What You Need to Know: Mobile Credit Card Processing

by | Jul 20, 2018 | Payment Processing Services

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Not all that long ago, mobile credit card processing was a big deal. Mobile phones broke that in a big way. Suddenly anyone with a 3G or 4G capable smartphone could download an app and start sliding those cards. Lunch trucks, farmer’s market operators, craft shows – cash was not the only way to pay any longer, and it was liberating! It’s still a great idea to take your microbusiness on the road, and taking payments is as easy as ever, but what about integrating all your payment processing needs under one banner?

Doing the Homework

There are a lot of businesses out there that offer mobile credit card processing, but what are you getting in those long contracts? It’s desperately important to read everything or have an attorney read everything before you sign. There’s a lot more that you need to know aside from the interchange fees. Ask questions like these:

1. What is your policy on early termination? Most companies have termination policies in order to protect against losses, but some processors have exorbitant termination fees and target small businesses because they are least likely to have legal support.

2. Is there a schedule of fees and can I have a copy before I sign? Some companies charge you if you don’t have x amount of transactions per day or have too many. You can also be charged just for getting a paper statement, card-not-present transactions (a really big deal with online purchases), and other even for calling tech support.

3. Do I have to lease the equipment from your company? This is a big red flag if the answer is yes. You can buy a terminal for a few hundred but might pay thousands of dollars for the same terminal under a lease.

Look for a company that isn’t just doing one thing, but a processor that can bring all your cash flow and card needs under one banner. Check out what their customers are saying, and make sure that they are open, accessible, and transparent in their practices. They will help you grow and thrive wherever you hang your sign.

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