Credit card processing rates are the easiest feature to look at when you are choosing a merchant account, but they are not the only feature. You must take into account other parameters like service, processing time and tracking features. Gone are the days of credit card impression machines (ahhh, the satisfying noise of the roller machine when it clunked both and forth across the carbon paper). So many features go into a merchant account, and one of the most important features (just as important as the rates) is the time it takes for debit authorizations. Your customer rates the professionalism of your business by the time it takes to check out with their goods. Nothing creates a worse lasting impression than a long check-out time and a credit card authorization that seems to take so long that the customer wonders if the credit card is being rejected. While no service provider will guarantee a minimum authorization time, some providers will give you a guideline to their average processing time. Choose the shortest.

The credit card machines must be rented per month, so if you are just starting out, you will be inclined to rent only one. However, some machines are better than others and break down more easily. It is a good idea to have a back-up plan, and a better idea to have a back-up machine. Even if the provider guarantees you same–day service in the event that your machine breaks down, a few hours are enough to cause significant revenue loss.

There was a time when a merchant had to wait a week to see if the credit card was authorized, or he/she could phone in every purchase. Now most providers give you access to your account information online, 24 hours a day. As a independent business owner, you need the reassurance that you can wake up in the middle of the night and look at your bank statement. Waiting until the banks open in the morning is not an option.

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