Finding a payment processing company may be challenging because there are many service providers. It is advisable to compare the best credit card processors first to determine what works best for you. Having a reliable payment processing company will ensure a smooth transaction procedure between you and your customers.
In every card payment processing, the following parties are involved;
- Payment gateway and processor
- Your bank account
- Customer credit card Company or their financial institution
Most payment processors comply with EMV standards. The chip and pin transactions on Europay, MasterCard, and Visa will go through at such terminals. You may also transact online or use contactless cards for transactions. The payment processing companies authorize all such transactions.
What to consider when choosing a payment processing company
1. Contract with the Company
It is advisable to read the contract and understand the conditions first before signing. Some of the aspects to consider are the initial and maintenance cost, payment processing equipment, and length of the contract. Such details can help save you some money. Comparing various service providers can help you choose the best. To help you estimate the project fees, below are some of the charges you will pay for the payment processing service;
- Gateway access fees
- Setup fees
- Interchange fees
- Monthly fee.
In case you terminate the contract, the service provider will charge you the termination fee too. Other costs will include technical support expenses to set up the system, reviewing your monthly statement bill, or for regular maintenance and upgrades.
2. Payment Methods Accepted
Giving your clients’ variety of payment options makes it easy to pay for the goods. Most merchants access to cash, mobile money payment, or credit card payment using chip and pin technology online. With technology advancement, many customers are opting to pay via apple and iPhone pay and other digital wallets options. Mobile payment systems are also increasing in popularity. You should consider Payment processing companies that are compatible with such payment gateways.
3. Payment Scalability
Before you sign a contract with the payment processing company, you should review the types of payments they support and their compatibility with advanced payments or future technological advancement. Most payment processors offer a point of sale payment option and online payments. Others will also offer virtual terminals options and mobile payment processing. You should review the payment options a provider offers to choose the most appropriate for your business. Gift cards and digital wallets are gaining popularity, and many clients are using those payment options to pay for goods and services. For a higher customer satisfaction level, your payment processor should be dynamic and offer payment processing services that are easy and convenient to customers.
4. Security Features
Cases of card fraud online are on the rise. It is the responsibility of the merchant to guard their clients’ bank account details. Failure to do so can lead to liability on the part of the business in case fraud happens on a customer’s account or credit card. Some of the main security features that every payment processing company should adhere to are the upholding of PCI DSS, Tokenization, and Transport Layer Security features. Before signing the contract, review the security features and procedures to follow when customer data is compromised when making payment.
5. Integration with Your Business Tools
The simplicity of payment processors will endear them more to merchants. Payment processors that integrate with your business platform and other systems are simple to manage. Through a payment processing company, other business aspects such as reconciliation become easy.
Finally, remember the customer service and support experience. By reviewing existing customer feedback and comments, you can compare with other payment processors and choose the best. A good payment processing company should aim at improving the customer experience when they make payments. They should also offer guidelines on seeking support. Having terms and conditions regarding system maintenance, and repairs can help too. Through research, you can learn more about the various payment processing companies. Reviewing the company’s relationship with other payment processing industry leaders. They may offer additional professional services.
Depending on your business and the industry, you can find a payment processing company that suits your business needs. Though a processing company may handle some business routine chores in your organization perfectly well, the same may not work for another organization. Due diligence, payment processing company features, and type of business are some guidelines to consider. Below are some of the popular payment processing companies you may review.
- Payment cloud
- Card connect.