10-second breakdown:
While small businesses will see the most value, CreditCardProcessing.com has a lot to offer for businesses of all sizes with a few different choices you can pick for how you pay for your transactions.
The good:
Once you sign on you’ll have a personal account rep that will handle any issues you have. All reps are in-house and should translate into personal and consistent service. The ability to be on a first name basis with the person who is helping you is a unique feature.
Their slightly cheaper than average per transaction pricing with higher than average monthly fees means that if you’re doing above $2,500 /mo in volume, you’ll get the benefit in pricing.
CCP offers flexible month to month contracts, no multi-year commitments here. Because of that there are also no early termination fees. Both of these options are fairly rare in this industry.
The bad:
They don’t offer Interchange Plus Pricing which may be a deal breaker for smaller businesses with fewer transactions.
They are not for international businesses. Currently they can only handle payments to and from the U.S. and Canada.
How it works:
A reseller of iPayment, CreditCardProcessing.com has made a name for itself thanks to reliable service and multiple transaction fee options.
Normally it would be a red flag if the company isn’t a direct processor – it means you’re going to have to deal with a middleman and probably higher rates to boot. CreditCardProcessing.com is one of the larger companies out there and they’ve used this to their advantage, despite being a middle man they can keep their rates low and pass the savings onto the businesses they serve.
Just because they’re a huge corporation doesn’t mean you’ll be lost in the shuffle. All sales reps are in-house with CreditCardProcessing.com rather than outsourced help and after purchase your sales rep becomes your service rep. You don’t get sold on a product from a salesperson never to speak to them again, you get to develop a mutual trust and the rep gets to know your business needs better. Plus if you’re only dealing with one person, they can’t exactly pull a bait-and-switch, can they?
While CreditCardProcessing.com does offer competitive rates, you wouldn’t know it from their website. In fact, they don’t list any fees, tiers, or even optional add-on costs anywhere to be found. The only way to get their prices is to fill out a form and have them give you a call. It’s a little on the marketing-shady side of things, but luckily some of their prices have been published online so we can have a look. One thing to keep in mind, all contracts are on a monthly basis, with absolutely no termination fees.
CreditCardProcessing.com offers two different plans, first up is their Interchange Plus option. It costs 0.30% + 10¢ per transaction on top of interchange. While there’s no setup fee or cancellation fee, they have more monthly fees than almost any other company including a $7.95 statement fee, $19.95 PCI Inaction fee, a $7.95 gateway fee and a whopping $25.00 monthly minimum processing fee if you do under $2,500 in transactions a month.
In addition to the monthly fees you have annual fees as well, there’s a $99 PCI compliance fee and a $49.99 1099-K fee. It’s a lot to swallow, and if you’re under $2,500 in volume a month you may find your profits being eaten up by all of the fees.
The second plan CreditCardProcessing.com offers is for tiered pricing. Tiered pricing varies greatly depending on your business, risk, volume and more so there wasn’t any data available to report. Tiered pricing tends to be the most cost effective for medium to larger businesses, it has a higher per-transaction cost but lower fees. If you want any details you’ll have to fill out their form or give them a call.
It’s not all doom and gloom though, CreditCardProcessing.com is one of the largest processors for a reason. On top of the reasonable rates, they offer quite a few freebies and it’s a large boon to small businesses that they don’t need any money upfront to get started. In fact, quite a few reviewers were pleasantly surprised with just how speedy the service was, they went from nothing to taking payments in only a few days thanks to the fact that all of the documents could be signed digitally. It goes without saying though, just because you can sign something quickly doesn’t mean you should – read through it first to be clear on what exactly you’re paying for.
You get quite a few extra little goodies for signing up, including a shopping card setup for your online store, a free mobile swiper and app, free virtual terminal and online reporting. Plus CreditCardProcessing.com offers a $50 Amex card to anyone that can find a lower rate with their competitors. With all of those extras, especially the virtual terminal, you might find that doing business here is even cheaper, despite the fees.
If your business brings in $2,500 to $75,000 a month, CreditCardProcessing.com is a very competitive option. They offer cheaper than average per transaction fees but have higher than average monthly fees. Putting those together, it means that businesses with low transaction volume are going to find little to no value here but large businesses will find the rates very favorable.
CreditCardProcessing.com is especially appealing to new businesses, they’re on a mission to make getting your business set up as cheaply as possible. There’s free setup to pretty much everything, so you don’t need to put a dime down to start taking payments. Just keep in mind what your expected volume is, yes it’s cheaper today but if you do less than $2,500 you’ll end up regretting it.
With multiple pricing plans, no long-term contracts and good rates, CreditCardProcessing.com is a solid credit card processor that’s definitely worth a look, especially if you do more than $2,500 in transactions every month.
For complete rankings of all credit card processors, go here.
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