Credit Card Processing Buyer's Guide

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In this article...

Introduction
Accepting credit cards
Types of processors
Qualifying
Pricing
Negotiating with providers
Choosing a service
Buying tips

Buying tips

1. Learn how long it takes for funds to be transferred.  Providers differ on how long it takes for funds to be deposited to your account. You will want to specify whether it is a retail or MOTO (mail order/telephone order) transaction, since MOTO transactions usually take substantially longer to clear.
2. Compare variable fees.  Check on fees that tend to vary between providers and may be negotiable. Such fees include setup, cancellation, and monthly minimum fees.
3. Get the complete picture.  Once you know all the fees a provider will charge you, figure out what your total cost would be based on your best and worst recent months.
4. Read the contract.  Make sure to read the contract in detail to understand all fees, minimum charges, the term of the agreement, and termination clauses. Some providers will not cover every point and will leave it to you to uncover the details.

See this page to get free credit card processing and merchant account rate quotes.