Credit Card Processing Blog
8 Tips On Choosing The Right Processor

Feb 25, 2016 8:00 AM / by Reliance Star

Credit Counseling Professionals recently reported that 80% of consumer spending was cashless, with respondents favoring debit cards for everyday purchases and credit cards for large-ticket items. As a business owner, choosing a credit card payment processor is one of the most important parts of setting up your business. Not only will this relationship directly impact your customers, but it will also have an impact on your bottom line. Here are the most important considerations to consider when selecting the right credit card processing partner for your business. Keep this checklist handy when comparing providers.

Fee Structures

Fee structures vary widely from processor to processor. However, take into consideration the total package of services that are offered within the fee structure. For example, Reliance Star offers a lot more than payment processing; customers also get access to expert advice, reliable support, and a guide to maximize savings.

Support

A reputable payment processor will offer dependable customer service and technical support in a variety of channels. Is someone available to answer questions about the EMV technology, offer technical support for system problems, and ensure that your payment process does not experience interruptions in service?

Equipment

A payment processor should offer the latest POS equipment from top manufacturers. Top brands include VeriFone, Hypercom, Ingenico and First Data. Don’t expose your business to sub-standard equipment; make sure the company offers only the very best equipment.

Online & Mobile Options

If your business is not set up to accept payments online, wirelessly, or at remote location, make sure that your credit card processor offers the option. Businesses are constantly evolving, and it’s best to partner with a credit card processor who embraces technology and looks to the future. You never know when the opportunity to connect with customers online or at an event will arise, and it’s best to be prepared.

Compliance

It’s imperative that your credit card processor is compliant with protocols set forth by industry standards. PCI compliance requires data encryption, security access points, and network penetration tests. Partnering with a credit card processor who is not in compliance with these standards can leave your business vulnerable to liability in the event of identity theft or data breaches.

Industry Integration

A valuable payment processor will offer solutions for your specific industry, and enable you to link payment processing with leading industry software programs. Don’t forget to inquire about integrations with your accounting programs.

Contracts and Billing

Be sure to get everything in writing, and monitor monthly billing to ensure that rates and fees match your agreement. A credit card processor has to hold up their end of the bargain as well, after all, YOU are their customer. If they are not fulfilling their contract terms or overcharging, it’s time to look for a new processor partner.

Ask about Chargebacks

Incorrect charges can lead to a high percentage of customer chargebacks, costing your business money. Technical glitches where a customer is charged twice, incorrect charge amounts, and miscommunications with customers can cause a high volume of chargebacks. Work with a credit card processor who is prepared to help you minimize chargebacks.

Choosing the right processor for your business is critical to growth, and a helpful account representative should be available to answer your questions during the screening process. In the end, it will be worth it to partner with the right processor from the beginning, so that you can concentrate on growing your business.