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Vic Yao delivered a presentation about payment processing. When you purchase an item with your credit card from a merchant, there is a complex process involving different systems. If you are a business owner, your payment processing system is an important decision. A global payment processor is a mediator between merchants and customers, and it processes the merchant's credit and debit card payments as well as those using alternative payment methods. There are a number of payment processing options, and with the rise of crypto currency, e-wallets, and other innovations, there is a lot of information to understand before selecting your service. Vic walked us through the complex process of payment processing systems, how it works, the costs, fees, and what to look for when selecting a payment processing system. As there are a number of small business owners in Rotary, Vic offered his advice on what payment processing system to select for YOUR business: - Do not choose the small Acquirers as they sometimes have hidden fees or are unreliable.
- Know your customer, know your business. Are your customers international? What payment provider should you use then?
- Do not sign a contract longer than 1 year for a new account.
- Ensure they have proper customer support.
- Rent or purchase, do not lease a terminal!
- Always negotiate your rate with your payment processor every 3 years!
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