Credit card merchant processors are a critical component to any business. But with so many merchant processors to choose from, deciding which one is best for your gym can be tough.
That’s why our team at Wodify created a list of nine questions you should ask the merchant processor you’re considering for your business.
Some merchant processors provide several hardcopy paper statements every month, which can make bank reconciliation tough. To make that process easier, other merchant processors are moving towards digitized, paperless systems that let you view your transaction history online.
Most merchant processors will advertise their rates, but not the fees involved. These can make a huge difference in the cost of running transactions for your business. When you’re shopping around for a merchant processor, ask about the following nine fees:
It’s never a fun when a customer disputes a charge for your business, but it’s important to know what the process is. The credit card company is going to have your customer’s back. It’s important to know that the merchant processor has your back with a process that takes the stress out of chargebacks.
Payouts are highly dependent on your merchant processor and your bank. Knowing when payouts are going to hit your bank account will help you plan ahead.
Understand the money coming in and out of your account. Knowing how and when your merchant processor deducts fees helps with financial planning for your business.
It stinks when a transaction fails because someone’s credit card expired. Luckily, some payment processors come with tools that update expired credit cards automatically.
Just like the way some credit cards have limits, some merchant processors have a cap on how much you can run through your account. It’s important to understand whether they have limits for:
It’s important to be able to link money going in and out of your account to invoices and statements. Some merchant processors provide reporting tools that track this information for you.
Fees may vary depending on the type of credit card you run — especially rewards cards. Credit card companies often charge additional fees to merchant processors and it’s important to understand how this may affect your rates.
Choosing the right merchant processor for your business is no easy feat. But by asking the nine questions listed above, you should be able to find one that meets your needs.
If you’re interested in learning more about Wodify Payments, book a fifteen-minute call with one of our team members.