The 5 Best Credit Card Processing Companies for Startups
As an entrepreneur, you’ve got 100 things to check off your list before you can open for business. Among the most important, but often overlooked, is providing a means through which your customers can pay you.
Given that over 75% of transactions involve either a debit, credit, prepaid, or gift card, that means finding a credit card processor.
For most entrepreneurs, the search for merchant services starts with their bank, as most banks either offer their own credit card processing service, or have a relationship with a provider that they recommend. Although you may love your banking services or trust the brand name you’ve seen over the years, those credit card processing companies generally aren’t the best solution for startups, because they are expensive and because they don’t offer the flexibility or services provided by startup-oriented providers.
While compared to choices that startups face like where to sign a lease, or what equipment to buy, choosing your credit card processor may not seem like an important decision. When you consider, however, that a bad choice can mean fees that total 1 to 1.5% of your gross income, it may be one of the most important decisions that an entrepreneur faces.
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Given that over 75% of transactions involve either a debit, credit, prepaid, or gift card, that means finding a credit card processor.
For most entrepreneurs, the search for merchant services starts with their bank, as most banks either offer their own credit card processing service, or have a relationship with a provider that they recommend. Although you may love your banking services or trust the brand name you’ve seen over the years, those credit card processing companies generally aren’t the best solution for startups, because they are expensive and because they don’t offer the flexibility or services provided by startup-oriented providers.
While compared to choices that startups face like where to sign a lease, or what equipment to buy, choosing your credit card processor may not seem like an important decision. When you consider, however, that a bad choice can mean fees that total 1 to 1.5% of your gross income, it may be one of the most important decisions that an entrepreneur faces.
More from LivePlan.com
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