I absolutely hate credit card processing!
Those are the words I hear when I meet with business owners and ask them how they feel about credit card processing. It’s one of the topics that business owners, no matter what industry, seem to have deep frustration with. Not only because of costs, that often seem out of control, but also because of all the misrepresentation businesses experience from all the credit card processing providers they have to constantly dismiss.
In “The Truth About Accepting Credit Cards“, I talk about the challenges I faced when starting my journey as a credit card processing representative for the 5th largest credit card processing company in the United States, and how it took me 6 months to develop a basic understanding of the industry I was working in full-time! I have true empathy for the person trying to run a business that is tired of “rolling the dice” on a new credit card processing relationship as I know first hand how confusing it can be!
I am here to tell you though, there is hope!
There is a process you can use to get your questions answered so that you never have to wonder about your credit card processing situation again, and can focus on the more important aspects of growing your business.
Understand The Industry
The first step I would recommend when evaluating your credit card processing would be to develop an understanding of the payment processing industry. There are several blogs and websites you can study to increase your knowledge of the industry, as well as downloading the ebook I wrote on the topic. This is important to do so you have context for the types of providers available to you and have an idea of how the fees work. A lack of context and knowledge is what contributes to so many business owners being taken advantage of by the unethical business practices found in the credit card processing industry.
Know What Is Important To You
The second step in getting what you want regarding your credit card processing is clarifying what is important to you. In my previous article, “5 Questions You Must Ask Before Switching Your Merchant Services“, I talk about how to create a process for interviewing payment processors so you are able to stay in control of the process and secure the right fit for your business. Having knowledge of the industry and how the fees work will prevent you from signing the wrong contract, and knowing what is important to you will help you pick the right payment provider for the right reasons.
Ask The Right Questions
The final step to ensuring you’re in the right place when it comes to your credit card processing is knowing what questions to ask. Too many times I have met with a business owner and found that they were told they were going to save a lot more money than what was possible or realized. This often happens for several reasons, sometimes because the merchant services rep doesn’t understand what fees can be lowered on the credit card processing statement, other times it’s because they are being dishonest about what they are proposing.
Asking the right questions will help you filter out the wrong providers and find the right fit for what is important to you and your business. If you’re looking for a few examples of what types of questions you can ask, download a copy of “The Truth About Accepting Credit Cards“, where I provide 25 questions you can ask when evaluating your credit card processing.
The only way to steer clear of the deceptive business practices found in the credit card processing industry is to be aware of them, and have a process for disqualifying the payment providers that are after you and your business. There’s also an opportunity available to you when you have a list of questions prepared before you meet with a credit card processing representative. It allows you to see how they respond to your questions. Questions allow you to uncover the psychology of the representative attempting to win your business. Are they honest when they respond to your questions? Do they understand their own industry? Are they there for a sale or to be a true partner? Do they admit when they don’t have a good answer? Do they care to provide a great service to you?
You must raise the standards of the people you allow to bid for your credit card processing. Only when you raise the standard will you begin to experience the results you wish to experience and actually get what you want long term. Otherwise, it will forever remain a frustrating process that really isn’t worthy of your time.
If there is anything I can help with regarding this topic, don’t hesitate to contact me directly.