The days of paying ridiculous amounts of money for your payment provider are finally over. When you need to look for a good company to work with, consider our services at Payeex. In the meantime, here are some tips on how to find the best provider for your business.
Ask The Right Questions
It can be shocking to find out just how many people settle for payment providers that not only provide them with outdated services, but price everything way too expensive. As of today, there are a wide number of businesses that can provide you with great payment solutions for an amazing price, but it all starts with asking the questions that will help provide an easier and better search.
How Does Your Business Accept Payments?
This is the very first question you should consider when finding a payment solution for your business. This way, you can eliminate what payment processors you do not need, saving you your time and money. Below are just a few examples of payment methods you might be using:
- Online card payments through invoices
- Card-not-present payments over the telephone
- Payments through an online store
- Card payments done in person
Depending on how your business operates, you may have one, some or all of these options available at your business, so be sure when picking a payment solution to find one that fits all of your payment needs. This is the most important, because it saves you time and money and gives you the option to pay for one service that provides everything.
Always Look For Interchange-Plus Pricing
If you’ve never heard of interchange-plus pricing, you should become familiar with this pricing model as soon as possible. This payment method happens to be one of the most cost-effective ways to accept credit cards. It also happens to create a transparent agreement between both your payment provider and you.
When you work with a payment solution company that offers interchange-plus pricing, you are billed at lower average rates compared to other types of pricing methods. The reason why? It is because you are able to take advantage of the constant fluctuating interchange rate and save a good amount of money on transactions that are processed at lower interchange rates.
The companies that offer interchange-plus pricing also happen to often offer volume discounts. This means that the more you process, the lower your overall rate becomes.
You’d most likely want to find a payment provider that offers this billing method regardless of the size of your business, but unfortunately this is not always the case. Some only offer this pricing model to higher volume merchants, so always be sure to ask before making any conclusive decisions.
Customer Service IS Important!
When it comes to looking over the majority of your revenue, your payment processor is highly responsible. This means that the best way they can demonstrate that they are reliable and trustworthy is when they can provide the absolute best in customer service. If a problem ever arises and you need assistance, you want to be sure that you can call your payment processor company and they can respond to your inquiry quickly, and in the best way possible to solve your problem. Some things to think about when evaluating a company’s customer services are:
- Is their support team in-house or outsourced? An in-house team is more likely to provide good service, whereas outsourced team members may not have the proper resources available to provide the best in customer service.
- What do the company reviews look like? Be sure to check the reviews of the company you are looking into (ex. Yelp, Google My Business, etc.). This will give you an idea of what other customers experience, and in turn help you figure out whether they are worthy of your business or not.
- How can you contact them? Email, social media, phone, and live chat are just a few ways in which you can get into contact with certain customer service teams. You want to make sure they have multiple contact options so you can get in touch as soon as possible.
Are You Paying Extra Fees?
If you’re paying a multitude of different add on fees and costs, this is a huge red flag that you are not with the right business. With the options available today, there is no reason as to why you should be paying extra amounts of money. This includes cancellation fees, setup fees, administration fees or pretty much anything that sounds like it’s coming from a bank or telecommunications company.
What Additional Features Does The Company Provide?
Once you have filtered out all of the payment solution companies you do not want, and have found the ones you possibly do business with, now is the time to write a list of what companies offer which kinds of additional features.
