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Advice to a Business Owners Looking for a Payment Processor

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You have to find a way to accept customers’ electronic payments today. Whether you run a brick and mortar business or one online, to become profitable, you’ll need to deal with electronic payments like credit and debit cards and e-checks. While the number of payment processors wasn’t an obstacle just a few decades ago, for companies looking for the right processor today, the choice can be nothing short of overwhelming.

Who are the best payment processors and what are the differences between payment processing solutions out there? This guide might help you sort things out and find a processor that works for your company.

What to Look For

The first trick to landing the right payment processor is to watch for the signposts of a good processor as you read about each company. Good payment processors:

  • Are upfront about their fees – Fees vary from company to company. Make certain you find a company that is willing to discuss those fees and not hide them from you. Understand what the cancellation, withdrawal, and batch processing fees might be. Good payment processors will offer you a full schedule of fees before you ever sign up.
  • Offer fast access to funds – If your processor constantly needs to investigate suspicious activity, you could be without a paycheck for weeks. Find a company that, even in potential fraud cases, have a simple process that means access to your cash as fast as possible.
  • Care about data security and fraud protection – Protecting your customers’ data is a must, and it shouldn’t fall on your shoulders. After all, that can be an expensive process that may suck time away from your company. Choose a payment processor that offers secure, reliability with anti-fraud technology built right into the services. Make certain they reduce your PCI compliance workload so you don’t have to have an additional, costly system.
  • Have dedicated set-up support and assistance – You need help. It’s the bottom line in accepting electronic payments today. Ensure you have a processor dedicated to customer service so you get the assistance you need when you need it the most.

Are There Really Differences between Payment Processing Solutions?

The answer to that question is a solid “yes.” A Nilson study found there are 14.4 billion credit cards in the world as a whole, and with numbers like those, the industry will only continue to grow. Make certain you find a processor you can partner with to better run your business.

Contact Y2Payments today to learn more about our Payment Processing solution and our Conduit 3.0.

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Interchange Plus Pricing is Great for Profitable Businesses

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It’s time for a bit of truth. You can’t own a business now without being able to accept debit and credit cards. The average consumer often doesn’t even carry any cash, which means that you need to accept credit or debit cards in order to be able to run a profitable business.

Many business owners, however, get frustrated with this because they realize that in order to process debit or credit card payments, you need to take on an additional expense. To process credit or debit card payments you’ll have to pay a processing fee, and the amount you’ll pay depends on which company you go through to process those payments.

It’s important to not only know what there are differences between payment processing solutions, but also to determine what the best payment processors are for your business. It can also be confusing to try to figure out who gets a take of the processing fee and to understand why it’s so high. There are a many other companies that get a piece of the credit card pie, from the merchant bank to the associations (like MasterCard and Visa), and whatever company that processes the card.

One thing you should understand as a business owner is what interchange plus pricing processors are. To begin with, interchange plus pricing helps you to understand who you’re paying when you pay a fee for a credit or debit card charge. It makes the transaction much more transparent so that you know exactly what rates are being charged.

It’s also important to note that interchange plus pricing processor rates are generally much lower than flat or tiered rates. While it’s important to understand what interchange plus pricing processors are, it’s also essential to make sure that you find a company that you trust to help you to figure out the best payment processors for your unique situation and business.

At Y2Payments, we pride ourselves on helping to ensure that our customers get the right processing for their business. To learn more about how we can help, contact us today.

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What is a Payment Processor?

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A payment processor is a company that handles transactions for a merchant. Obviously, the merchant themselves can handle cash transactions. The payment processor handles payments involving credit cards, debit cards, and more recently, cryptocurrencies. Are there differences between payment processing solutions?

We’ll examine these. The best payment processors provide more than just the basic service. They can help you implement payment processing solutions, solve problems that arise, provide solutions to better handle chargebacks, as well as produce reporting that helps you analyze how your customers spend their money.

ETA Certified Payment Processing

Certified payment processing exists to act as a trusted and accountable mediator between your business and various financial institutions. The payment processing industry holds certain standards and requirements that enable financial institutions to feel comfortable entrusting many businesses with more extensive payment processing solutions.

Certified payment processing means that a processing company has been certified by the Electronic Transactions Association (ETA). This ensures you that a payment processor meets and maintains certain standards that are important to client businesses.  And, yes, Y2Payments is a long-time member of ETA.

High Risk Payment Processing

There are differences between payment processing solutions. To start with, many businesses are classified as high risk. Not all payment processors will provide their services to high risk businesses. If they do, their terms won’t be very favorable because this type of client falls outside their specialty.

A payment processor that handles high risk clients will often be able to provide better terms in your payment processing rates. Not only this, they’ll also be able to provide you more complete service. The best payment processors will help you implement all your payment processing tools, give you training so that you know how to use them, will respond to inquiries, can explain things, and will produce valuable reporting you can use to analyze customer habits and needs.

Payment processing deals with technology is first and foremost, but it excels when personal communication allows for the kind of flexibility that businesses need to operate within high risk industries.

For more information on Y2Payments payment processing, contact us today.