Finding the right payment processor is one of the most important things you'll do for your company. You obviously need someone that will offer you fair rates and a reliable service, but a quick look online will turn up dozens of different options. Here at National Processing, we offer payment processing of several forms, and believe that you deserve to know the main things you should look for when searching for your payment processor.
With that in mind, here are the top 5 things to keep in mind when you choose your payment processor.
1. The Rates – This one's obvious, but still important. Be sure that you look at the per-transaction charges and any equipment fees. But you need to go further and make sure there are no hidden fees buried within the fine print. Some companies will try to trick you into paying application fees and more. Be sure you look at all the fees.
2. Set Up Speed – You'll want to make sure you don't have to operate for months before you get your equipment and get set up. You shouldn't have to wait for 6 weeks just to get your account set up and ready to go, so be sure to ask about setup costs.
3. Technology Option – Look into the kind of technology you'll be using. There are numerous new card swiping machines and keypads designed to improve speed and security, and now it's even possible to use a tablet computer to accept cards for your business. Also be sure you consider what you need – if you only sell items online, you won't need a swiper, for instance.
4. Length of Contract – Not all companies will require you to sign a long-term contract, but some will. Pay attention to how long you'll have to stay with a particular processor if there's a contract involved, and what kind of penalties there are for breaking it.
5. Support – Finally, be sure that you pay attention to the level of customer service and technical support your provider offers to you. You want to get the help you need whenever you need it, and if one aspect of your setup fails you could lose a sale and even a customer. Make sure your provider offers great customer service.
These are just the 5 major things to consider. Think about them as well as any additional points that are important to you and you'll be able to find the perfect payment processor for your needs.