Consider these tips before choosing a payment processor
Choosing the right payment processor can make or break your business. Avoid making the wrong choice by looking out for these characteristics.
Do they want to save you money or just sell?
With so many payment processors it can be hard to find that one that’s perfect for your business. Though, once you have found them the effects are gold. A payments partner should always have your back. If you are spending too much money on fees, chargebacks, and more, a good payment processor is not afraid to let you know. Most payment processors offer free consultations to see where they can help your business. Don’t be afraid to take advantage of this and really pay attention to how they conduct business. This will likely be the relationship pattern that will stick around even after you buy their services.
Can you depend on their Customer Service?
We know everyone harps about customer service being key but when it comes to payments, it truly can’t be ignored. Imagine your equipment shutting down in the middle of your busiest sales day of the week, the first person you call will likely be your payment processor. If you know it takes days for you to connect with your processor that won’t do much to obliterate your issue. Exceptional customer service is required to put out daily, unexpected fires that all businesses deal with. Pay attention to every customer service reaction with your payment partner. Notice how long it takes to get a response, if your processor goes above and beyond to take care of a problem and if they truly listen to your concerns and respond accordingly. Your business deserves unparalleled customer service and more.
Do they understand your business industry and needs?
Truly serving a business is initiated by really knowing what a business is about. Every payment processor has main industries they know like the back of their hand. A processor also might hire industry-specialized teams to fill in any gaps. Make a point to test their knowledge of your industry. Share your business details and needs early on in the relationship so they can offer tailored services to meet the demands of your business. Every solution does not fit every business so make sure your payment specialist is in the habit of offering specialized solutions.
Can they offer your business more than just payments?
What will happen after you get payments set up in your business? Will your payment partner still be around? Let’s just say new payment technology comes out, a month after you get set up with equipment but this equipment will accelerate your business even more. A processor looking out for your business is going to make that opportunity aware to you. If a solution is available to help a business be more successful or preserve its longevity you need to know about it. The bottom line is, look for a processor who is also a business partner.
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