There are a number of factors to consider when choosing an online payment processor for your business. Choosing a processor that doesn’t suit the needs of your business can cost you thousands! Below are some of the key things to consider when looking for credit card payment processing:
Merchant Account Services: Choosing a payment processor that provides merchant account services is cheaper and more efficient – depending on the processor you will also save on application and ongoing fees.
Security: Credit card fraud is abundant on the internet, so it is important to choose a payment processor that has extensive anti-fraud solutions in place. Find out more about payment processing security.
Reporting: You want to be able to access accurate information on financial information related to your business in real time.
Rates and Fees: Watch out for application fees and ongoing monthly fees – these, coupled with the rate for each transaction, can end up being very expensive! Visit our understanding payment processing fees section for further information on rates.
Many of the leading credit card payment processors provide these services, some as part of their standard package and others as extra features. While it may seem cheaper to go with a processor that doesn’t charge for these services you may find that they make up for it with higher transactions fees. Determine your businesses needs and shop around find the best suited payment processor.