4 Essential Things to Consider when Choosing a Payment Processing Partner

Jay Helliwell

October 20, 2015

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Whether you are a business veteran with years of experience looking for a new provider or a new startup considering your strategy before launching, selecting an excellent and reliable payment processing partner (also called merchant services partner) should be extremely high up on your list of things to do.

Considering the vast quantity of options can be intimidating. However, we’re here to help. In this guide we’ll show you some of the essential things you need to consider when choosing a partner.

4 Essential Things to Consider Before Picking a Merchant Services Partner

1) Do they have a proven track record?

A lot of new kids on the block will try to bring in the business by offering you ridiculously low rates. While the chance to save money may be tempting it is not always the best strategy. Combining value for money with a proven track record and the ability to deliver is a much better strategy for the long-term.

Look for a company which has a proven track record with thousands of satisfied customers. If they offer both retail and online services ask to see some client testimonials. A company with a great track record will have nothing to hide and will be more than happy to showcase their success.

2) Is their pricing fair and transparent?

Yes, you’ll want to know exactly what you are being charged for each transaction. There are a wide variety of pricing strategies and tiers in the payment processing industry. There is an industry standard called Interchange-Plus pricing. You’ll want to select a company that offers that.

Tiny charges add up over time and can make a serious dent in profits. A partner which is up front and transparent about all of its charges will help you work out exactly what the costs are going to be from day one.

3) How Quick & Easy Is the Setup?

Nobody wants to deal with big, impersonal corporate machines that take weeks just to get back to you and set things up.

Your merchant services partner should be accessible and their setup process should be both easy and painless. After all everybody wants to start serving customers as soon as possible.

4) Do they have the ability to handle online payment processing, too?

Most businesses these days have to have at least some form of online presence in order to stay competitive. If they don’t, they certainly will need one in the near future. The world is moving online and you should be prepared to do the same.

If you own a retail business you should consider whether your merchant services partner has the ability to help you make the transition online when that time comes.

After all, the last thing anybody needs is to have to deal with two separate partners to run both ends of their business! Look for a partner who can deliver the whole package from the outset, even if you don’t feel you need it now.

Summary:

Picking a suitable payment processing partner can be a little trickier than it first looks. There’s certainly more to it than initially meets the eye.

With the above points in mind you will better be equipped to select a great merchant services partner.

We wish you the very best of luck in your decision!