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5 Questions to Ask When Choosing a Payment Processor

Whether you’re accepting credit cards in your local shop or you’re running an online business, you need a payment processor.
The good news is that there are many different companies out there who offer payment processing. The downside is that makes it challenging to pick the right partner.

Make sure to ask these five questions before you sign on the dotted line with any payment processor.

1. Ask about Fee Structure

This is probably the first question anyone asks a payment processor. It’s a good question. Processors often charge a number of different fees.

You may have monthly charges, in addition to percentages of each transaction. Fees may be charged differently depending on how you process the payment. A credit card payment, for example, may have a different fee if you accept it online versus if you key it in manually.

Go over the fee structure carefully to make sure there are no hidden fees.

2. Confirm What’s Included in the Solution

Another question to ask is about what’s actually included in your solution. Some payment processors will give you a quote, but it won’t include the actual hardware or the fees for renting it.

Some may give you a quote for accepting only credit cards, or they may not include online payments. Always confirm exactly what you’re getting.

3. Inquire about PCI Compliance

The Payment Card Industry Security Standards Council has a number of standards they maintain. Being PCI compliant is important, because it protects your business and your customers against fraud.

Ask any potential payment processor how they ensure every transaction is PCI compliant. Be sure you’re aware of any responsibilities you’ll have to help maintain the standards.

4. What Kind of Support Is Offered?

Ask your payment processor about their support options. Do they offer maintenance, or will you need to source that on your own? What kind of training will your team receive, if any?

5. Are There Minimums and Maximums?

Finally, ask any potential provider if they have a minimum or maximum processing amount. Some companies will want you to do at least so much in sales before they’ll work with you. Some companies might charge higher percentages if you process under a certain volume of transactions.

Maximums can also present a challenge for a growing business. Look for a processor who can grow with you.

By asking these questions, you’ll be much closer to finding the best payment processor for your business.

 

If you’re ready for better payment processing, then get in touch with our team. You’ll see the difference the right partner can make for your business.