If you are a small but growing business that only accepts cash, you probably already know how much business you’re missing out on, and hopefully, you are in the process of gearing up your business to accept debit and credit cards. When you make this leap, you will have to choose a credit card processing company, and though this will initially take some upfront costs and ongoing fees, it can lead to a significant boost in sales and overall expansion of your customer base. In fact, a study by Intuit found that upon accepting credit cards, 83% of small businesses reported an increase in sales.

At East Village Merchant Process Services, we know that choosing a credit card payment processor is no easy task. As with all big financial decisions, it’s always wise to research all your options and carefully consider what works best for you. To help you in this process, we have compiled this list. Here are five essential factors to consider when picking the right credit card processor for you.


No service comes without a fee. With payment processing, there are a number of potential costs. Below are some of the most common.

  • Interchange Fees – This is the fee charged for every transaction that your business processes. This rate can fluctuate and often depends on factors like—type of card, type of transaction (phone, online, in-store), and the purchase cost. As a rule, the less likely fraud is, the lower the fees, meaning in-store transactions are often the cheapest.
  • Monthly Statement Fee – This is the fee charged for the cost of mailing you a statement.
  • Set Up Fee – The fee you face when applying for a processing service.
  • Monthly Minimum Fee – This fee occurs when your business doesn’t collect an agreed upon amount each month (at East Village, we do not charge monthly minimum fees).
  • Early Termination Fee – These are fees that some processing companies charge when clients cancel their contract (we also don’t charge for this).

Setup Time

Setting up the processing technology in your business does not take very long. However, some processing companies can hold up the process on their end. Find out how long the processor will take to setup your account. Nothing’s worse than paying for a service and then waiting months to use it.

Payment Types

The next step is to find out what type of credit and debit cards the processor accepts. Though most new payment handlers accept most of the major cards, this is something that is definitely worth verifying. Also, depending on the type of business you run, you may also want to see if your processor can include some less common types of payments, like gift cards, prepaid cards, and electronic benefit transfer (EBT).

New Technology

As a business owner, you always want to do your best to keep your finger on the pulse and stay ahead of trends. If you think that many of your customers will like the option of paying with near-field communication technology or digital wallets like Apple Pay, find out if your credit card processor includes this as part of their merchant services.

Customer Service

So what happens when you have an efficient card processing system in place and then one day when customers are in a line that stretches to the door, your credit card machine stops working? This is when you want to be able to immediately speak with a customer support team dedicated to solving your individual problems. Find out if the credit card processing service you are considering offers 24/7 customer support. Not only will this help solve in-store issues, but this will also give you a direct line of communication for discussing any fees, costs, or statements you don’t understand. At East Village Merchant Process Services, we offer our clients US-based customer service 24 hours a day, seven days a week.