Merchant Payment Challenges
Discover common issues merchants face when selecting a payment processor for their business needs.
Common questions and challenges
Can I just run my business without accepting credit card?a
Yes, you can run your business with just checks and cash. But honestly, it's 2025. People don't use checks much anymore, and carrying cash can feel unsafe. Plus, customers are busy and might not want to go to the bank.
Even if a single person a year wants to pay with a card, it's worth having that option. If you stop take cards because of the fees, then you are paying too much.
I was offered free processing for my small business. Why am I now paying all these fees?
This is a typical tactic most processors use. They reel you in with the promise of free processing, and then hit you with hidden fees, contracts, and miscellaneous charges.
What do I look for when signing up?
Look for salary employees instead of independent sales brokers.
1099 sales agents eat what they hunt. More money you lose, more money they pocket. They have an incentive to charge you as much as they can.
Ask for an email with the rates you are promised over the phone.
Having the rates you are promised in writing, adds a layer of protection against fraud.
Look to make sure they are emailing you from the company they work for, and not a personal account.
This way you can also refer back to the rates, in case you need to.
Always go through the application/contract with your agent before you sign.
What are the differences between credit card processors?
Let me say something everyone else is reluctant to say: When it comes to processing, all credit card companies do the exact same thing.
The real difference lies here:
Rates - lower your rates. Get rid of your monthly, annual, and miscellaneous fees. Running your business falls on thin margins, don't give away more than you need to.
Customer service when something goes wrong - look for a salaries employee who picks up the phone when you need something and don't wait behind a hotline
Next-day funding - it's important to have access to your funds the next day
Releasing funds - don't have your funds tied up by your processor. You need cash flow to operate your business.
End-to-end encryption - safeguard your financial information and your customer's sensitive data from hackers
Quality equipment and hassle-free replacement - you have a business to run. Get quality equipment that is easy to use and make sure you can easily replace them down the road.