Published December 15th, 2015 by

Credit Card Processing: Reviews for Top-Performers

When researching credit card processing reviews, it’s important to understand the methods of the reviewing site to determine how the sites were ranked, and which company is truly right for you. As a business owner, you’ll want to ensure that the company not only has good credit card processing reviews, but that it’s a good fit for your business over the long run. Read on to find out more about the top credit card processing companies and what makes them a strong choice. Further down below, you’ll find out more information to learn what you need to look for when choosing the processing company that is right for your business. Top 3 Credit Card Processing Reviews #1 - United Payment Services comes in as our top performer. The company has been in business since 1998 with major clients including IBM, Otis Spunkmeyer, and Rockwell Collins. With a 97% client retention rate and over 10,000 active clients, United Payment Services is equipped to handle ATM/debit card processing, check guarantee services, Internet commerce services, and more. Their mission: Our core corporate belief is that our company exists to enable the American dream by providing businesses with the latest electronic payment capabilities at the fairest prices without ever sacrificing our promise to deliver unsurpassed customer service. This company has solutions for both the startup corner store and the public corporation. You can reach them to learn more at: 1-866-886-4833. #2 Credit Card Processing Specialists holds strong at the top with over 1,000 active clients and a 98% retention rate. This company has been providing service to its clients since 2010, with top names including Advance Auto Parts, Discovery Network, Ace Hardware, and Main Street Technologies. The company showcases a robust 24/7 customer support network, competitive rates, and the best payment processing equipment. Depending on your industry, you can find merchant accounts tailored to suit your needs. You can speak to a representative by dialing: 877-554-5853. #3 Cayan was founded in 1998 and serves 100,000+ clients. With a 98% client retention rate, the company offers a variety of services to suit the everyday needs of business. Top clients including Retail Pro, Lightspeed, Popcorn Paws, and more. The company statement: Genius is designed to evolve and scale for growth, enabling businesses to add new payment, gift card programs and loyalty solutions at any time. A representative can be reached at: 866-282-7288 for more information. [caption id="attachment_542" align="alignleft" width="300"]Woman using her credit card for E-commerce Woman using her credit card for E-commerce[/caption] Choosing a Credit Card Processing Service: A Look at Pricing What you need to know about pricing As you go through the process of selecting a company for your business, take into consideration the rates that are charged per transaction. You’ll want to compare different fees to find the credit card processor that stacks up best among the rest. Application Fee - You’ll find that applications fees can vary pretty significantly among merchant service companies. You may encounter some with higher fees than others, but don’t let that necessarily deter you—the relatively higher fees may be an indicator of better customer service over the long term. To further understand the costs, we’ll break it down for you below. Monthly Minimum - The amount you must charge for the month, or be charged the difference. Note: The monthly minimum is usually low, so keep that in mind when calling around. When you call a credit card processing company, you’ll also want to get a quote on each of the following listed below:
  • Wireless Transaction Fees
  • Qualified Rate
  • Mid-Qualified Rate
  • Non-Qualified Rate
  • Inquire about any other fees, because you may be surprised later
  • Fees for service
  • Contracts or Termination Fees
Make sure that when you call the credit card processing company that you let them know you are looking around to find the best rate. Prices can be negotiable, and every company is different, so you can sometimes find a company willing to give you a better quote based on your specific type of business. Measuring Success by More than Just Monthly Rates When looking at credit card processing reviews and prices, there is more to consider than just rates and fees. The overall value of the merchant services company is crucial to long-term success. Therefore, we look at broader criteria to determine which company is the best choice. Reliability – To be valuable for the core needs of everyday business, the company must be reliable. In addition to having a great history with satisfied customers, credit card processors need to be available to provide quality service when you need it — not just during regular business hours. Make sure that the processing equipment is able to take all types of payments at the times you do business. Efficiency – We measure efficiency based on the strategies employed by each payment processor to offer service quickly and effectively. To come up with accurate credit card processing reviews, our team also looked at what internal processes were put into place that will ensure accuracy of payment as well as offering strong fraud detection and protection. Flexibility in Solutions – Credit card processing companies need to offer flexibility in providing solutions to businesses of all shapes and sizes. Your business should be able to have the services it needs in regards to accepting different types of payments. For instance, if you want to offer your tech-savvy clients more ways to pay, you may want to make sure that you’ll be able to take Apple Pay or Google Wallet as well. As business continues to develop, the most relevant companies develop solutions to meet changing needs. Customer Care – Business that happens around the clock should also be served by a credit card processing company that can do the same. It’s important that you can get the service you need so that business flow can keep moving despite any challenges that arise during the day or night.   More Facets to the Evaluation Methods of Credit Card Processing Companies [caption id="attachment_543" align="alignright" width="300"]value price concept on balance scale value price concept on balance scale[/caption] Analyzing Merchant Service Providers – After an extensive analysis of the vendor’s internal services, we gathered information about each provider including services provided and those who are involved in producing the services offered. In the beginning stages, we also analyzed various reports, customer feedback, and other metrics that allowed our team to come to a conclusion based on overall performance and growth over time. Deeper Evaluation – After the initial analysis stage, our team developed a process to evaluate and identify strengths and weaknesses of the top merchant service companies. Using five metrics found to influence various merchant service performance, we further evaluated each company’s merits to find those that shined brighter among the rest. Engagement – Merchant service providers ideally should be highly engaged in the industry, and be ready to evolve when technology does. That is why we also measured the ongoing activity of the credit card processing provider and considered how engaged that company was. By identifying several layers of engagement, we found top performers within the credit card processing company reviews. What we were looking for here were signs of engagement in the industry including: contributions with case studies, providing new research information, and participation at various events. We find that the more active a vendor is within the industry, the more successful they are as an authority in their niche. Taking Credit Card Payments Opens Up Avenues for Growth In any discussion about credit card processing companies, it’s worth noting what benefits your company can receive from simply accepting credit or debit purchases.  A Nilson Report was published that showed between the years 2007 and 2017, consumers will use credit cards more than ever—they will double the use of cards when all is said and done. The consistent transition away from checks and cash means upgrading payment processing capabilities is more important now than ever. Even microbusinesses can benefit from the processing options such as mobile credit card processors. You can accept payment from a physical storefront securely or initiate person-to-person money transfers. Your clients will receive a wireless e-receipt as proof of purchase—and it all happens instantly. With a mobile credit card processing solution, you don’t have large equipment to worry about, as the device works securely from any Internet-connected device like an IPhone. If you’re a small business owner and you begin accepting cards, you’ll also have new opportunities for growth in your business. You can not only integrate new payment options into everyday business, you can offer new ways to sell. For instance, offering rewards cards and gift cards give your customers new options in how they do business with you. More Services Offered by Top Credit Card Processing Companies You’ll find other core services offered by top companies including:
  • Point-of-Sale Systems
  • Mobile Processing
  • Payment Gateway
  • Online Credit Card Processing
  • Retail Processing
When you are searching for the right processing company, make sure you inquire about all of the options offered such as availability of gift cards, and if all major credit cards are accepted. As mentioned previously, choosing a company with flexibility means that you’ll be able to offer the most up-to-date payment trends. For further review: Nilson Report: Everywhere!

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