5 tips for choosing your credit card processing company
Tip #1: Choose a processor that has experience and a proven track record servicing other clients in your industry.
Each industry has drastically different needs when it comes to payments processing and card acceptance—so make sure you choose a processing company that has experience working with other clients in your industry. Doing so will save you ramp-up time since the processor will likely be able to suggest the most effective solutions for your company and save you the hassle or expense of products you may not even need. What’s more, processors with experience in your industry may also be able to anticipate problems that could be coming down the pike for your business—as well as have the appropriate solutions ready to implement—because they’ve seen similar issues crop up for others in your industry.
Tip #2: Choose a processor that is committed to data security, across all channels.
Whether you process credit card payments in your physical locations, on an eCommerce website or a combination of both, it’s critical that the processing company you select is committed to securing your data and your customers’ data. Every company that transmits, processes or stores sensitive payments data is required to adhere to the PCI-DSS (Payment Card Industry Data Security Standards) guidelines. Choose a processor that can help you achieve and maintain PCI compliance. You may also want to implement tokenization or encryption to protect processing data throughout the life of the transaction.
Tip #3: Choose a processor that is on the leading edge of payments technologies and the latest solutions.
Today’s savvy consumers stay abreast of the latest payments technologies—and expect to be able to pay for all types of goods and services in those formats. For example, more and more people are buying smart devices (such as Apple Watches) that allow them to easily tap the device on a payments terminal and transmit their payment card information without ever having to pull out their physical wallet. Other NFC (near-field communications) payment methods are also growing in popularity, such as mobile wallets that allow shoppers to simply tap their smartphone on a reader to send their payment data. Make sure you choose a processor that offers the latest technologies, like mobile payment acceptance, so you can keep your current customers happy and attract new customers to your business.
Tip #4: Choose a processor that offers comprehensive customer service and support, around the clock.
At many businesses, the workday goes way beyond just 9 to 5. So, make sure you select a credit card processing company that can offer you support in the evenings and on the weekends to keep your systems running smoothly. Especially for restaurants and many retail operations, having reliable payments systems during peak business times of evenings and weekends is critical to keeping your clientele happy and lines running quickly. Don’t risk losing sales if your systems go down and your processor isn’t available to immediately provide you and your staff with the support you need to get back up and running.
Tip #5: Choose a processor that offers you on-demand access to analytics and reporting.
When you process credit card and other electronic transaction types, you gather a lot of valuable data about your customers, their payment preferences, their shopping habits and much more. It’s important that you effectively use this data so you can:
- Make sure your inventory is well stocked at all times
- Ensure you’ve scheduled enough staff to cover busy times
- Inform targeted marketing campaigns
- Identify your highest performing employees
The best payments processors provide you with access to online portals that provide reporting and other analytics to help you pinpoint the above data, along with much more.