How To Choose A Payment ProcessorPosted: January 10, 2019
You’ve spent weeks creating the perfect e-commerce website. You’ve tested every button and link; more than 300 of them. You’ve crafted engaging content and designed eye-catching offers. Your calls-to-action are unmatched. It’s time to introduce your business to the world. But 24 hours later your support centre is overwhelmed by frustrated customers who are unable to complete their transactions. Credit card payments are being denied from shoppers in China, payment forms are freezing leading to skyrocketing cart abandonment rates, debit card transactions are taking hours, not seconds, to process, and you’ve been inundated with requests to accept bitcoin. What began as a day of celebration has quickly descended into chaos. You now have a jumble of problems that will take weeks to resolve.
Choosing the right payment processor for your business is one of the most important decisions you will make. At SolidTrust Pay, we understand the magnitude of this decision and want to provide some helpful tips to ensure that you choose a payment processor that will meet your unique business needs.
6 Tips To Help You Make The Right Decision
1) Beware of Hidden Fees
Payment processors will often charge different rates for separate services. For example, depending on the type of credit card that your customer uses and how you process the transaction, transaction fees may vary by up to 5%. Oftentimes, the payment processor will advertise the “qualified” rate which will apply to certain cards and regions only. This common practice can persuade unsuspecting merchants to sign up for enticing offers, only to later realize that their profits are being consumed by unreasonable fee schedules.
2) Dedicated Support
In the digital age, payment issues can occur at any time. For this reason, it is important to select a processor with a dedicated merchant support department. Additionally, look for payment processors with accessible resources like video tutorials, help articles, and online manuals. Armed with this knowledge, your team can troubleshoot many issues without having to wait for a support representative to do it for you. Also, contact different potential payment processors and speak with their merchant department representatives. This exercise will enable you to better evaluate how they treat customers and handle support requests.
3) Payment Options
Will you only accept credit and debit cards? What about digital wallets like Google and Apple Pay? Should you seek out a provider that can process bitcoin? The online payment landscape is rapidly changing, and increasingly, customers expect merchants to accept their preferred method of payment. By offering multiple payment options you can attract more customers to your business and dramatically reduce cart abandonment rates. For this reason, it is vital to look for a payment processor that keeps up with the latest innovations and consumer preferences.
As news of major data breaches are made public almost on a weekly basis, fraud prevention and security should be at the forefront of every business owner’s mind. The ability to pay anywhere, at any time, and on any device we own increases our vulnerability to fraud. This necessitates that you take responsibility for protecting and securing your client’s payment information seriously. Make sure prospective processors are FINTRAC and FATF compliant and adhere to international PCI-DSS (Payment Card Industry Data Security Standard) regulations. In addition, take time to review your payment processor’s fraud management and monitoring systems. You may be surprised to discover how many processors lack these integral documents.
5) Customer Reviews
When it comes to evaluating potential payment processors, reviews can be an excellent differentiator. Of course, companies know that 98% of consumers now make purchase decisions based on reviews, and all too often, fill their sites with cherry-picked client testimonials with outstanding quotes. To combat this practice, look for impartial review sites such as Google My Business Reviews, Trustpilot, Consumer Reports, and Facebook Reviews. Read negative reviews first and pay attention to whether customer ratings have improved or declined over time.
6) Website Integration
Fast and convenient website integration is yet another vital point of review before selecting a payment processor. If integrating a particular processor with your website will cost you substantial time and money, you may want to consider expanding your search. Accordingly, your processor should possess dedicated information for programmers and developers, making integration and shopping cart creation a breeze.
SolidTrust Pay: Boutique Solutions for Your Unique Needs
Whichever payment processor you ultimately choose for your business is a deeply personal decision. At SolidTrust Pay we offer boutique payment solutions for your unique needs. We embrace a transparent fee system with rates cheaper than most big name providers. With state of the art security and extensive fraud protection features, our simple interface gives you access to your customer’s preferred payment methods quickly and easily.
What do you look for in a payment processor? Let us know in the comments section below or on our official SolidTrust Pay Facebook page. If you enjoyed this post, please follow us on Facebook and Twitter for news, updates, and more great content!