Unfortunately, it is all too common that you start to uncover hidden fees, realize the limitations of long-term contracts, and experience poor support. These factors all add up and start straining you and your business. You need more than just a payment provider; you need to find Your Partner In Payments™.
Here’s what you need to do before picking a payment provider to ensure they are the right fit:
Do A Personal Review
Your business is your livelihood. Understanding your business and its goals will help make finding a payment partner that much easier.
Is your business online, in-store, on the go, or a combination of all three? Do you have multiple store fronts, in different countries, processing different currencies?
Secondly, you need to assess what features are important to the success of your business. Online merchants, storefront merchants, startup developers and independent software vendors all have different features that they require.
- Don’t want to worry about getting PCI certified? Merchant accounts and Tokenization are for you.
- Need to bill the same amount to your customers regularly? Look into subscription or reoccurring billing solutions.
- Worried about losing your data if you need to switch? Data portability policies are critical.
By clearly understanding your needs, you will be able to align services with the right payment provider.
Do Your Research
Not every payment provider will be the right partner for your business. Dig in and figure out which one measures up. If you are getting lost in translation with all the payments lingo, check out our ABC’s Of Payments Guide or contact the payment providers sales team.
Match the features you listed out in step one with the capabilities of your provider to make sure you found the right one.
Paying The Piper
You need to make sure that you clearly understand the fees and potential contract requirements before you sign up and start processing. Each provider has a slightly different set-up and it is important to take the time to clarify what all the fees mean.
If low fees seem too good to be true, there may be extra hidden charges, so make sure you investigate. Most payment providers are in range with each other, so if you find one with drastically lower prices they might be skipping out on human support or charging for features that should be otherwise standard.
You do not need to break the bank for value and reliability, but choosing lower processing costs can sometimes do more damage than good to your bottom line if settlement takes a long time or if you cannot get the support you need in a timely manner.
Ensuring The Right Fit
Are you just hosting a form on your website or maybe integrating a payment solution to your SaaS? You need to ensure that your potential payment partner is an easy addition. Look to their developer documentation to see if they support your code.
What about support? Can you phone in or is it email only? You want to make sure that if you need help you can easily get it.
Payments are complex and risky. When taking someone’s personal and banking information you need to ensure you can provide strong protection. Most merchants find the process of becoming PCI Level 1 Compliant too expensive, so find a payment provider who is and who has the tools to keep your systems out of scope.
There are many options for payment solutions these days. What makes Beanstream so special? Come back next week to read our Part 2: Picking Beanstream. Forgetful tendencies? Follow us on Feedly!
We are Your Partner In Payments, and we are here to help your business succeed.