5 Key Principles in Choosing a Credit Card Processor

Selecting the Right Credit Card Processor

card processing image

There are so many topics to speak on when it comes to credit card processing. From choosing the right provider, to understanding your fees, to the EMV liability shift taking place October 1st of this year and so on.

Card processing can be boring but don’t hit the snooze button just yet! Often viewed as a necessary evil, business owners balk at the mere thought of having to think about credit card processing.

credit card

Many business owners have been taken advantage of and/or steered in the wrong direction at some point by a processing company resulting in lost time, delayed funding, lost sales, headaches and much frustration. After all, it is Your monies we are talking about here! There is much to learn and it is vital to any business taking cards, that they know and understand the risks and rewards of dealing with a processing company. I, for one, am sick of the way small to large businesses get treated each and every day by many of these companies that only see you as a number and a dollar sign. Living in the area and speaking to local merchants on a daily basis, I hear horror stories all the time. Today, I would like to share with you some steps to consider when choosing the right provider for your business. Below, I will list for you, five key principles in choosing the right Card Processor for your business.

  1. Take Your Time and contact multiple providers. 
    As a Wise man once said, “those who fail to plan, plan to fail.” It’s a process.
  2. Ask providers for references of existing merchants they currently work with.
    This gives you an opportunity to get real time feedback and life size reviews on not only the company as a whole but also the actual rep/agent who will be handling your account.
  3. Ask company for sample statements from existing businesses doing similar numbers.
    Often times, a rep will quote you half the rates, so you sign up and then see ALL the fees on your actual statement a month after the fact. No Bueno!
  4. Work with a local company, if possible.
    This ensures you are dealing with someone in your area face to face that can service your account and actually be there for you when you have equipment issues, questions, comments or concerns.
  5. Give them the Truth Serum!
    Yeah, you read that right. Truth Serum! As a business owner/operator who accepts card payments, you’re likely solicited by many competing payment processors who will promise you almost anything to win your business. How do you know if a processor is honest? The truth serum questionnaire. Email me at nick.osborn@elecpayments.com and I will send you the Truth Serum Questionnaire that you can use to get the facts and not settle for less.The questionnaire forces the representative to be up-front about his or her product services and pricing by documenting them in writing. The answers will reveal what you can expect from each processor.If a representative doesn’t complete the questionnaire completely – or won’t even consider filling it out – it’s a telling statement of the company’s intention, its values and how it conducts business.

    After all, they are asking you to trust them with depositing and handling most all your companies’ revenues.


Nicholas Osborn is a member of the Tracy Chamber and owner of Electronic Payments California. Nicholas is dedicated to consulting with business owners by providing full disclosure and education on credit card processing. For more information, contact him directly at 209-652-4652.