Myth 1: You Aren’t Tech Savvy Enough to Upgrade Your Processor
If you’re in the dark ages of tech and still paying a predatory percentage rate, you need to bite the bullet and switch your processor. Sure, it can be a pain to disrupt the system you’ve been using for years. Wouldn’t you rather have more money in your pocket at the end of the month? In one afternoon, you can easily integrate a new processor into your online store. Many companies charge a monthly fee and a lower percentage rate per transaction. You may need to consult your accounting software to make sure that the switch makes sense financially. If you’ve been using the same processor for more than 5 years, it’s highly likely that you can find a more affordable, high-tech option that’s easy for you and your customers to use. When you sit down to set up your new system, just call up a representative and ask them to walk you through each step! Most companies have chat boxes on their website. You can quickly ask a question if you’re stumped about something.
Myth 2: But What About Quickbooks?!
Your Quickbooks (or other accounting software that you use) is connected to your bank account, so the majority of your debits and credits are going to be well documented simply through your bank. However, most online credit card and check processors have plug-ins you can download to easily integrate your new processor into Quickbooks. You’ll be shocked at how easy it is! Make sure to keep an eye on your imports for the first few months you install plug-ins. Sometimes things can be mislabeled or categorized incorrectly no matter how meticulously you set up rules.
Myth 3: It Takes Too Long to Process Payments
Gone are the days of waiting 2-3 business days for payments to process. More and more processing companies have next-day funding which means… you get paid daily! No more waiting around for the mysterious credit card processing company to give you your money. If you sign up for an eCheck processing service, you’ll be able to verify funds on large checks before you even accept the check! Competition is high these days for credit card processing. Companies are constantly trying to make it easier and hassle-free for you to use their services. Don’t choose a processor that holds onto your money for long weekends or longer!
Myth 4: Some Businesses are too “High-Risk” to Get a Payment Processor
Many high-risk businesses are turned away from major banking institutions If you’re an owner of a high-risk business (ie. online gambling, multi-level marketing, bail bonds, cannabis) you can still get online payment processing. There are even companies that specialize in high-risk businesses specifically. These businesses assume the risk in lieu of the bank for a small fee and allow businesses to process payments and prosper regardless of industry.
Myth 5: My Credit is Too Bad to Get a Merchant Services Account
If you have poor credit, you might just need to shop around a bit more. Most credit card processing companies are pretty lenient when it comes to credit– it’s in their best interest to help people start businesses. But if you defaulted on several loans/credit cards or have a history of bankruptcy, you might not be eligible for some companies that have really low fees. Your best bet is to reach out to high-risk processing services. Ask if they do a hard inquiry or a soft inquiry. If they do a hard inquiry, run away! You can’t afford to damage your credit any more than it already is. If they only do a soft inquiry, make sure that their fees don’t change depending on your credit.
*A Note on Bad Credit
Bad credit is stressful and can greatly affect your business’s access to capital. Even if you have bad personal credit, do everything you can to protect the credit of your business. Your business has its own credit score–you can check through Dun & Bradstreet, Experian, or Equifax. It usually takes a year or two to establish business credit. So be patient and keep hustling to improve your personal credit! And the best way to hustle? Setup that online store you’ve always wanted to have, choose a credit card processor, and start selling!
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