When you're doing business out and about, you need to have the capability to take credit card payments on the go. If you don't, the next guy will. It seems simple enough, but there are a few things to consider when choosing the right solution for your business. Stay competitive, and think about the following when comparing credit card readers.
Swipe or Chip?
It's important that you have access to a credit card reader that is flexible and can do both. Most, but not all cards have the chip. So, at least for a little while longer, your card reader will need to do double duty.
Competitive Processing Fees
The competition is stiff here, and you should have no trouble finding and using a card reader attached to a fairly low processing fee. They may charge a percentage of your sale, and a per transaction fee. Some only charge one or the other.
You will generally pay more on transactions where the card number is manually entered as opposed to swiping or inserting the chip. This can vary quite a bit, so shop around and see where you can get the best fee, but check into other features as well.
This is a type of consumer fraud. It happens when a customer makes an online purchase on their own card, and then deny the purchase later, causing you a chargeback, and a loss of revenue. The best credit card reader providers will offer chargeback protection in cases where this is evident. Examine what type of protection they offer and see how it works.
The easiest way to transfer payments into your bank account is to have a credit card processing company that automatically deposits sales revenue in to your bank account. You just go about your business, and the money is transferred without any effort on your part.
Check to see what the turnaround time is on deposits. Is it same day, one day, or 3 – 5 business days? Sometimes, time is of the essence, and turnaround time for bank deposits can make a real difference.
Is the Security Protocol Sufficient?
Security is a big issue when it comes to accepting credit card payments on a smartphone. Who hasn't felt a bit nervous when the hot dog vendor swipes your credit card? You think "Surely this is OK?"
All credit card readers should use PCI compliant security measures in processing payments and moving money around. It's industry standard now, but double check to make sure that any prospective company you look into uses it.
Is the Card Reader Enough?
Many credit card readers will offer a point of sale app for your smartphone that will manage sales numbers and analytics for you. Is this something that you're looking for?
If so, look at the different platforms, and see how they fit your needs. If not, see how you can simplify things. Sometimes, you can get too many processes going for the same thing, and it works against you instead of for you.
Take these points into consideration when you're shopping for a smartphone credit card reader. Make the right decision based on your needs.
For many people, debt is a way of life. Don't allow yourself to feel discouraged if you have to search for options for credit card debt relief - you are not alone. There are millions of others out there in the same situation. It usually starts with someone getting behind on a couple of payments and before they know it, the interest rates and late fees are blown out of control.
There are options for relief. There is no need to sit around biting your nails all day wondering if you are about to get sued, or when / if you should start filing for bankruptcy. The good thing about credit card debts is that they are easier to deal with than tax debt problems and child support back payments.
If you are already falling delinquent, your credit score is probably already being negatively affected. It will take some time to get everything back on track and recover. What you can do is start doing damage control, whether by freeing up more money each month with an arbitration program or paying everything back with a consolidation loan.
It might be worthwhile to get credit counseling. Most of the companies involved in the debt-relief industry offer some sort of counseling service. A certified counselor can help you create a more affordable budget and learn how to live within the new means. The counselor will also offer advice on what best suits your situation, increasing your financial literacy.
Some credit repair / relief companies even offer FREE consultation to help you get started. You might just be required to fill out a quick survey about your situation and provide details about how much money you owe.
How to Choose from Options for Credit Card Debt Relief
Don't just choose any old company. Choose a counseling service that will help you understand all of your options for credit card debt relief. One such option might be a "hardship program", which will involve your interest rates going down temporarily in order to provide you with a chance to catch up. If you choose a company that has experienced negotiators, you might be given the opportunity to have the amount of debt reduced. If you have the right people working on your behalf, the lender may forgive 20% or more of your debt. However, you'll be required to pay the rest of it off immediately.
Unfortunately, there are no guarantees. Avoid any credit card relief company that makes any promises. There is never a 100% guarantee that a creditor will agree to anything. Even if they do, it probably won't be an instant fix. You're looking at a time frame of 3 - 5 years to get everything straightened out.
You can learn about all of the options for credit card debt relief with CuraDebt. It only takes a minute to fill out the survey for a free consultation. They will let you know if your chances of getting some type of relief are good.