With so many payment processing solutions out in the market today, it can be hard to find the right payment processor that supplies the best service possible for your business. It can be tedious comparing costs and finding the processor that’s right for your type and size of business. Here are some tips for finding the right payment processor for your small business.
You don’t have to sign up for processing from your bank. There are many other options that are far less expensive and provide a better service that is customized to your business’ needs. Today, payment systems have moved from being bank owned to technology providers that can vary in size, depth and trust. Always be aware of hard costs that you really can’t get away from, and be wary of hidden fees, and surcharges that some payment processing companies will tack on. Make the choice to go with a price that will fit your budget and is manageable for you.
Only consider payment processing services from companies that explain their contracts, use plain language, and have no hidden or confusing fees. Small business owners need to be able to understand the terms of a contract, so it is important to find service providers that openly communicate contract terms and obligations. Look up reviews online, check out blogs and even go as far as speaking with a company rep armed with questions.
Look for dedicated support.
Look for a service with a dedicated support team. The payment processor should handle all of your service inquiries regarding problems or issues 24 hours a day. Full service is essential because you never really know when a terminal might suddenly stop working, making you unable to process any transactions. Make sure the company you choose is one that provides real customer support and matches you with a payment service that you can depend on when the worst happens.
Look for security.
The processor you choose should be fully compliant with all industry security standards. Payment Card Industry (or PCI) compliance is a requirement of all businesses that interact with credit or debit cards. PCI compliance ensures that you are up to date on the latest best practices to protect your business and your customers from card payment fraud. A breach of security can result in the loss of existing customers and have an impact on how many new customers choose to do business with your organization. Business owners that take the time to do research will have no difficulty finding a reliable and secure processor that offers a wide variety of payment options and offers secure, dependable service.
Evaluate the impact of growth.
Always take a look at how growth will impact the affordability of any service you’re considering. If growth will make a certain contract relatively less affordable in 2 years than it is now, and changing or getting out of the contract will be costly, then you will want to consider other options. Ideally, payment processing partnerships are long-term relationships, therefore it is critical to find a processor that suits your business’ needs today and has options that will allow for making adjustments as the company and industry change and grow.
Finding a payment processor that meets your specific business needs is vital, so it is a good idea to thoroughly investigate and compare all options and value-added services available. With these tips in mind you will be able to find the right solution for your business, one that will scale and support your business’ growth.
For more information, or if you have any questions or comments, please feel free to contact us.