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To answer the above question i.e. how to select the appropriate credit card processing service, first you need to know how credit card processing works. We have explained the whole process below
Firstly, a customer enters his/her credit card information. How a customer enters information is different for example in store customers swipe magnetic stripe cards, or dip EMV chip cards, or tap contactless cards, or use digital wallets, like Gpay, Apple Pay, etc. Then the payment information is sent to the credit card processor who then communicates with the customer's bank via the card networks either VISA or MasterCard. Then the customer’s bank approves or declines the transaction by taking various aspects into consideration such as card number validity, availability of sufficient funds, etc. The approval or decline is then sent back to the payment processor, which then sends it back to the terminal where customers are using their credit cards.
Now that you understand the process of how credit card processors work, refer to the below information on how to select a credit card processing service. These 4 points should be considered while selecting the payment processing service - Transaction speed, Rata structure, Uptime record, Customer support.
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Transaction Speed: Customers like those payment processors which are fast. Even a very little delay can make the customers annoyed which will harm the business. So you should go for those credit card processors which are fast, accurate, and safe.
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Reliable Uptime: A credit card processing outage usually happens but all the technology is vulnerable to downtime. So before choosing a credit card processor, ask what is their uptime history and what process they follow to minimize the interruptions. A good credit card processor will have a solution ready to remain operational during a credit card outage and also redundant servers in case their servers go down.
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Rate Structures: Before choosing a right credit card processor go for those who have a simple payment plan. The rates are dependent on various factors like your industry type, your customers type, etc. You must ask for the complete and clear plans from the credit card processor.
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Customer Support: The maintenance is one of the most important parts of a complex system. So how the credit card processor provides that maintenance and support is very crucial. Because if anything goes wrong you can count on the customer support to get you out of that technical difficulty. If you can get an agency that supports 24*7 customer support, it will be very good in case you have an international business. Many payment processors keep track of their customer service records, so it will be good if you ask them about these.
