Factors to Consider While Choosing a Credit Card Processor
Selecting a credit card processor for your company is a crucial choice. After all, they are in charge of your money. Your business relies on them to securely transfer client payments to you fastly, affordably, and securely while safeguarding your customers’ privacy and providing fraud detection solutions – all for a price that allows you to keep healthy profit margins.
What can you check as part of the due diligence procedure to ensure a credit card processor can meet your high standards?
Comparing the services, charges, and extras credit card processors offer can be challenging.
Here are four factors to consider when choosing a credit card payment gateway.
- Customer Service
Consider the possibility of being desperate when you ask for assistance. How long do you want to wait in that dire situation, and how do you want to be treated? You want to connect to a helpful person when you call a particular number. You want a personal representative assigned to your account who will answer the phone when you call and has the authority to handle your problem immediately.
- Reputation and Retention
What do other companies think of this prospective credit card processor? A reputable credit card payment gateway company won’t hesitate to give you the contact information of past clients and reference letters. Anyone who can’t give you reliable information about their reputation should be considered as a major red flag.
- Compatibility
How compatible is the proprietary software of the processor? Although many processors are compatible with universal software, you still need to ensure that your e-commerce shopping cart is compatible. Additionally, as online payments are increasing, you should search for a processor that allows you to accept payments via digital wallets.
- Pricing
So, can they help you save money? Will their financial analyses and disclosures be clear and understandable? The ideal strategy for your company will rely on several variables, including the volume and types of credit cards you handle, the average ticket size, and more. A good processor will carefully examine your business operations before presenting the strategy that will be most advantageous to you financially. Anything less is a deceptive strategy, and you should be skeptical.
The important question should be: how much money will you spend on Fees?
Fees have the potential to cause your business the greatest hassles. The following are some common costs you will incur.
- Fees for processing applications.
- Fees to set up machinery.
- Fees for monthly statements.
- Fees as minimum monthly dues.
- Monthly gateway access fees.
- Interchange fees.
Lastly: Avoid Credit Card Processors With These Red Flags
Look out for ‘Liquidated Damages Termination Fee’ – an early contract cancellation procedure where your company might be charged the entire expected price. Non-qualified rates (charges for specific transactions) are an additional warning sign to look out for.
Ending Thought
Credit card acceptance will continue to increase in popularity as more customers switch to convenient cashless payments. Transparency is a quality of the best credit card payment gateway companies. Choose a seasoned business with a reputation for integrity and first-rate client care. They can assist you if you want to transfer providers, enhance services, or begin accepting credit cards.