Why Small Businesses Don’t Rely on Banks for Credit Processing

Learn why more businesses are opting to use independent payment processing companies.

Banks offer small business credit card processing, and some business owners do take advantage. Many, however, steer clear. It’s not the banks’ reputations that turns them off, it’s almost always a question of flexibility. This article will who you why more merchants turn to independent credit card processors.

Banks Aren’t Technology Companies

Banks often don’t create their own credit card processor, they outsource that development to someone else. Most of the time, they are purchasing a smaller company or allying themselves through a joint venture or a partnership. Because they aren’t technology companies, they don’t offer the level of flexibility that a payment processor would. These companies can process mobile payments, offer a simple system, and often provide tracking for everything you do. Banks can compete with some of those offers, but usually not all of them.

Competitive Rates

Banks still have to go through middlemen, and those middlemen usually are the payment processing companies. The banks usually pay lower rates than you would going directly with the company, but you’re paying additional fees the bank leverages to provide that service. To avoid costs being passed on to you, order credit card terminals through an independent provider.

Keep in mind, support is important. If you’re not a tech savvy person, and you don’t have someone on staff to fill that role, then you’re going to be at a loss for what to do if something goes wrong on a busy sales day. Having phone or chat support standing by can be a lifesaver; a premium banks might charge for.

Charge.com Payment Solutions, Inc. offers the latest technology for small business credit card processing. Offering affordable rates and efficient service, Charge.com has more than 20 years of experience in Web and traditional transactions.