Credit card fraud is a big problem nowadays. With the amount of technology that is available to the common person now, it is almost to easy to hack into someone’s personal information and figure out how to steal their identity and all their resources. It’s a scary thought and as a business owner you have a responsibility to keep your customers safe from getting their information stolen through your credit card payment systems. If you are first starting out in your business then you’ll be needing to set up credit card payment system to begin with. Here are a few things that you should consider about before deciding on a credit card merchant.

1. Reputable
   When you are first looking into credit card payment systems you need to make sure that you are using a reliable and trustworthy merchant. Finding a merchant through word of mouth is the best way to find a reputable merchant that can offer secure payment processing. This is the easiest way to steal someone’s information. Immediately when they swipe it, if there’s a dishonest employee or the whole company is set up to steal information then that customer’s information has been relayed already and there’s not getting it back.




2. Fees
   This is a big one if you are trying to find a good credit card payment system. Each company differs in their fees, some are higher, some are lower. Don’t just automatically go for the lower fees, as tempting as that is. You need to look at all the services offered and make sure that you are getting as much bang for your buck as possible. Also, some merchants have a fee and a per swipe charge. The per swipe could be as low as 10 cents but 10 cents plus the percentage fee every single time you run a credit card can really add up. Some companies offer a flat monthly rate and no fees are charged per transaction. You’ll have to decide which is more profitable to you, depending on how many of your customers will be paying with cards.




3. Tax Reporting
   Some credit card merchants have an odd way of reporting when it comes time to file taxes. A good merchant company will only report that they have give you the amount minus the fees and per swipe charges, if there are any. The only amounts that should be reported are the ones that you actually received. You should not be held liable for the fees and charges unless you are going to be able to legally write that off or put it down as a deduction. This is something you will have to discuss with any potential merchant that you are considering using, before you sign any papers.




4. Contracts
   Many merchants will offer a contract to run your debit and credit cards through you. You’ll need to consider how long you are going to be using this merchant. If you know for certain you will be able to complete the contract, then by all means, sign on the dotted line. However, if there is even the slightest chance, which there usually is, that something unforeseen is going to come up and not allow you to finish out the remainder of your contract then you need to be very careful agreeing to certain terms. There are usually very steep cancellation fees otherwise you will end up paying the monthly fee til the end of the contract.




5. Cancellation Policies
   These can be tricky. If the company is a little sketchy, they may automatically renew your contract without needing your permission because of fine print that you signed to in the beginning. Side note: always read the fine print, no matter how annoying it is. Some major banks like Bank of America require a three month notice if you are not going to renew. While that does seem a little excessive, if you don’t read the fine print, you won’t know and it’ll be on you.

Keep these points in mind and you’ll be able to find a great credit card payment system that’ll suit your company’s needs perfectly. There are many types of payment systems available now, so don’t get stuck on the first one you see. Do the research!