If you are thinking about opening a small business, you need to carefully plan your logistics, including how you will process payments. We have all seen those commercials for payment apps and phone credit card readers that simply plug into your mobile device. They certainly make credit card processing seem easy and accessible. However, unless you do your research about how payment processing really works, as well as what merchant account companies really do, you may end up costing your new business money you can’t afford to lose.
What exactly are the pitfalls of going with a mobile card reader start-up company? In essence, credit card processing is a complicated industry, and with so many merchant account providers, rates vary. You may pick what seems like a simple set-up, but in the fine print, you will be paying rates that eat too much into your operating costs. The right ISO, on the other hand, may have better rates and options without restrictions that other companies like PayPal have. Also, as your business grows, you want to make sure that your merchant account can grow with you. These additions could include check processing, eCommerce solutions, and phone payments.
Beyond rates and growth potential, you need to be sure that you partner with a payment solutions provider who gives you the training and technology you need. Credit card processing is governed by very complex rules and regulations, and if you make mistakes in regards to proper procedures, the end result could cost your business dearly.
At AVPS, we offer professional business merchant services and competitive rates, and we know all too well the stress you face when starting a small business. Our team has comprehensive solutions, including fraud protection tools, mobile processing technology, and outstanding support. Don’t let flashy ads or niche start-ups set your business up for failure. Contact an AVPS representative and let us help you navigate these crucial first steps so that you can focus on your new business adventure.