One of the biggest misconceptions when dealing with a payment processing provider is that every provider is the same. Everyone charges the same rates, everyone charges the same fees, all the solutions are the same and cancellation fees are the same. That is absolutely not the truth. Although, rates and fees may be similar, what goes beyond on those monthly charges and how the payment processing partner deals with merchants is what really sets providers apart from the rest.
The payment industry is massively important in the day to day lives of everyone who requires to purchase gas, lunch, a product, tickets online, train tickets etc. Without being able to use credit or debit card, relying on cash would create unbelievable inefficiencies in businesses, vendors, government agencies and every industry that relies on credit and debit card solutions. With all the importance that is placed on accepting debit and credit cards, you need a provider that will be able to provide the information required to know which solution is best suited for your business requirements. Having a payment processing solution that does not create a streamlined operation will end up costing you revenue that you could be using elsewhere.
Doing your research is the first step to figuring out what payment processing solutions are available, and how your business can utilize new technologies, online solutions and EMV Certified and PCI compliant equipment to generate more sales and create a simple, effective check out process for your customers. As mentioned above, it is not all about rates and fees. Being able to rely on your payment processing provider during an issue, or when you require some immediate assistance or troubleshooting should not only be important to you when there is a problem. You should be able to rely on a provider for the simple day to day tasks. Always being able to get a hold on someone from help desk, quick response emails regarding online reporting, or perhaps ordering supplies. It is the little things that make accepting credit and debit cards a cost effective solution for you.
Alot of payment processing providers try and hide their fees by creating complicated monthly statements that make it very difficult to understand what you are being charged for. Take those merchant statements, and once you have spoken with a few payment processing providers, ask them to take a look and do an analysis for you. This is a great way to understand what you are paying currently compared to what a new provider may be able to offer you. But again, this is just one of the steps in getting into a program that can generate some revenue for your business.
Finding the Solution
Once you have chosen the right payment processing provider, go through all the solutions that are available to you. This could mean an online solution for your new interactive website, a payment solution for your Facebook page, or even just a wireless or mobile terminal in order for your reps or employees to be able to accept payments on the go. Creating efficiencies in you day to day operations will not only allow you to focus on a number of different tasks, but it will also generate more sales, which means generating more revenue for your business. Your current program may seem like it works for your business, but it is most likely time to look into a payment processing provider that has everything you need, and knows your industry as well as you do. Start generating revenue for your business by changing your payment processing provider today.