Whether you’re a brick and mortar, an online merchant, or you provide services to a variety of different merchants, you can’t survive today without a good payment processor. You limit your ability to connect with customers who want to pay with a variety of different options, but choosing a payment processor is tougher than ever. The market gets a bit more crowded every day. How can you find a certified payment processing company that’s a good fit for your organization? This guide can help.
Think About Security
As you work to narrow your choices, security has to be your top priority. You must select a payment processing company that offers your company and your customers security. Typically, that means choosing someone who is PCI-compliant, as they’ll be able to take advantage of the industry’s latest technology to help safeguard the process. Often this involves tokenization or various encryption tools, but these will change over time, so don’t just look at the company’s approach to security now. Ask about updates and changes to see how often they take advantage of what’s out there.
Most people look to fees first, but you know security has to come first. Think the cost to your company should come second? You may want to rethink that. Imagine choosing a company based on their rates only to find out that no support was included with those rates? That would be pretty frustrating if you had an issue, right? Support has to be next on the list of what to consider, as while payment processing will be mostly automated once you get set up, it’s possible that you will need a bit of help once in a while. The ability to reach someone who can help you immediately is invaluable, and having that support built into your costs is important for your company. Look for a processor who offers support both during set up and as you continue to do business.
The last thing you’ll want to consider is the cost to your company. You want your certified payment processor to have low fees, but you need to keep in mind what those costs involve. Ask about fees for terminals or anything else you have to lease from the company. Find out if you have to work with the company for a certain amount of time. Find out if you have a quota you have to meet or a number you have to stay under, too, so you know what you’re going to end up paying.
In the world of payment processing, there are different kinds of packages. Some offer tiered pricing based on the frequency of your transactions and the amount of each. Some offer a subscription-based model. Flat-rate models are usually great for merchants who do a low volume of business. Some even offer an interchange-plus system where they itemize the fees you pay over the course of a month and help you see what rates you’ve paid and to whom you’ve paid them. Your pricing model depends on the way your processor does business, so it’s essential to find an organization that fits your business model.
A certified payment processor can help your business grow in ways you never thought possible, but the reality is that there’s no one-size-fits-all model when it comes to payment processing because businesses aren’t like. Instead, you have to search to find a solution that meets your needs.
If you’re looking for a great payment processor, give Y2 Payments a call today. We’ll help you understand our unique business philosophy and decide whether our model works well for your company. To learn more, connect with us today.