How to evaluate and compare credit card processing companies
You’ve worked hard. Your customers are ready to pay. That’s great news.
Getting paid means that you’ll need to process credit cards. Plus debit cards, mobile payments, and more. Payment processors are companies that process credit and debit card transactions for businesses like yours. Payment processors provide a secure link for the passage of money between your customers and your bank.
Payment processors make sure you get paid for your hard work. Also known as merchant service companies or credit card processors, payment processors are essential partners in your business journey. Every business is different, each offerings its own unique mix of goods and services. Payment processors are different in what they offer, too.
How to compare merchant services
So what payment processor is right for your business? When it’s time to compare credit card processors, the first step is to have a good idea of where and how you’ll want to get paid. Does your business need to process credit cards in-store, online, or on-the-go? You’ll also want to think about how your customers will want to pay; that will determine what payment types you’ll want to accept.
Evaluating security and fraud protection services is a must when comparing payment processors. Does your payment processor offer assistance keeping your business in compliance with card acceptance regulations? Do they use the latest in secure payment technologies like tokenization? Keeping your money safe is essential, and your credit card processor plays a big role in financial security. You’ll want to ask tough questions about how they plan to fight fraud and reduce your business risk.
When it comes to your money, customer service is essential. Payment processing is more automated and reliable than ever, but every business needs personal attention. When it comes to your money, you need answers, day or night. Comparing merchant services means taking a long look at the service part of the equation. Is your payment processor there for you 24/7 with live phone support? Do they offer online service, chat and forum support?
Comparing payment processors can be tricky. Payment processing can be complex, and payment processors aren’t always helpful in providing clear answers. This guide will help you cut through the clutter and confusion of payment processing. You’ll walk away with a checklist to compare credit card processors that reflect the needs of your business.
So which payment processor is right for you? Let’s find out. To get started, download and print out this Payment Processor Comparison Report Card. Start by ranking the features from 1-3 based on the importance of the feature to your business.
As you research the different payment processors, place check mark when the provider meets your needs for that feature. Leave it blank if the processor lacks that feature or it doesn’t meet your expectations.
If you need help cutting through noise to find a payments partner that can help your business grow, contact us at 877-826-1725. One of our payments experts can help cut through the confusion and offer straight talk on how to help you get paid. So you can focus on what you do best.