For new business owners, choosing the right payment processor can be confusing. What do you look for? Who do you ask? Where do you even begin? Selecting the right merchant services can make all the difference in the success of your business.
We know that the merchant processing industry can seem a bit foreign. So, we’ve compiled a list of important questions you should ask when searching for the right payment processor for you.
Question #1: Will My Data Be Protected?
Lack of data security can result in credit card fraud and hackers. Make sure your customers’ information is protected. Additionally, your processor should offer advanced data protection, such as encryption and tokenization. This protects card data in transit and when they are stored. Also, fraud detection is another safety measure a processor should provide. And, lastly, make sure your physical terminals are equipped with EMV chip card processing to reduce fraud.
Question #2: Do You Use Integrated Software?
Moreover, most merchants use either a physical or virtual terminal to process payments. Integrated software is beneficial for several reasons. However, one way is that it saves you time. With integrated software, merchants can accept payments within their accounting software, thus recording all transactions at once. It also leaves less room for human error.
Question #3: Is There Technical Support?
This is important for so many reasons. Things happen. However, the way your payment processor responds is key. Minor problems become big ones without the proper technical support. Make sure your processor is equipped to handle all your needs and technical concerns.
Question #4: What Fees Will I Be Paying?
Who doesn’t want to save a little money? We all do. However, don’t let that be the determining factor in the processor you choose. Make sure you are aware of all the fees associated with your services. Furthermore, ask if there are any other hidden fees that may arise.
Question #5: Is the Processor PCI Compliant?
Moreover, PCI compliance consists of a list of security standards that companies must meet. However, not all processors are PCI compliant. Businesses that are not PCI compliant suffer financially and may lose the capability to accept credit cards. Therefore, you want to make sure your processor adheres to the standards set forth by the payment industry.
Question #6: Can You Explain the Contract to Me?
Lastly, make sure you understand what you’re signing. Contract verbiage can be quite tricky. So, if you do not understand something, ask. Also, pay close attention to early termination fees. And, always read the fine print!