Do they have a proven track record in the payments processing industry? Check out reviews on the company from neutral third-party sources as well as current customers.
Every business has different needs depending on the industry. It’s critical to choose a payments provider with experience in your line of business so they can advise you on payment solutions that are the best fit and can help you grow.
Data security should always be a top priority. Tools that help you detect and protect against fraud by securing card data are essential. These offerings should be integrated with your processing if possible. And, in the case of many small businesses, security tools should be bundled simply and smartly to take the work off of you and your business.
You may need support and training when you’re getting up and running, when systems change, and at any other time you may need help. Look for a processor that offers live 24/7 customer support to help keep your business running at all times.
The application process may vary depending on your business type and the associated risk assigned by credit card networks.Most types of merchant businesses qualify for a merchant account. The application process may vary depending on your business type and the associated risk assigned by credit card networks.
Above and beyond securing your computers, terminals, and networks, there are several additional security measures you can implement to boost your security. A reputable payment processor can discuss your options in detail.
You’ll likely be responsible for interchange fees assessed by the card networks, various processing fees, and other additional fees depending on the services offered. Make sure you understand the fees you’ll be assessed before you sign your contract. And, ask questions. You may be able to negotiable a lower rate.
It would also be best to consider whether you need to accept payments on the go, online or over the phone. Depending on your customer base, you may also want to consider accepting secure check payments.
For example, if you only accept payments from a physical location, a countertop model may be the best option. On the other hand, if you accept payments offsite, such as trade shows, festivals or farmers’ markets, a mobile POS system may be the way to go. For phone payments, you may want to discuss a virtual terminal.
Make sure you understand this timeline at your contract signing so that you aren’t caught low on funds. Today, there are faster paths to funding than ever before.
However, if you’re a larger business with many locations and terminals, your ramp-up time may take longer. Also, you may be able to set up payment processing more quickly if you choose a mobile processing application versus a traditional countertop POS system.
For example, if your POS system or network goes down during a peak business time, you can’t afford to miss out on those sales. So make sure you understand how much support a processor provides before you sign your processing contract.
In some cases, you may be assessed a fee if you end your agreement early, while other processors may waive such fees. If you think there’s a chance that you’ll need to end your credit card processing early, make sure you check the contract carefully before you lock into an agreement.