What to Look for in a Payment Processor
The evolution of online shopping and digital commerce made it more convenient to purchase goods and services. More consumers are shopping online and seeing the benefits of e-commerce so businesses need to adapt.
These days, more customers prefer using credit cards instead of cash at brick-and-mortar stores, not to mention how easy it is to make online purchases with credit cards.
Not only should businesses accept credit card payments online, but they need to set up a secure and simple payment system for the convenience of customers. Partnering with the right merchant provider is key, so here are a few things to look for in a payment processor.
Top Factors to Consider When Looking for a Payment Processor
1. Protection Against Fraud
Payment fraud is a serious issue that’s become more prevalent with the rise of cashless payment options and e-commerce. A good payment processor should offer payer authentication as well as advanced features that will detect red flags and deny risky unauthorized transactions.
Along with these features, it should also have encryption capabilities to secure data during transactions as well as stored data. Data breach situations are another serious issue, so your payment processor must adhere to the highest data standards.
2. Multiple Payment Options
Your payment processor should also offer multiple payment options for the convenience of customers. Payment industry trends indicate that alternative payment methods are on the rise; as a business, offering these alternatives will help you reach a wider audience, which is an effective and affordable way of marketing your brand.
Some people are not comfortable giving out their credit card information online, so the availability of debit cards, e-wallets, and ACH payment processing will increase the chances that a customer will complete a purchase. Since not all shoppers have a credit card, other payment choices will cater to a significant number of customers.
3. Affordable Cost
Another one of the important things to look for in a payment processor is the quality of the services you’re getting for the cost. A payment processor with the lowest quote may offer services that just don’t meet the needs of your business, so it’s definitely something to consider.
Instead, go with a payment processor that will give you a fair price depending on the number of transactions, total volume, or total dollar amount of transactions.
If possible, look for a payment processor that can give you a set of monthly fees or low transaction fees up front so you know what to expect. Transparency is another important factor to look for in a payment processor.
4. Additional Considerations
- Years of experience
- Exceptional customer service
- Honest and transparent
- Sets proper expectations
- Allows immediate access to your funds
- Eager to find solutions for merchant needs
Finding the Right Payment Processor for Your Business
Looking for a payment processor can be time-consuming, confusing, and even overwhelming, especially with a high-risk merchant account, which poses its own set of challenges. As a reliable payment processing company, we’re here to help you through the process of finding the appropriate payment gateways for your business and assist with other merchant needs.
Contact us to learn more about the services we offer and save 25% when you sign up for a new merchant account today!