Factor to Consider When Choosing a Payment Provider
For any business or company that plans to expand and thrive in the world of business today, a payment provider is a necessity. Securing a payment provider is also a way for a business to expand and accommodate scalability. You should be sensitive and careful when choosing payment providers since they are an essential part of your business. The following are some of the key considerations to make when selecting a payment provider.
The first step in the process of choosing a payment provider is to choose between the two main types of payment providers. The first is referred to as the merchant account providers and the second are known as the payment facilitators. Merchant account providers are a suitable option for a business that will require high payment-processing resources while the payment facilitators are more suited for small scale businesses. To make a good choice, you should assess the number of payments that you will need to process both at present and in the near future.
The rate plans that payment providers offer is another key consideration to make. You will need to make this consideration in two phases. The first step is to appreciate the difference in plan rates for the two key payment providers. Payment facilitators tend to offer customers flat-rate pricing. On the other hand, merchant account providers offer to their customers interchange-plus pricing. The first option is straightforward while the second is cost-effective and will save you precious profits in the long run. The second step is to compare the rate plans between different payment providers so as to make a choice that is affordable.
It is important for you to choose a company that does not take part in unethical billing practices. Examples of ways that a company can increase your bill are by including hidden volume fees, inflated AVS fees amongst others. One way to vet for integrity is by checking comments that other clients have made. To be on the safe side, stay away from providers that have earned a bad reputation.
There are other factors that you should look into such as the quality of support a payment provider offers. Some ways in which a payment provider can offer technical support is through services such as email and telephone. Technical support is an important aspect of a business that you should vet for during selection. You will appreciate quality support when situations such as credit card rejections that could eventually lead to friction with loyal customers. For more information on this topic click here.