6 Questions to Ask When Choosing A Credit Card Processor

1.  Will they meet my particular business’ needs?

When it comes to payments, business size, industry and personal preferences create unique needs for every merchant. For example, a restaurant’s processing needs are not at all comparable to those of a school or nonprofit.  Make sure that your payment services provider is knowledgeable about and has experience in your particular field. An experienced provider will be able to advise you on the optimal setup that will lower your costs and increase your business efficiency.

A processing company and sales rep that understand your unique business needs will go a long way in creating value for your business.

2. Are they compatible with the newest payments technology?

The way customers pay is evolving with the advent of new technologies, such as EMV chip cards and mobile payments. Customers now expect to be able to choose the way they pay. A merchant needs to be sure that their credit card processor is compatible with up-and-coming payment methods.  In a world where technology is moving at the speed of light, you’ll want to ensure that your payments are keeping up.

3. How much does it cost? Fees included.

Credit card processing fees are complicated, and many providers can present the costs in a confusing way. Aside from processing costs, expect there to be some additional fees such as gateway fees, monthly minimums, and non-PCI compliance. Be sure you understand exactly what you’re paying each month, including all the fees and add-ons. Choose a processor that clearly outlines what you are paying each month, in a way that you can cross-check the pricing yourself easily.

4. Do they have any special features?

A good question to ask your processor is what they can do for your business to help increase your payments efficiency.  The right provider may be able to streamline invoicing and recurring payments, or assist with managing the payments at multiple locations.

Additionally, you may be able to integrate with the various software your business is currently utilizing, such as Quickbooks and Salesforce. Make sure you inquire about which integrations are available for your business.

The right processor will not only save you on fees but increase convenience and assist you in streamlining your business operations.

5. How is the Customer Support?

When you run into the occasional glitch or have a question, you want to be able to reach support 24 hours a day and know that your question will be answered knowledgeably and promptly.

Many payment processors outsource their customer service but you will be better off with a provider that keeps its support team in-house.  They will have a better knowledge of your account and go the extra mile to help you through your issue or questions.

6. What features to they have to address security and fraud?

Security and fraud are growing concerns for businesses, and merchants need to choose a payment processor that has solutions. For brick-and-mortar companies, EMV chip cards tend to be the answer since they reduce card cloning fraud and remove fraud liability from in-store merchants.  Online businesses require a more complex fraud prevention system to scan transactions for fraud. Our fraud solution runs each transaction through dozens of checks automatically and invisibly during checkout.

Find out what fraud solutions are available for your business and educate yourself on the options that are brought up.

For more information, or to find out which payments setup would complement your particular business, please contact us.