If you are not currently accepting credit card payments for your goods or services, you are leaving money on the table. Accepting credit cards is one of the best ways to boost sales throughout your business. Accepting credit cards allows customers have more flexibility with their payments to your business which is only going to boost conversions and total sales. However, choosing the best payment processor is not easy given the variety of factors involved in the decision and with the countless processor options available to choose from.
Tips For Sorting Through The Different Payment Processing Services:
The main thing that any small business is going to be worried about when choosing a processing service would likely be fees. The fees range from setup to transactional fees. Along with this, a lot of processors charge various additional fees that you will need to factor into your decision-making process. The fees associated with each processor is a major concern for small businesses because it can alter the profitability that you are able to achieve with your business and picking the one with the best fee structure for your business can make a big difference in your bottom line. Some processors are going to be ideal for certain businesses based on having smaller transactions.
Best For Small Transactions: Paypal
Paypal is going to be a great option for those that are looking to incorporate credit card payment processing into their business because it offers an excellent fee structure for businesses that generate a lot of microtransactions which range from $1 to $10. IT also has a zero-setup fee that is required and can help to facilitate both mobile and online payment solutions for your business.
- Convenience and Technology
Another major thing that is going to come into play when you are looking to choose the right payment processing solution for your business would have to be both the convenience and technology that each processor offers. Some processors are faster to adapt to new technologies than others. Having a processor with a fast adoption rate of newer technology can allow you to take advantage of being able to offer more convenience to your customers. Not only does it help your business look better, but it can improve the perception of your entire brand in the marketplace as well.
Best Forward-Thinking Processor: Square
Square has been a leader in mobile payment solutions. For this reason, a lot of restaurants are using this payment processor because they make it incredibly easy for customers to use. Having a forward-thinking processor will put your brand in a good light when it comes to brand perception.
Another thing that you are likely going to want to factor into your decision-making process would be whether or not the payment processor is going to force you into a long-term contract. Some businesses might not like the limited flexibility that is offered by certain processors that attempt to lock you into long-term contracts. Therefore, this might be a deal breaker for some. There are processors available that will not force you to sign a contract.
- Setup Costs
As noted previously, a small business is likely going to be concerned with the total amount of setup and setup costs associated with choosing a specific processor. You want to find a processor that is not only quick and easy to setup so you can get started with accepting credit card payments right away, but also one that is not going to cost a lot of money to set up. There are various options available that are not going to have any sort of hefty setup fees associated with the processing service and these options might be ideal for small businesses.
Best Low-Cost Setup Options: PayPal, Square
- Customer Service
When looking to identify the right payment processing services for your small business, you will want to be sure to figure out how reliable their customer service and customer support are. You want to place a significant emphasis on finding one that has excellent customer support because it can make a big difference in determining how reliable they will be and how quickly your issues will be resolved.
Best For Customer Service: Cayan Merchant Services
- Customized Solutions
The fact is, the only way to get the best processing service for your small business is to opt for a company that is willing and able to offer customized solutions for your business. Your business model might not be entirely conducive to specific processors because they might charge more money per transaction than you can handle. By finding a processor that is going to be able to offer you more flexible and customizable solutions, you should be able to find one that is going to effectively tailor it to your business model. There are certain processors that excel at these criteria.
Best Customized Solutions: PayPal, CreditCardProcessing.com
Overall, there are a lot of different things that you will want to think about when you are looking to identify the right credit card processor for your business. Your small business needs to accept credit cards to succeed in today’s marketplace. Therefore, it is wise to choose a processor for your business. However, as noted above, with the endless amount of options available, it can be difficult finding the right one. Luckily, the endless amount of options on the market to choose from has led to stiff competition for your business. Because of this, many processors are offering more value at lower costs than ever before.
There has never been a better time to choose to invest in a credit card processor for your business. Whether you value innovative payment solutions or customer service, you should be able to find the right fit for your business. In fact, many processors will even tailor their fee structure to your specific business model which can help you keep more profit in your pocket rather than dishing it out in transaction fees. Follow the tips above and you should be able to choose the right payment processing solution for your small business.