In the United States alone, there are an estimated 33.8 billion credit card transactions processed each year. Let that sink in for a moment. That’s over 90 million transactions per day, and 3.8 million per hour, and that’s a whole lot swiping and tapping, folks. And behind every transaction, there’s a credit card processor making sure things run smoothly. For the unfamiliar, credit card processors are the messengers that send credit card information between businesses and credit card associations (like VISA, MasterCard, or American Express).
For small business owners, picking the right credit card processor is critical—and can make all the difference in a great experience for your customers. But with so many options out there, how can you know which processor is right for your business?
We’ll make it easy with five features you should look for when doing a credit card processor comparison.
1. Omnichannel Credit Card Processing
We’ve said it before and we’ll say it again—customers want convenience. When it comes to the digital payment experience, convenience is all about giving customers a payment form that’s easy to access and use on any device. They don’t just want to pay with a credit card in store—they want to pay online, in-app, and in-store.
Mobility has become critical for e-commerce businesses of all sizes, and customers want to pay from anywhere. That’s why we developed Beanstream PayForm. Payform provides a responsive payment screen that adapts and looks consistent across any device.
2. Embedded Payment Experience
If your customer has to leave your site to make a purchase, you’re risking a lost sale. The solution? Embedded payments. With embedded payments, business owners can offer a seamless shopping experience that maintains their branding while keeping customers on their site through to the final sale.
With Beanstream’s PayFields solution, you can control the entire payment experience by customizing the fields they include and embedding payment right in your site. The results? Higher conversion rates and increased security. In other words, a win-win.
3. Bank Neutral Gateway
Merchant accounts can be a pain to set up. And once you have one in place, it’s probably got plenty of useful info that you don’t want to lose, like existing pricing and bank relationships. Avoid the hassle of opening a new bank account by choosing a credit card processor that offers easy integration with their existing bank.
At Beanstream, we’re proudly bank-neutral. Already have a merchant account? Great—we can use it. Still need to set one up? We can do that, too.
4.Opportunity for Growth
If you’re a small business now, that doesn’t mean you will be one forever. One of the primary goals of most businesses is growth — so why would you lock yourself into a contract that limits you? At Beanstream we get that, and have designed our software to scale as you do.
As a small business, you start out with a PSP (payment service provider) account. But if you eventually start processing more transactions than a PSP can handle, you need to move up to an ISO (independent sales organization). That happens when you hit $100,000 a year on Visa, $1,000,000 on MasterCard, or $500,000 on AMEX. Beanstream grows with you, so you can make the transition to a new business model (and better fees) without having to switch providers. That’s something most of our competitors just can’t offer.
5. Great Customer Service
You’re busy, and so are your customers. Delays can mean a lost sale, so when you need support, you need it right away. Top credit card processors will have a well-established customer service team in place to answer your questions at any hour. (PSA: Beanstream provides 24-hour direct support most days of the week.)
When comparing processors, look for candidates that offer support in your region and time zone. For your convenience, your top candidate’s support team should also be reachable across multiple customer service channels, like phone, email, and chat.
A credit card processor comparison can help you pick a service that will support your business and help you grow. Look for processors that blend right in and work alongside you, with integrated payments embedded on your site, the ability to work with any bank, and options for a seamless omnichannel experience.
Want to cut to the chase? Contact one of our sales representatives today!
Image credits: Jane Kelly / Shutterstock Inc., Irina Adamovich / Shutterstock Inc., Triangle c / Shutterstock Inc.