What to look for when choosing a merchant processor

Congratulations! You are an ambitious business owner that is ready to open the doors for customers or have already been in business for a while. Being able to accept credit cards as a major form of payment has become a priority for you. In order to do so, you need to open a Merchant Account through a Merchant Processor. There is a wide selection of Merchant Processors in the marketplace and choosing the right one can be a challenging task.

The following is a list of the main factors to consider when selecting a merchant account provider:


What services does the merchant processor offer? Most processors begin with the most basic services including credit and debit card processing. This means that your customers can use major credit cards as a form of payment. However, you can also consider if the processor offers check services and gift card programs. Also, ask the processor about their pricing structure and cost per transaction, and ensure that it is as transparent as possible. In addition, inquire about all fees including any setup fee, application fee or monthly statement fee.


Now that you can actually accept credit cards as a form of payment, you need the appropriate hardware through which you will swipe or enter the credit card information. If your business is mostly card present, consider a credit card terminal or a virtual terminal with a credit card reader that connects to a computer. If your business will be on the road, then you will need to consider a mobile processing solution such as credit card readers that attach to an iPhone or Android. Finally, you may also consider a point of sale solution (POS), which is popular for restaurants.


Merchant processors offer an array of additional programs tailored to business owners’ needs. These can include next-day funding, cash advances and terminal placement programs. In addition, processors also offer fraud prevention programs, such as ensuring that customers have PCI in place. Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that merchants that process, store or transmit credit card information maintain a secure environment. You can also ask the processor about their chargeback management program in case a customer charges back a sale to your business.


This might be one of the most important items to consider when choosing a merchant processor. Consider choosing a local processor that assigns a relationship manager to your business and acts as a consultant that guides you through account set up and ongoing business needs.

For more information, call 305-372- 3000, ext. 343, or go to www.credomaticusa.com

Connect To Your Customers & Grow Your Business

Click Here

Print Friendly

Be the first to comment on "What to look for when choosing a merchant processor"

Leave a comment

Your email address will not be published.