Have you readied your business to begin taking payments online? There is a lot of work and time that goes into finding the perfect payment processor.
It can be easy to neglect or overlook certain requirements before picking a provider. Before acting on your small business payment needs, you should ask some necessary questions.
For a new business or adding improvements to an existing business requires a new look at payments. In business, you won’t want to restrict yourself to accepting only one type of payment.
Finding the right payment processor can help you to operate and organize all of the methods of payments you chose to take.
As a small business owner — your business is your life. It is important that you know exactly what you are agreeing to. It’s called, “reading the fine print.”
One thing you don’t want to constantly worry about is the small print. You require a straight-forward answer to your questions. You want to avoid being given one price quote, and then receive a bill for double that amount.
Honestly, you should not be concerned that your extra bill amount is for something included in the small print. You will want to know what each charge is for right up front.
To avoid the scenario where you get a nasty surprise, you need to ask the right questions of your processing company. This information can be crucial to your business.
Here are four questions that you should be asking before committing to a payment processor.
Q: Does your payment processor require a cancellation or early termination fee?
When choosing a payment processor, you hope the first one you choose ends up being with you for the long haul. You may encounter a processor who is good for you in your early stage startup. This payment company may not be so great once your company begins growing.
It is important to ask your payment company if there are any early termination fees or cancellation fees.
In growing your business and you don’t want to be stuck where you end up shelling out money because of your growth. Beware of certain caveats from providers such as, “liquidated damages” termination fees.
You don’t want to end up responsible for paying the remainder of a contract when you want to spend that money on more important things.
Q: Will your payment processor be compatible with my online shopping cart?
E-commerce businesses or any online business needs a payment processor who is compatible with your online shopping cart.
While most payment processors will have the tools to be able to plug into your site, it isn’t a given that it will be a fit
It may seem very straightforward, but online shopping carts are not universal. Take the time to make sure you aren’t getting yourself into a situation where your needs cannot be met without extra money. After taking the time to negotiate and find the right payment processor you need your payments to run smoothly.
Q: Besides transactions, what other fees does your payment processor have?
It is important that you know everything about the fees and pricing when you are choosing your payment processing provider. Not only can there be early cancellation or termination fees but also other fees as well.
It is important that you know if there are charges per transaction on top of the percentage the processor takes. Some providers will also charge monthly or annual fees on top of their processing fees.
It is important that you are fully aware of all fees before signing a contract. Finding yourself surprised and cash strapped when you go to pay your provider is not the position you want to be in.
Q: What kind of customer support does your payment processor offer?
It is obviously very important that the payments side of your processing provider lines up with your companies needs. That being said, customer support is equally important.
Some processing companies offer 24/7 phone support or live online support while other companies can’t provide that same level of service.
You want customer service to help you whether you have a problem that is big, or small. You need to know that your processing provider will be able to step up to the plate and help you out.
When looking out for your business, it is important the people you chose to do business with care about your business. No one will love your business like you do, but they need to care about you and your business.
Looking into business with a payment processor is sure to save you time and headache in the long run.
Whether you’re starting a new business or making changes to a pre-existing one you won’t be restricting yourself to one type of accepted payment.
A third party payment processor can help organize and operate all of the accepted methods of payments you determine you’ll accept.
Additionally, most payment processing decisions are not made directly by credit card companies and businesses. The main decisions are made through a third party processor.
[Related: A Guide to Selecting the Right Payment Processor for Your Needs]
