How to Choose a Payment Processing Company: What You Need to Know

Starting a business is always exciting. But after finally getting all the right pieces in place, payment processing may not be the most exciting task. Terms like pricing models and interchange will get you into the weeds fast.

Payment processing isn’t a one-off task. Your business will have to work with and pay for this service for years to come. So, it’s good to take the time and get it right the first time around.

When picking your payment processing company, you have an abundance of options, some of which are better than others. Read on to learn how to choose a payment processing company.

Payment Methods

When hiring a company to handle your payments, you need to know about the different ways people can pay. Credit cards are one of the most common payment methods and come with a variety of features and fees.

You should review the details of each before making a decision. Understand how it works for your business and consider the fees associated with it. ACH payments are another alternative to check out. This electronic method is usually less expensive than other methods but may take a bit longer to reflect in your account.

Compare your options and consider the expected volume when making your selection. With the right knowledge and thorough research, you can be sure to find a payment processing company that works best for your business.

Fees and Pricing

When picking a payment processing business, it’s important to know the costs and fees that come with the process. Many companies offer a variety of pricing structures to choose from. But you should be aware of the total costs associated with the processing services.

Review the rate for each type of transaction, such as a flat fee, a percentage rate, an interchange rate, and a merchant discount rate. Be sure to consider any transaction volume limits or tiers and assess the terms of the agreement, such as minimum and maximum payments.

To avoid shock charges, ensure any potential fees and rates are transparent by the service provider. Many service providers have online payment calculators that make it easy to figure out how much their services will cost.

To save more money, consider checking the best rewards from Zenti. Doing your research can help you find the most cost-effective processing option for your business.

Security and Fraud Protection

When it comes to choosing a payment processing company, security, and fraud protection are key. Look for payment processing companies that use industry security standards. This includes tokenization and encryption to make sure customer data is secure.

Also, ask the company if they follow the Payment Card Industry Data Security Standards (PCI-DSS). Doing this helps ensure the company is secure and can’t be compromised.

Also, ask the company what kind of fraud protection they have in place. Are there real-time alerts? Are there multiple layers of protection? How can they prevent fraud before it occurs? All of this is important to make sure your customers’ transactions are safe and secure.

Also, look for a company that offers its customers a PCI Risk Management Program. This can help them protect their business against fraud and costly hacking attacks.

Ultimately, you want to choose a payment processing company that has the tools and resources. This is to ensure your customers’ information is safe and secure.

Integration and Compatibility

When choosing a payment processing business, it’s important to think about how well the system you choose will work with other systems. First, research any known compatibility issues with other systems.

Does the payment processor you are considering integrate easily with the types of payment options you plan to offer? Make sure the platform you choose is compatible with online shopping carts. Also, other 3rd party services if your business requires them.

If you need extra functionality, inquire about API and SDK access. Lastly, check how long it takes to integrate the payment processor with your existing system. Also, find out about any technical support and setup help offered. Consider any extra fees for setup and make sure real-time transactions are supported.

Customer Support

When selecting a payment processing company, one of the most important considerations to keep in mind is customer support. Customer support should be available in multiple ways whether it be through email, telephone, or an online chat support portal.

It should also be available both before and after you have signed up with the payment processor. Also, customer service should have a team of people who know a lot about their services and can answer any questions you have as quickly as possible.

It is also important for companies to have robust self-help resources. This includes FAQ pages or documentation with instructions on how to use their services.

The customer support team should also be available after hours to answer queries and provide assistance 24/7. Finally, it is important to ensure customer service is available in your preferred language. Also, the customer service representative understands the particular needs of your industry.

Reputation and Reviews

When deciding options for payment processing companies to hire for your business, you should take into account a company’s reputation and reviews. Start by researching the company online to learn how long they have been in business, read customer reviews, and find out what broader payment processing industry awards they have won.

Reading online reviews is one of the best ways to get insight into how reputable a payment processing company is. It’s also important to consider customer service. You want to find a company that is available to help with any problems that might arise and is willing to respond promptly to inquiries.

Also, try to get a sense of how long the company has been in business and how long it will likely be around to provide you with payment processing services. A company’s reputation and reviews should be a top priority when choosing a payment processing company.

Ready to Choose a Payment Processing Company?

Choosing a payment processing company is an important decision to make for your business. Finding the right one for you will depend on the type of service you need, your budget, and what features your customers require.

Always thoroughly research all of your options to choose a payment processing company that best meets your needs.

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