It is no secret that B2B credit card processing benefits 21st-century enterprises, especially smaller ones. A study showed that 83% of businesses saw an increase in sales after accepting credit card payments. Nobody likes to pay cash anymore, so it is imperative to work with a reliable payment processor to deliver a convenient experience to your customers. But then again, payment processors are not the same. There are several factors that you need to consider when comparing credit card processing providers to maximize your profits and avoid hassles. To compare payment processors accurately, ask the critical questions below:
1. What Fees Do You Charge?
Credit card processing providers impose different fees. Some expenses are ongoing, while others are one-time or optional. For instance, requesting monthly statements can cost about $10 a month, which adds up over time. Understanding all of the fees that each payment processors collect matters. By doing so, you can negotiate for a fair deal. For example, you might be able to compel the other party to agree to a lower monthly minimum fee for a higher early termination fee.
2. How Long Does It Take You to Set Up Everything?
Laying the groundwork for credit card processing can be complicated, so ask your prospective payment processor about the soonest or the latest date they can set up your account and install the equipment. This way, you can manage your expectations and plan accordingly.
3. What Cards Do You Accept?
Not all payment processors accept all major credit and debit cards. The last thing that you want is to turn away customers just because they can’t use their cards to pay for your offerings. Furthermore, it pays to choose a payment processor that accepts nontraditional credit and debit cards. Give your business the ability to process payments using prepaid, gift, and electronic benefit transfer cards to expand your market reach. Of course, additional capabilities are likely to come at a price, so make sure that you have enough customers who use nontraditional cards to justify the extra costs.
4. What Payment Technologies Do You Use?
If your customers are technologically savvier than average, you ought to work with a payment processor that use the latest innovations. Credit card payments these days have multiple forms. In-store payments can happen via swiping, dipping, or tapping, and unique credit card technology is necessary for every method. Also, your customers might want to pay through your app or business website using a payment gateway, a virtual terminal, or a mobile point of sale. It is advantageous for your business to use the newest payment technologies without necessarily alienating those that still use old but acceptable cards.
5. Do You Provide 24/7 Support?
Sometimes, credit card machines have a mind on their own. It is essential to work with a payment processor that provides round-the-clock technical assistance with helpful and competent representatives to fix difficulties right away.
As the number of payment processors increases, the more challenging it is to find the right partner. But if you do due diligence, you can ultimately find a reliable partner that can indeed push your business forward.