How to Choose the best Payment Processor?

18 May 2017 | 1011 Views | By Mint2Save

One of the most essential steps for getting paid online is choosing an appropriate payment processor. With right Payment processor customer can pay easily for the products and services and takes very little time and efforts. Before selecting the suitable processor you must know what is a payment processor? It is a service that lets websites to sell online by accepting payment through electronic media such as credit cards, debit cards and bank transfers or you can say all the payment processing services used by an online merchant is a Payment Processor. Payment processors are accountable for following 4 things:

To handle customer personal and financial data.
To manage the relationship and risk between business and the credit card companies.
To process the transaction by debiting the customer a/c and crediting your a/c.
Transferring the funds to bank account.

What to look for in a Payment processor?

Research:

The first and foremost step is to do the research about payment processors by considering following questions:

What kind of support do they provide?
Do they consist high level security?
Are they PCI compliant?
Do they provide scalable solutions and are well-suited with other software?
Do they provide mobile solutions?
Identify the services you need
Do they provide back-end analytics?

PCI compliance: Payment processor store client credit card information momentarily while it’s being processed. So in the payment industry, there are compliance requirements that must be met to be a qualified processor, so before selecting a processing partner e-Commerce store owners are advised to do their homework first.

Compatibility: Your latest business venture needs to choose a payment processor that has compatible software as any new e-Commerce platform owner will know there are many portions in an online retail platform that need to work in unity for growth of successful operation.

Protection from fraud: As you might have seen that there is booming in the payment processing industry, thus increases the chance of fraud or misuse of the details or account and more. Thus, it is imperative for you to seek out a payment processor that contains high level of information protection and security. Many strong payment gateways also have some automated tools that assist combat credit card fraud.

Understanding the fees and rates:

It is important to know that how much the payment processor will cost? So your effective credit card rating usually consists three things

An Interchange fees paid by the payment processor to the issuing bank through the payment brands like Visa and Mastercard
An assessment fees paid by the payment processor to the payment brands
And other charges paid to your payment processor

Though, it is important for you to take time to fully understand the different fees included or excluded in your payment processors. If you are not sure about payment processing fees, then ask the payment processor to provide you the statement regarding what you need to pay and how much money you can save?

Technology:

Moving beyond the price, technology is also crucial factor as it is rapidly developing in the payment processing business. You must choose the trending technology, which is quick to deploy, easy to use, secure and innovative to help you to process payments which includes POS solutions, e-Commerce capabilities, and gift card programs.

Also make sure that your payment processor support intensifying payment methods such as contactless payments and mobile POS.

Services and Support:

You need to ensure that the payment processor must provide quick services whenever needed and must be available 24/7 customer service support for any queries or issues that can be dealt swiftly by them.

Mobile is growing:

In today’s digital platform huge number of customers will shop online by using a variety of devices, including mobile phones, tabs and laptops. So make sure that your payment processing partner provides a solution that allows the customers to have better user experience and giving them the reason to come back in the future.

Final words

In the world of finance, intermediaries rule the world

Choosing the suitable processor for your business is not a vast, challenging task, but the business that has newly entered into the market, owners must do the right amount of research before selecting a partner to work with. There are enormous numbers of payment processors globally, thus you must take time to ensure you have a reliable proven payment partner. A healthy and a positive research about the processor will help in the development and success of the organisation.