Let’s face it – there are tens of thousands of payment processing companies on the market. Many of these share identical features, or at the very least claim to. Leveraging payment processing services is critical for every kind of business, yet too often businesses choose a payment processor that doesn’t match with their audience. What should I look for in a payment processor?
One of the biggest mistakes that companies make when selecting a payment processing vendor is assuming that there is a cut-and-dry approach to making a decision. Not all payment processors are the same, and your decision needs to be based on how you operate your business. Rates, fees, and terms of agreement vary by company, but aren’t the only things that matter.
Below, we examine some of the most common things companies overlook when choosing a payment processing service.
Payment Processing Features to Look Out For:
Payment Type
Chip or swipe? Credit card processing remains the gold standard for a range of businesses, as paying with cash has largely fallen out of favor. Businesses that accept credit cards see much higher profitability – they legitimize your business and make it easier for customers to make purchases. The payment ecosystem is rapidly changing, however – mobile payment is increasingly taking over the market.
As technologies change and develop, new types of currencies and transactions have emerged. Credit card processing has evolved to encompass a wide swath of payment types. Emailed links, invoices, e-commerce, click to pay, donation pages, ACH payment – the list goes on and on.
Your payment processor needs to be as adaptable as your business. As customers adopt new methods of making payments, your company needs to be at the forefront of these payment types. When selecting payment processing systems, make sure that you’re prepared to accept how customers are willing to pay you. The best payment processor can tie these disparate payment methods together into a simple, easy-to-use service.
Interchange Fees
Credit cards offer customers a simple and easy way to pay – but this cost is often transferred onto the businesses in the form of “interchange fees”. The best payment processor is able to mitigate this cost as aggressively as possible.
Interchange fees companies incur are set by three parties: banks issuing cards, credit card networks, and the payment processor who secures and carries out the credit card transaction.
Among these three entities, the payment processor that you choose gives you the greatest amount of control over lowering these costs. Select a processor that opts towards aggressively low rates to ensure that your business is pocketing as much money as possible – without cutting into your bottom line.
Customer Support
With so many payment processors out there, finding one that has exceptional customer service is critical for your success. Payment processing issues aren’t uncommon – while a processor might be able to offer you exceptional rates, when problems arise, they must be handled in a timely manner. In these situations, timing is critical – technical issues that prevent transactions from being handled can shut down a business for hours, or even days.
When selecting your payment processor, make sure that they are able to maintain open communication rather than sending out automated email request forms. Expertise, punctuality, and efficiency mean everything when it comes to payment processing.
Contract Length
Contract-based relationships are founded on open, continuous communication – at Purchasing Partners, we understand this more than just about anyone else. Getting trapped into a contract with a payment processor whose fees are not competitive, are unable to make transactions that meet your business’ needs, or have lackluster customer service equate to lost money.
At Purchasing Partners, we don’t require long-term contracts – we understand that to be competitive in this field, we have to be the best at what we do. To ensure that you are getting value out of our service, we push for the most aggressive credit card rates, the best customer service, and the ability to make transactions among the newest types of payment processing.
If you’re looking for a better payment processing alternative, we’re here to help you get the best value. Contact us today to schedule a free consultation about our services.