5 Best Practices to Find a Payment Processing Company

  • Christopher Bradley
  • July 1, 2017

Payment processing companies can maximize your profits by offering potential clients the ability to choose from multiple methods of payment. This is reason alone to look at using one for your business. While many different payment processing companies are available, you want to make sure you hire one that will benefit your business. Following this guide will guarantee you secure the services of a company that can make processing payments a flawless procedure.

1. Compare a few companies

When it comes to the success of your business, and ultimately your livelihood, you do not want to take a gamble and hire a payment processing company that does a poor job handling transactions. Go online and read some reviews from people and companies that have used the payment processing company you are considering. Pick at least three companies and compare such things as their fees, payment options, customer support, and protection. Refrain from basing your decision solely on fees. When it comes to this type of service you should base your decision on other factors as well.

2. Be aware of excessive fees

So you compared a few companies and found one that impresses you and their fees fit your budget. However, this low rate does not always mean a low overall cost. Many processing companies have fees for applications, processing, statements, monthly minimums, and early termination. These may not be clear when you initially apply so be sure to read all clauses and fine print before signing up. Some fees that are charged may end up being your customer’s responsibility to pay but these may make your business appear difficult to deal with.

3. Choose one with common payment types

Ensuring you accept all major credit cards is an absolute must so before signing up with a company, determine what methods of payment they are able to process. You do not want to have to turn away customers because you do not accept a common payment method. Also explore a system that can accept gift cards and prepaid credit cards; this could increase the amount of sales you make. Another idea that may benefit you is setting up a system that accepts electronic funds transfers from all major banks. All of these methods of payments are common, convenient, and could mean the difference between making a sale and a customer looking to your competition.

4. Is customer support offered?

Imagine having your payment system go down at a peak time when you usually make a lot of sales and the processor has no form of customer support to help you. You write an email to the company and if you are lucky, the system is restored in a few days. But how many sales did you lose in the meantime? To prevent such a disaster, explore companies that receive stellar reviews for customer service and confirm that they offer 24-hour support. Customer service may need a bit of time to get your system back up and running but you can rest assured they will work on it until it is restored and it will not take days.

5. Are customers protected?

Privacy breaches are very common these days so it is extremely important that you confirm that transactions are protected. Customers demand that the best protection is offered to lower the risks of credit card fraud or identity theft. Having a processor in place that guarantees safe transactions will be appealing to customers and keep them coming back. Systems with strong security settings will have automated tools built in to combat credit card fraud and some even have the ability to identify and halt transactions deemed suspicious.

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