When making the decision to switch to a payment processor for your business, there’s a lot of options to consider, and lots of worry, too. After all, you’re putting your livelihood and all your business transactions in the hands of a company you know little about, and that idea can be daunting, to say the least. Choosing the right payment processor for your business can be tough, but knowing what to look for can be of enormous assistance when making a decision. So what should you look for? How do you know a particular company is going to improve your business?
As with any company that provides a service, you can expect to pay something for it. There are a few different types of fees you can expect when working with a payment processing company. These fees include, but are not limited to:
You should look for a company who will be able to accept and process all types of payment that you deal with within your company. You’ll want to make sure they accept not only credit cards, but all types of credit cards, checks, etc. Any payment type you accept, they need to accept as well to ensure that you don’t have to turn away any customers, resulting in a bad reputation for your business.
If you’re a newer business, or have just upgraded your POS systems, this is especially important. Choosing one with near-field technology (NFC) will allow you to accept payments from digital wallets, such as Google Wallets, PayPal, or Apple Pay. These methods allow customers to make purchases from their phones rather than having a physical card, and are becoming much more prevalent as the world of technology advances.
If possible, you’ll want to find a payment processor who provides round-the-clock customer service. This will ensure that, if something goes wrong or a payment is declined, or you don’t understand a fee or cost, you will always be able to reach them during your business hours to get the issue resolved.