4 Things to Consider When Choosing a Credit Card Processor
Choosing a credit card processor is likely not something you want to think about. However, it is necessary. With everything being done digitally these days, there is simply no way to be a cash only company and still successfully build a business. This being said, we do understand that it can be a difficult decision to make with an overwhelming amount of considerations. That is why we have put together this comprehensive list of factors to take into account when choosing a credit card processor.
One of the most important things that a business owner can take into consideration when it comes to payment processing is fraud. Fraud can be incredibly costly to your business and you want to find a payment processing company that will take the appropriate measures to help you avoid it at all costs. It is true, fraud is more difficult now than it has been in the past due to the advent of chip cards. However, this does not make fraud impossible and you want to find a processing company that takes measure such as tokenization and encryption at the point of sale. Finding a processor that supports SSL certificates and CVV2 verification will also help protect you against fraud when it comes to selling online.
In addition to this, compliance with PCI-DSS regulations is incredibly important in a credit card processing company. These regulations can be very confusing and industry specific so finding a processor that understands the regulations on your payment ecosystem is vital.
As an end of the line measure, you also want to consider the strength of your processor’s fraud resolution services. Finding a processor that will do everything possible to avoid fraud is necessary. However, fraud may still occur and having the best policies in place in the event of its occurrence will provide you with the support and protection you need.
You never know when you are going to need help with your payment processing. Problems can be unpredictable and can happen at any time. As such, it is a good idea to find a payment processing company that not only offers good customer support but offers it around the clock.
So, other than 24⁄7 support, what does good customer service look like? The most valuable thing you can find when it comes to customer support is a real person with real knowledge of your issues. Understanding and experience are key to excellent customer service. Find these characteristics and you will find an invaluable resource.
Payment acceptance is also an importance consideration when choosing a credit card processor and these days there are many more forms of payment than you may realize. You don’t only have to think about the different credit card companies but also digital alternatives like Apple Pay and Samsung Pay. These form of payment are likely the future of payment processing and the best way to ensure your company has a future is to make room for its payment options.
And then there’s the factor that everyone wants to know about: the issue of pricing. Navigating the issue of cost can be complicated but it is necessary. As a business owner, you want to know that you are making the best use of your resources and so it can be helpful to understand how processing companies operate when it comes to pricing.
There are basically two options for pricing: interchange plus pricing or flat rate pricing. There are pros and cons to either option but the main factors you want to consider are the products you sell, customer payment methods and average ticket. Whatever kind of payment plan you go with, make sure you find a payment processing company that will be up front with you and not give you any surprises when you get your bill.