There are a lot of things that entrepreneurs need to think about when starting a new business. From coming up with a name to building a website and setting up a supply chain, launching a new venture takes organization, planning and a lot of elbow grease.
As a result of the sometimes overwhelming workload business owners face, many opt for the path of least resistance when it comes to making decisions. This means that, more often than not, entrepreneurs end up choosing service providers because they’re a big name rather than because they offer the best service. Although in some circumstances going with the biggest brands can work out well, very often business owners will end up losing out because they didn’t do their homework.
If you’re in the process of launching a new business, choosing a credit card processor will probably be fairly high on your to-do list. To help ensure you make the right decision, and get the best provider for your needs, we’re taking a look at how to choose the right processor for your business.
Cost
Cost is always going to be an important consideration when searching for a credit card processor. Credit card processing fees can vary widely between providers. While some companies will charge a flat monthly fee, others will charge you for every single transaction.
If you don’t think you’ll be taking a lot of credit card payments, a service that charges for individual purchases could be a good choice. However, if you’re planning on taking large numbers of credit card payments every month, you may well find that a flat fee will save you a considerable amount of money. Learn more about different payment gateways.
Security
Security is a very important consideration when it comes to selecting a credit card processor. Although credit card fraud has fallen in recent years, an estimated £1bn was stolen through credit and debit card fraud in 2017 alone.
When you’re searching through potential providers, take the time to look at the security measures each company has implemented to keep their customers safe. Remember that if you take a fraudulent payment it’s your business, not the bank or card issuer, that’s liable to repay the stolen cash.
Look for a credit card processor that supports SSL encryption and that allows you to check if purchases are genuine using CVV2 verification. Your chosen provider should also be PCI compliant. Talk to a few of the credit card processors you’re looking at to find out which offers the right level of security for your business’ needs.
Payment method coverage
These days, most credit card processors will allow you to take payments from all major credit card companies. However, there are still a few issuers out there that may cause you problems. Check to see if your credit card processor will allow you to take payments from high tech sources like Apple Pay. This will help to future-proof your business and ensure as many customers as possible are able to buy from your e-commerce site.
Customer support
Choosing a credit card processor with good customer service will make your life a lot easier. A company that offers a high level of support will be able to help you resolve issues quickly and easily with minimal disruption to your business.
Problems with credit card processing can result in your business being unable to take payments. This can mean you’re forced to turn customers away and could result in you losing a significant amount of business. If you choose a company with a prompt response rate and good technical support, they should be able to get you back online and up and running as soon as possible.
Good customer service is also very important in instances of fraud. If you think you’ve taken a fraudulent payment, or if you want to query the veracity of a payment, being able to speak to someone at your chosen credit card processor will help you get the issue resolved quickly.
Make sure you get in touch with all potential credit card processing companies when narrowing down your options. This will allow you to compare levels of customer services before you make any long-term commitments.
A reliable, good quality credit card processor is an essential part of any business. If you’re just starting out, finding the provider that’s right for you will help you to get your business off the ground and growing fast. Start doing your research today to find the service that suits you best.
