Payment processors allow businesses to accept ACH, debit, and credit card payments from in-store and online customers and offer systems that manage transactions from start to finish. The ease and simplicity of these transactions depends on the choice of processors, and while no provider is perfect, looking for these factors will help business owners find the right one.
A Variety of Transaction Types
The most important factor to consider when choosing a payment processor is the types of transactions it accepts. In-person, keyed, online, mobile entry, and invoiced transactions are all widely accepted, and it’s important to choose a processor that can accommodate the business’ needs. Contact us today to learn more about Bluesnap payment processing services.
Transparent Pricing
Clear pricing makes it simpler for business owners to compare services and products. When companies display their pricing prominently, it’s easier to find plans that have all the right features at the best price.
Fee Structure
Next, business owners must consider all the costs of a payment processing service. It’s a long list that include monthly fees, per-transaction fees, membership fees, chargeback fees, cancellation fees, PCI compliance fees, setup costs, and more. These fees add up quickly, and their total monthly cost should be considered when choosing a payment processor.
The Availability of Apps and Card Readers
For businesses accepting in-person payments, apps and card readers are necessary. Today’s card readers typically accept contactless, magnetic stripe, and EMV chip payments, and some processors offer readers and on-the-go apps to go along with their services. Most business owners should choose readers that are compatible with Android and iOS devices. Consider the monthly cost of the app and card reader when selecting a payment processor.
POS Terminals
While most companies offer point-of-sale systems and payment processing services, these areas are different. A POS system can facilitate transactions, manage inventory, record cash payments, generate reports, and a lot more.
If a company needs point-of-sale and payment processing options, the owner should choose a company that offers both. Be sure to factor in hardware and software fees, and if you’re using an existing system, ensure its compatibility with the processor.
Easy Software Integrations
Whether a company uses an app and card reader or a full POS system, data export capabilities are essential. Being able to sync or import sales data to accounting software improves its accuracy and helps team members save time.
The Timing of Deposits
Many businesses operate on shoestring budgets, which means owners need quick access to the funds from card and ACH transactions. Next-day availability is optimal, and some businesses even look for processors with same-day deposits. If your company needs its funds the same day, don’t forget to consider same-day deposit fees when setting a monthly budget for payment processing services.
Contract Terms
As things can change quickly in the business world, it’s best not to get trapped in a long-term contract with a payment processor. Some offer month-to-month plans, and while they allow cancellations at any time, it’s crucial to ensure there are no additional fees for doing so.
Finding the Right Payment Processor
Today’s consumers expect 24-hour availability, which means companies need payment processors that can keep up with nearly constant demand. Whether you’re taking payments online, in person, or over the phone, it’s essential to find a reliable processor. By considering these seven factors, business owners will get the information needed to make an informed choice.
