fee | Would you like your small business to accept credit cards but are deterred by the monthly fee? If so, you are not alone. Every year thousands of small businesses have to decide between a boost in sales thanks to credit card purchases and higher fees and costs. It can be difficult to know if the rise in the first will offset the rise in the second. In addition, each credit card transaction has an additional cost. How can a small business afford to get into the credit card game?

Consider merchant account solutions with no monthly fee. While these accounts do charge more per credit card transaction, the math may come out in your favor. If your company averages a few sales per month, it is more economical to pay a slightly higher fee per transaction. But if your company has numerous sales, it may be better to pay the monthly fee with lower fees per transaction.

Compare the bottom line before you sign up for credit card processing for business no monthly fee. Smaller or newer companies will likely benefit from this option. Check your budget and do the math, then choose the merchant account that gives your company the best options.

How To Choose The Right Merchant Account

In addition to credit card processing fees, there are other factors you should look at before choosing your merchant account. Other considerations include:

  • Point of Sale System (POS). Check out the POS system the account uses. You want one that is current and accepts all forms of payment from credit to cash to touchless. The Clover 2 system is a good example.
  • Customer Service and Support. You need to know that someone has your back. Experts that can trouble shoot, help with setup, and provide support for down systems should be just a phone call away.
  • Contracts. How long of a contract does the merchant account require? Can you get out of a contract easily if the service isn’t working for your company? Take steps to ensure you aren’t locked into a bad bargain for a long time.
  • Equipment Fees. If the merchant account is providing the equipment, you may be paying leasing or subscription fees. It may be better to purchase equipment outright.

How To Stay Secure

A crucial part of any merchant account solution is security. Your account provider must offer multiple layers of secure data protection. There are two components to a strong security model:

  1. Virtual Security. This includes passwords, authentication and authorization codes, and antivirus and anti-spyware software. Your provider should employ these tools to create a secure network that protects all customer credit card data. 
  2. Physical Security. This means restricted access to servers, storage, and networking cabinets. The physical facility where the hardware is run and kept should be protected like Fort Knox.

By comparing all the above data and crunching your own numbers, you can find a merchant account that will not only provide affordable credit card processing, but also provide your company with the tools it needs to thrive and grow.