To run a business, you must provide customers with multiple payment options, so they can choose the transaction type that suits them best. Doing this makes shoppers more likely to finalize purchases and to return in the future to buy from you.
If you’re just about to launch a business, or have yet to start offering credit card processing, it can be daunting trying to work out which mobile payment processor to choose. Read on for some tips you can follow today to make the decision and ensure you get the right fit for your business.
Know Your Needs and Goals Upfront
Know what your specific needs and goals are before you go searching for a merchant services firm. There are so many different options, all with different features and price points, that to to narrow down the search and ensure you choose the best fit, you must understand what you require — and what you don’t; there’s no point paying money for functionality you simply don’t need.
Consider whether you’re just after a simple set up that provides the bare minimum of features or if you require extra functionality. For instance, you might need to be able to incorporate loyalty programs into the checkout, so customers can use loyalty points as part or total payment; or you might need inventory management capabilities or to process transactions on a smartphone on the go.
It’s also wise to think about where and how a payment system will be integrated into your processes since some companies may not be open to doing what you require. Scalability and ease of use (both on your end and for customers) need to be looked at as well.
Compare Prices Carefully
Obviously, when it comes to finding the right credit card processing firm, costs are going to be at the top of your mind. You need to compare prices carefully before settling on one option because different companies can have wildly different ways of structuring their fees. One option might seem the best, but when you do the calculations, it becomes much less attractive.
As you compare providers, you’ll see that some charge variable fees based on the number of transactions processed in a set timeframe (such as monthly, quarterly or yearly) while others have numerous payment plans to select from. You might even find a flat rate up to a certain number of transactions per month. You must choose the right plan according to your business’s current and potential future sales volumes, so you don’t end up paying for more than you need.
Be on the lookout for added (often hidden) costs. This can include things like cancellation costs if you choose to stop using the provider or change plans, integration costs to have the firm’s tech integrated with your own point of sale equipment and systems or set up fees for creating an account in the first place.
Find Out About Security Levels
Next, investigate the security levels of the payment processing companies you’re considering. With the prevalence of cybercrime and the high costs to businesses if data breaches and fraud occur, you need to protect your business as much as possible. The sensitive personal and financial details of your customers must be kept safe from hackers at all times, which requires using a merchant services firm that takes security seriously.
The best credit card processors use measures such as: implementing high-level data encryption using complex algorithms, using CVV2 verifications for payments and providing support for the highest-level SSL certificates.
Look for Excellent Customer Support
Lastly, ask the firms on your shortlist about the customer support they provide if you sign up with them. You can hope integration and set up will be straightforward and that customers never have problems completing their transactions, but with technology, glitches and downtimes do happen. As such, you need to have access to customer support staff who you can ask for help to get systems working right.
Choose a credit card processor with service members on hand 24 hours a day, 365 days a year. The company should also make support available via numerous methods, such as by phone, email, live chat, on social media sites and the like.