3 Myths About the Credit Card Payment Processor

There are a lot of things that can seem confusing about your credit card payment processor. With a bevy of transaction fees, processing fees, gateway costs, recurring charges, and the dreaded chargeback penalty, your relationship with your payment provider can feel stressful and strained. It doesn’t have to be that way.

Allied Wallet is dedicated to providing you with exemplary payment processing service, support, and security at highly affordable pricing. We also know how complex and confusing the process can seem. Many companies use these myths to keep you paying higher rates for less quality service.

All Cards are Created Equal

“All credit and debit cards charge the same fees.” This myth is easy to believe. After all it seems logical that all cards carry the same fees, but that simply isn’t the case. Your credit card payment processor may use a tier based structure that charges you less when a PIN is used with a debit card than if the same card is run as credit. In fact some credit cards have higher associated fees than other cards. This is often why many stores don’t accept certain types of cards — they want to avoid paying the higher rates associated with those cards.

Chargebacks are Unavoidable

“Chargebacks are a part of any business.” This is simply not true. The truth is, the risk of chargebacks can be completely minimized. A good credit card payment processor will utilize state of the art security measures to ensure that fraudulent charges are declined and stolen identities are unable to complete purchases from your business. You can help minimize the risk of chargebacks by offering low risk merchandise and services. Chargebacks ruin the bottom line of any budget and put your business in danger of paying higher fees and rates.

The Lowest Rate is the Best for Business

“Choose your credit card payment processor based on how cheap their rates are.” This myth is easy to believe, after all cost is often the major determination of every business expenditure you consider. But low rates can often be misleading. All costs must be considered to truly understand the cost of any service. Are there transaction fees, recurring fees, gateway fees, or other hidden costs not reflected in the base rates?

The kind of support, security, and features your payment processors provides is also a major aspect of the cost. If your provider offers minimal security and slow support will the loss of sales and technical problems outweigh saving a few dollars a month? Most likely not. While you need to consider cost in any business decision you make, quality of service also needs to be examined.

Ditch the Myths, Choose the Best

Choosing a credit card payment processor shouldn’t be a stressful part of your business plan. You want a company that will work with you, that will provide you with exemplary support, top notch security, and give you the tools to truly grow your business. Allied Wallet provides award winning support, security, and payment processing at highly affordable rates. Contact us now to discuss where you want to go.

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