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How to Choose the Right Credit Card Processor
How to Choose the Right Credit Card Processor
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cramerjohn004
65 posts
Sep 22, 2022
12:25 PM
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A payment gateway is the online equivalent of a physical Point of Sale Terminal. It provides secure transactions and protection of the customer's credit card data. In most cases the payment gateway is a separate company than the merchant services provider. The largest payment gateway is Authorize.net, and you'll find most merchant service providers out there will use authorize.net as their payment gateway. Large banks such as Chase have their own payment gateway so you should investigate which works out best for you.
Customers should be aware that how to be a credit card processor online transactions have a higher transaction rate due to the higher risk factor. There really isn't any way to get around these higher rates. Another fee you should be aware of is the monthly minimum for a payment gateway, which is often an extra $30 per month.
Negotiating Fees and Rates
Depending on your sales volume and banking relationships, you can haggle for a lower rate. What our clients should know is that the only rates that are set in stone are the one's charged by VISA, MasterCard, Discover, and American Express. You'll never receive those rates exactly because of the costs incurred by the banks and merchant providers and the fact that every business needs to make money, but you can negotiate rates and fees depending on your sales volume.
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