Businesses rely on credit card processing to manage transactions from credit or debit cards. Credit card payments have brought drastic changes in online purchases and shopping. The payment with credit cards happens instantly in the blink of an eye.
The robust payment processing structure that enables instantaneous payments has made our lives blissful and convenient. Presently, when we are dealing with the finest payment processing structure, we should know that it actually took many years for the payment industry to evolve as enormous and gigantic as it is today.
How did credit cards come into existence?
Do you know how credit cards came into existence? It all started in 1949 when a prominent executive named Frank McNamara forgot his wallet while dining in a Manhattan restaurant. McNamara returned a year later, embarrassed by his inability to pay, and paid for his dinner with a little cardboard “charge” card.
Later the American Express introduced the first plastic credit card in 1959. Credit cards became widely accepted in the 1960s when Bank of America (later known as Visa) developed the general-purpose credit card by licensing its brand to banks, allowing consumers to make installments payments on their purchases.
Why credit card processing is essential?
Credit/debit card payments are a common phenomenon in our daily lives and it is essential to understand why credit card processing is essential to know why you need merchant services. If you choose an expensive merchant service, you may end up paying a lot of money in card processing fees for all of your customers’ debit and credit card transactions.
Some of the best credit card processing companies charge no cost for set up, no monthly fees, and modest transaction fees for small businesses. However, if your company is categorized as a “high-risk business,” then your prices can go up and you will need a high-risk merchant account.
EskayPay is king in the realm of card payment processing. When it comes to popular merchant service providers, we are the market leader, accounting for 42 percent of all card transactions in the UK. We provide the best sort of payment gateway services to merchants in the UK.
How to evaluate what credit card processing services you require?
How you evaluate your processing services matters, because, in the end, your processing services will define how efficiently and quickly your business progresses.
Transaction velocity is a relevant component when considering credit card processing services. Customers like the ability to pay using debit and credit cards. Hence, you would want a processor that is safe, accurate, and can process a huge volume of transactions.
The second important factor is the outage. Malfunctioning your payment system can be a bigger cause for potential losses. A credit card processing outage means your business is incapable of accepting payments from customers. During outages, customers view your business as untrustworthy and not reliable. Though payment processing outages are rare, ask about the uptime history of a credit card processor, as well as the efforts they’ve done to minimize service interruptions.
The third is the fee structure. The processing fee structure holds a significant value to the merchant. Transparency is critical when it comes to your money. Any credit card processor you are considering should provide you with clear, simple, and comprehensive explanations of rates and fees.
Last but not least, is the customer support service. When things go wrong, you need to be able to rely on real people who understand how payments work, what can go wrong, and how to fix it. As a business owner, you’re well aware that troubleshooting and maintenance are inevitable aspects of working with any sophisticated system. Hence, efficient customer support can make a huge difference to your business.
Cost of Credit Card Processing
A cost levied by payment processors to process a credit card transaction is known as a credit card processing fee. Typically, the cost is charged against the merchant who uses payment processing services.
The credit card processing charge is typically determined by credit card networks and varies from one service provider to the next depending on the card network with which it is linked.
The processing fee charged to a retailer is determined by a number of factors, including the technique used to accept credit cards. You will be charged less if you use a card-present processing technique, such as a card reader, than if you use a card-not-present processing method, such as e-commerce sites.
Credit card processing is a crucial service that assures customers can check out easily and swiftly. We at Eskay Pay can assist you in finding payment choices that are right for you. Connect with one of our payment professionals to learn more about credit cards and other payment processing. First, we’ll spend some time learning about your company’s operations. Then we’ll create a system that allows your consumers to pay in any way they desire, anywhere, at any time.
What our clients think about us?
“I would personally suggest EskayPay to anyone in need of a credit card processor. This company is not only high-quality but also reasonably priced! EskayPay offers numerous options for the most common business kinds today, as many organizations require different packages to fit their needs. They will work with you to ensure that you have one of the best packages available, and I strongly advise you to use them.”
“This organization is reliable, provides excellent services, and is so straightforward that even I could figure it out. I haven’t had to deal with customer service yet, but I’m confident they’re fantastic. The fees are a headache, but that’s something you’ll have to deal with no matter where you go. I trust this firm with my company’s credit transactions, and they offer the best rates I could find. In the near future, I’ll be using EskayPay for all of my processing needs. Don’t make any changes; you guys are fantastic!”
High Risk Merchant Accounts 