One must choose a payment processing service, only after evaluating ones needs. For that, let us first understand the two types of payment processing services that are offered.
One can choose between manual payment processing and real time payment processing.
The process where the credit card number is submitted through the phone is processing manually. This is done either by contacting the payment processing company to verify the validity of the card or by keying the card manually at the sales terminal.
Manual processing can be time consuming but is relatively risk free due to complete control of the merchant during the entire process. The payment processing time taken will be more then what real time payment processing will take.
Real time processing is basically an automated process, where the credit card is automatically processed once the customer submits the number. As soon as the credit card is authorized the funds are transferred from the customers account to the retailers account.
Real time payment processing is quick and is ideal for businesses where a large number of transactions take place.
The volume of transactions is the most crucial part. Study the present state of the business and also the kind of transactions that you expect in future. Make this your basis in choosing the right kind of payment processing service.