Processing costs you can count on
and ones you can’t
Carefully consider your choices
When it comes to considering what you need for payment processing, here are the four must-haves:
Your payments and your process should integrate. That’s to say, the device, terminal or POS system you consider should reflect how your business operates, as well as the types of payments you want to accept and the back-end systems that you want your payments to connect to. The more integration available the better. You want your payments to work in the interests of your business and your customers.
One goal for most businesses is growth. Your payment processing should be an agent in that growth, not an inhibitor. As you grow, your payment processing—the equipment and the provider—should expand with you. Some of the smallest businesses have been able to grow big because of selecting the right point-of-sale solution that moves with them—and without the expense or hassle of time-consuming or costly upgrade and infrastructure changes.
Payment processing is complicated. There are multiple players and steps along the way to authorizing payment transactions. While it should be pretty invisible to you, there are times when things don’t go as planned. You want to know that your provider is not only up-to-speed when it comes to availability and up-time, but is available at the other end of a phone, an email or live chat when you need help. For businesses today, that can pretty much mean 24/7, including weekends when you’re often busiest.
The world is moving fast today. So too are card criminals. Whether your payment card processing is limited to in-store, or includes online payment processing and other virtual payments, make sure card data security and fraud detection and protection are at the top of your consideration and your provider’s solutions. From chip card acceptance at the point of sale, to advanced fraud detection tools and card data security tools such as encryption and tokenization—take a hard look at securing your business and your customers.
Read more of the companion stories in the sidebar as you consider and evaluate your payment processing options and your selection of possible providers.