Whether you’re starting out on your business journey, or you’re an established merchant, you’ll need a payment services provider to cater to your needs effectively.

WIth so many players on the market, it might be overwhelming when it comes to a card processor, but there are certain aspects you should look out for when making your decision.

Some of these factors are discussed in this blog post, so keep reading for more below.

Card payement machine

Not all credit card processors offer you a device that goes along with their payment solution.

But a card machine is a critical component of your payment offering.

Without a device, there’s no way for you to accept payments.

But there are providers who not only offer payment terminals, but also offer a comprehensive payments package, as well. 

In addition, you may choose a payment provider who offers you a soft POS solution, which turns your smartphone into a POS terminal.

Whether you go for a physical device or a soft POS solution as mentioned above, make sure that your provider’s offering is compatible with these devices.


Pricing is another critical element when it comes to payments acceptance through credit card machines.

Commonly referred to as a transaction rate, this is the rate your processor will deduct from your payments.

In some cases, the fees are fixed while in others, they are flexible and depend on your turnover. 

While some prices may look attractive at first sight because of their relatively lower value, look out for hidden fees and costs in your contract.

Funds settlement

When a merchant gets paid with a debit or credit card, the usual time frame for the funds to be settled in their account is between two and three days.

However, with other payment services providers, you can enjoy instant settlement of funds.

This is because processing takes mere seconds, and whether you’re a taxi driver who would like to fill up your car and need access to your funds right away, or you’re some other type of merchant, this instant settlement comes in handy when controlling the cash flow of your business.

Business card and merchant account with IBAN

Also check for whether you get a business card to use your funds with, as well as whether you’ll get a separate merchant account with an IBAN and importantly, how much this will cost you.

Some providers make it very easy and attractive for merchants because they issue cards for free together with an IBAN of the merchant’s account.

Terms and conditions

Make sure your payment services provider offers you some form of money back guarantee on each device purchased, and that the terms and conditions are transparent and clear.

All fees and charges should be included in your agreements and there should be no hidden costs for you to worry about.

Monthly and annual fees

As mentioned above in the section on pricing, apart from transaction rates, you may also be charged monthly and annual fees for simply using the service or the devices.

However, some providers empower you to use your device whenever you wish and only charge you when you use it with no monthly or annual fees.

You only pay on a pay-as-you-use model, which makes for an attractive offering that can save you money in the long run.

Other value-added perks 

What if you run an online shop or a hotel that needs a virtual terminal functionality?

Check that your payments processor offers you online payment tools like pay by link, invoices, shopping cart integrations and more.

Online payment solutions

What if you run an online shop or a hotel that needs MO/TO Virtual Terminal functionality?

Check that your payments processor offers you online payment tools like PayLinks, PayButtons, Payment Requests, shopping cart integrations and more.

myPOS offers all of these value-added online payment solutions to its customers, so no matter what type of business you run, you will not miss out on any payment. 


As you can see, there are many criteria for choosing a credit card processor. 

From the fees and pricing to terms and conditions and other value-added benefits, the list may seem almost endless.

However, since this is an important decision which you’re making for your business, it’s a good idea to get the essentials right from the get go.