CREDIT CARD PROCESSING: WHAT TO LOOK FOR In our rankin


gs and awards, we compared the costs, setup times, features, security protocols and customer service of credit card processing services so that we can alert you to outrageous fees and over-controlling contract terms. See how we evaluated each software service under the following categories: Average Approval Rating This measure gives the percentage of applying merchants whose applications are approved by the processing service. Other things to consider are how quickly providers approve applications and how much they charge to apply. Costs Credit card processing services come with start-up and monthly costs. Therefore, as you calculate what any particular service will cost, factor in the price just to get going with a merchant account and a payment gateway. Our calculations also take into account the monthly costs for 500 transactions with one charge-back fee (assessed when you return funds to a customer), one gateway fee (which you must pay to use the online payment gateway), and one statement fee (charged for delivering your monthly statement). Evaluate these costs before you ever sign up for a service. The best competitors in the credit card processing field publish their charges and fees clearly so that you will not be confused now or surprised later. Security Sensitive credit card information requires security protocols. Try to work with a credit card processing provider that uses VeriSign SSL Certificates for your safety. Your service should also protect you against fraudulent transactions by applying address verification services.

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