Happy 2013 to our readers, and while this first January week may still find many of us in lingering “holiday mode,” it actually brings some “hard news” in the credit card processing business.
When businesses compare their revenue to the revenue of businesses that offer more payment options, implementing those additional options often becomes a priority. For most businesses, increasing payment options requires contracting with a merchant service, an organization that is backed by a bank and offers a variety of payment processing options.
If your business operates online, the ability to process credit cards is a necessity. Consumers want the additional convenience of being able to make a payment for services or products online. They also prefer to use a credit card because of the extra security it provides for each transaction. Adding this payment method is a great way to match the competition, increase profits, and grow as a business. However, it can also be very costly if you do not compare fees appropriately. Stepping into this new business realm blindly is never recommended.