Three Questions Businesses Owners Should Ask Their Credit Card Processor Today

For nearly all business owners, having a payment processing partner is a critical component of doing business. About 200 million adults in the United States have a credit card—making it essential that businesses of all types accept credit and debit cards.  

In an industry that historically leverages its confusing nature to increase merchant costs, we break down all the ins and outs of payment processing to keep you informed. Backed by the Beyond Promises, we’re committed to transparency—that’s why we’re outlining everything you need to know about the complex world of payment processing. If you haven’t read our Payment Processing 101, start there.

We won’t sugarcoat it—there’s a lot of dishonest credit card processors in the payments industry. And for business owners, it can be frustrating to know you could be getting taken advantage of, despite your best efforts to stay informed. Recently, some notable payment processing companies have come under fire for not being forthright with their customers about rate increases and contract terms. That’s why we’re outlining the three questions you should ask your credit card processor today, to make sure you’re getting the service your business deserves. Whether you’re just getting started with your card processor, or have been a long-time customer, these are questions you’ll want to get answers on.

1. Will my rates ever increase?

Understanding how and why your rates could change should be the first question you ask your payment processor. While there are legitimate costs associated with payment processing, some companies take advantage of small business owners by adding junk fees and hiking up rates for their own profit. Your processor should never arbitrarily add fees without adding a real service.  At Beyond, we will never arbitrarily raise your prices if your business methods and transaction volumes don’t change significantly. If we don’t provide additional value, we don’t charge additional fees. 

If you’re struggling to understand your statement, it might be a good idea to ask your processor for a statement review. At Beyond, our Business Advocates work in communities across the US, providing local business owners the support they need. We can help you understand your statement and find ways to improve your business operations.

2. What are my contract terms?

Another question you’ll want to ask your processor is what your contract terms are. If you’re experiencing hefty rate increases, the last thing you want to find out is that you’re locked into a long-term contract. Your business needs are ever-evolving and getting forced into a contract could be detrimental to the financial health of your business if something unforeseen happens—like the COVID-19 pandemic.

At Beyond, we believe in earning your business every day, so we’ll never lock you into a contract.  That’s right—you have the freedom to choose the contract length that’s most suitable for your business. We’re committed to providing your business exceptional support and superior service, and if you’re not satisfied, you can terminate your contract without penalties. Your business deserves to work with a partner it can trust—and if you aren’t happy with your processor’s service, you should have the freedom to walk away.

3. What kind of support can I expect?

This question is particularly important when your business is looking for a new processor. Imagine you’re a restaurant owner and it’s a busy Saturday night—what happens if your payment terminal suddenly stops working? The last thing you want is to call an automated helpline that doesn’t know or understand your business. A dedicated support team is a must-have when you’re shopping for a new credit card processor.

Beyond customers not only have a committed and local Business Advocate supporting their businesses, but also the expert knowledge of our Kentucky-based Service Center. Our professional service representatives are available around the clock, providing quick resolutions and thoughtful solutions to any issue that arises.

There’s no way around it—being a business owner is tough.  The last thing your organization needs is a dishonest partner who takes advantage of you. If you aren’t working with an honest and transparent processor, it’s time to make the switch. After the year 2020 was, the last thing small businesses need is shady business practices from their partners. At Beyond, we believe in integrity and doing the right thing—learn more about what we promise, and how we can help your business.

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