Just as the human heart is subject to the seven sins, so too is industry. The payments industry is no exception, so here are some things you should watch for before choosing your payment provider.
Gluttony – Excess of Abbreviations
EMV, PCI, EFT, ACH, iCMP are just a few examples of how the payments industry is glutenous with its abbreviations. While we try our best to shield our customers from acronym overload, there is only so much we can do. Before you throw a dictionary at your computer screen, check out our ABC’s of Payments.
fyi: EMV – Euroline MasterCard Visa, PCI – Payments Card Industry, EFT – Electronic Funds Transfer, ACH – Automatic Clearing House, iCMP – Internet Control Message Protocol
And yes, we did use an abbreviation to explain our abbreviations. We warned you. We have a problem.
Greed – Fees
Per transaction, monthly, contract, set-up, and cancellation fees are all too common within the industry. Before you fall victim to someone else’s greed, take a look at their pricing structure, because no one likes to be surprised with a statement fee. Here is a breakdown of our fees, and we promise no statement, cancellation, or contract fees, ever.
Sloth – Settlement
You do everything right and get a paying customer. Awesome – we will settle your funds in two weeks! Wait, what?
Is your payment processor dragging their feet with your money? Although sloths may be adorable, you don’t want one in charge of getting you your money. Do you ever wonder why it takes so long? Here is how settlement works. Be sure your payment processor has zero relation to sloths before signing up. Typically with Beanstream you can get your money in 3-5 days, and we’re always working on reducing this time.
Wrath – Chargebacks
If someone believes they have been wrongly charged by your business they raise a dispute with your company. Not only do chargebacks cost you money, but they can also cause your merchant account to be canceled. Before you feel the wrath of your customer or your payment processor, make sure you have some mechanisms in place to combat chargebacks.
Envy – Contracts
Some payments companies get jealous when their customers consider switching providers, and try to hold on to their customers – at all costs. One method for achieving this is by tricking customers into committing to a contract, sometimes in the neighborhood of 3 years!
Being locked down for years is not the way you want to be treated. Luckily the payments industry is getting more open, but if you do run into a company who wants you to sign that bottom line, make sure you know what you are signing up for.
Pride – Support
Support comes in all shapes and sizes, but hidden and robotic is not the type you want. Make sure that you can easily reach support whenever you need it. Find a payment provider who is proud of their support, not one who has to swallow their pride before helping you. Lucky for you, Beanstream has the best support in the industry.
Lust – Fraudulent Activity
People lusting over what is yours is one thing, people making attempts to get it is another. Your customers’ credit card data looks mighty appealing, so make sure you keep fraudsters out of their accounts with tokenization and partner up with a company who is PCI-Compliant.
The seven sins of payments can lead any unknowing business astray. Keep your business on track by using the tips provided above, or contact Beanstream today to learn more.