As entrepreneurs and decision makers, we start out so full of excitement and have the opportunity to create solutions that help provide things for others. Then, the challenges begin to set in and the test comes. There are so many things to think about just to get the doors open; for example – build out, inventory, equipment, staffing, etc. Quickly we can become overwhelmed. In a hurry to open we can start making hasty decisions that become costly; for example, credit card processing and point-of-sale (POS) systems. Remember – in this industry, it’s what you do not know that can hurt your business the most. After years of working with clients and monitoring current trends, here are my top 7 recommendations:
- Know about hidden fees in the “fine print”
- Obtain proof that there is no “early termination penalty”
- Avoid renting or lease purchasing equipment
- Make sure you have local support – avoid foreign call centers
- Insist on EMV (chip reading) equipment
- Know how to best utilize a pin pad
- POS – beware of trending tablet based systems – many have limited functions and lock you into the processing company that sold you the system. This information is rarely communicated to clients during the sales process. Research and get a 2nd opinion first!
Even if you have had a negative experience it is never too late to improve your systems. Credit card processing can be affordable and simple. As always, bringing the best to your business is of utmost importance.
Originally published in Gulf Coast Woman Magazine.