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5 Things to Consider When Choosing a Credit Card Processor


Dec 12, 2023

As new payment methods and technologies proliferate, the payment processing industry is enormous and still expanding. Customers can now pay with a credit card or a debit card using a credit card machines without any limitation. Customers are defining their purchasing preferences not only by the products your store sells but also by the kinds of payments you accept. Because of this, the quantity of sales and long-term customers you bring on board can be significantly influenced by the credit card processor you select.

Selecting the best credit card processing business starts with carefully weighing your options. In the short term, cost containment is essential, particularly during uncertain times. However, long-term planning is crucial when it comes to payment infrastructure. More options than ever before are available for processing payments today. Because of this, selecting a processing business may be difficult and time-consuming. Fortunately, choosing the top credit card processing business does not have to be challenging.

In this article, we will highlight five things to think about when selecting a credit card processor. You can easily select the right credit card processor for your business by keeping these 5 points in mind.

1. Customer Support

When choosing a payment processor, customer service is crucial. Service outages occasionally happen to even the best credit card processing businesses. You will need to know that you can depend on the customer service provided by your processor in this situation. Look for businesses that offer friendly, accommodating, and easily reachable customer service.

It is wise to look for a processor that offers customer support 24 hours a day, 7 days a week, preferably with direct assistance from an account representative, as you will undoubtedly need help at some point for whatever reason. When you call, you should be able to speak with a personal representative assigned to your account who has the authority to resolve your problem immediately. Choose a processor that provides live chat, email, and phone support amid other avenues.

2. Payment Methods That Can Be Accepted

Various payment methods, including e-checks, bank transfers, credit cards, debit cards, and mobile tap-to-pay apps like Apple Wallet, are provided by different payment processors. You might need to select a processor that offers a range of payment options based on your business requirements. If you own a grocery store, accept EBT since those payments may come with specific requirements and reporting needs. Additionally, ensure the payment processor you select supports multiple currencies if you operate in a global market. Preparing to take any payment method your clients choose is the best way to future-proof your business.

In the UK, traditional credit and debit cards are still the most widely used payment methods, but contactless and digital wallet alternatives like Apple Pay and Samsung Pay are growing increasingly prevalent. All Near Field Communication (NFC)-based payments, such as those made with cards, phones, and wearables, are automatically accepted when your device is ready to accept contactless payments. Moreover, contactless payments can offer an extra degree of transaction security. For example, Apple Pay uses biometrics to authenticate the cardholder’s identity while still relying on the same cryptographic mechanisms as EMV chip cards. Consequently, the processing fees for contactless payment methods such as Apple Pay are identical to those imposed on physical cards and CP transactions.

3. Cost

Although financial concerns are relevant to all businesses, small businesses are affected by new charges. Credit card processing fees are typically the most complicated part of the process, even though each credit card processor has different upfront costs. It is also crucial to remember that most processors differentiate between card-present (CP) and card-not-present (CNP) transactions, independent of fee structures. Because there is a higher chance of fraud, CNP transactions.

When you start your credit card processor research, consider how your selected provider structures their fees. In addition to transaction fees, other processing costs include interchange, compliance, cancellation, and gateway access fees. It is necessary to inquire because not all providers charge additional fees, and some may not be upfront about this fact. It is also important to consider equipment costs. You need at least one credit card machine for business if you wish to accept credit card payments in person.

4. Security

Fraud prevention and security should be top of mind for every business owner, regardless of size, and fortunately, most payment processors have security services baked into their systems. Fraud solutions for in-store transactions rely on EMV chip card acceptance. Compared to magnetic stripe cards, EMV cards are much harder to counterfeit since they have an embedded smart chip that stores cardholder data. Encryption and tokenisation should be used as extra security measures because, despite EMV, cardholder data may still be exposed and used fraudulently or maliciously at the point of sale (POS). Ensure that the processor supports SSL certificates and CVV2 verification if you intend to sell products online.

Furthermore, adherence to PCI-DSS guidelines is crucial for a credit card processing business. Selecting a rule-aware processor governing your payment ecosystem is essential because these regulations can be highly complex and sector-specific. Fraud resolution services are also relevant, so you’ll want to check that the processor provides seller protection and support when fraud should occur.

5. Products & Services Designed to Grow Your Business

As a business partner, a credit card processor should be able to assist you in growing your business in the future and provide the most cost-effective approach to process cards in your current scenario. Instead of working against your business, your payment system ought to support it. It should link the various moving components of your business, including accounting, payroll, and online reporting in real time. Payment providers may now offer customized solutions for enterprises. Certain processing software can even provide relevant demographic information about your clientele and how your business stacks up against its nearest rivals.

A processor will find the most practical, secure, and economical solution for you to process credit cards after asking how you currently do so. They will also assist you in putting goods and services into place that will help you develop your business and boost sales, such as branching out into internet sales. In conclusion, they will provide you with services that reduce risk, save costs, and improve efficiency: fraud protection services, management of inventory, sales reporting, customer reporting, Rolodex, online bill pays, and recurring billing and customer billing options.