Choosing a Credit Card Processor - What Type of Merchant Service Provider Is Best For My Business?

Whether you are just starting a brand new business or are a well-established company in the marketplace, your business will definitely benefit from utilizing credit card processing services. Studies show there has been a steady increase of electronic payments usage over the past decade, with credit/debit cards being consumers preferred way to pay, while cash and check writing has drastically declined.

According to The Visa Payment Panel Study conducted in May 2010, "the use of plastic payment methods has steadily increased over time. In 2008, 91 percent of panelists reported using plastic in a given month, up from 78 percent in 2000. The incidence of check use declined from 84 percent to 69 percent during that period, meaning that about one-third of the population claims to write no paper checks in a given month. Cash use is also down: One in five consumers report making no cash purchases of $5 or more in a given month."

It's obvious from these trends that merchants who aren't accepting electronic payments are doing their businesses a huge disservice. In most cases, if your not accepting credit/debit cards you are turning business away - it's that simple.

EPS knows that choosing a credit card processing service provider from all the companies competing for your business can be a daunting task. And that's why we're committed to teaching you everything you need to know about credit card processing services.

Although many banks also offer merchant accounts (more and more are jumping on the band wagon as a way to increase their profits), they're usually not the best option for your merchant service needs for a couple of reasons. First, the banks application process is a lot more complicated and their acceptance requirements are much more stringent making it more difficult to be approved than it is with other merchant service providers. Second, they usually don't offer any advanced processing solutions such as wireless capabilities or web based processing solutions. Third, they don't offer any other value-added programs to help businesses gain more customers which other processors typically do, such as EPS90 No Credit Check EZ Payment Plan.

Obtaining a merchant account is fairly simple process. Following are the straight-forward requirements that you must meet before you can begin processing credit cards.

1. Opening a merchant account: The first step is to establish a merchant account with a reliable credit card processing company. You'll need to fill out an application and have it approved by the merchant service provider. Make sure to choose one that best accommodates all of your business' needs before applying for an account.

2. Getting equipped: Once your account is set up, you'll need the appropriate equipment and services to start processing electronic payments. The type of equipment you choose will depend on where and how you do business: point of sale (POS) terminals for retail stores, wireless terminals for mobile merchants, Web-based payment gateways for online merchants, and so on. Your sales representative will go over the various options and help you decide which equipment is the right fit for your specific business.

3. Quick and easy setup: Many businesses think getting setup to accept credit cards is a long and tedious process. Don't worry, it's not at all. In fact, most merchants are up and running within 48-72 hours.

4. Getting trained: A responsible credit card processing merchant service provider will not only guide you in choosing the right equipment and services for your business needs, but will also train you and your staff in the most effective use of the equipment to get the most out of your investment.

5. Merchant accounts are inexpensive: Today's processing rates are low enough that even the smallest mom and pop business can easily afford to accept electronic payments. Also, keep in mind that it is all relevant, the increase in sales your business receives by accepting electronic payments more than covers the small costs involved. Just as your company needs to make a profit in order to sustain itself, so do merchant service providers, after all it is a business like any other.

It's important to understand the various fees associated with merchant services as they can vary greatly across different providers. Typical fees include: transaction fees, statement fees, discount rates, and termination fees among other miscellaneous fees. Refer to Understanding Credit Card Processing Fees for a detailed explanation of the various fees. Lastly, don't be fooled into making a decision based on receiving a "Free" terminal, as it will likely cost you much more in excessive fees over the long run.


About Electronic Payment Systems (EPS):
EPS is one of the largest, privately held merchant service providers of electronic payment products and services to businesses and independent sales organizations. Uniquely positioned in the payments industry, EPS offers complete merchant processing solutions and expertise to drive revenue and profitability for all business types from mom and pop's, restaurants, service industries and retailers. Its' vast portfolio of products includes point-of-sale terminals, e-commerce systems, mobile applications, check verification, gift cards, loyalty programs and cash advance services in addition to their revolutionary EPS90 No Credit Check EZ Payment Plan program, a check guaranty and conversion service offering a 90-day, no credit check, in-house payment plan. The company is headquartered in Englewood, CO.

For More Information, Call 800-863-5995 or visit http://www.eps-na.com or http://www.ezpaymentplan.net

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