In a world where so many transactions flow across networks, establishing a strong a relationship with a payment processing services provider can be highly advantageous. Given the large number of companies offering options, you'll have ample opportunity to shop around. Here are a few considerations to keep in mind as you try to have a happier relationship with your processor.
Direct Payment
While a number of online processors, such as PayPal, offer business services, they frequently don't provide a way to put money straight into your company's bank accounts. Always be clear with any processor you hire about what it takes to get money into the accounts you want. It's also worth taking the time to talk with your bank about which partners they'd recommend you deal with.
Fees
Seeing how much of a chunk a payment processing services firm is taking out of your bottom line can leave you with sticker shock. Given the amount of time that goes into integrating systems, you'd rather be clear about what the fee structure will be before any payments go through. At the high end, fees may approach 2.8% of purchase value. You may, however, be able to negotiate a lower fee based on expected volume and other factors. It's also wise to ask about any one-time, monthly, and annual flat fees that you might be assessed.
Software and Hardware
Most businesses will want to know that they'll be running systems that are streamlined. This can get especially complicated when dealing with point-of-sale equipment, websites, and accounting software.
Talk with your payment processing services provider about how the APIs for their systems will integrate with the software and hardware you'll be running. It's prudent to have a tech-savvy person around to guide you through this conversation. Keep an eye out for common add-ons, such as bridges that adapt the vendor's system to work with yours. They're sometimes necessary, but an API should be able to effortlessly handle transactions to and from terminals and servers.
Compliance
PCI compliance requirements are a common problem that merchants face. These are intended to promote security, so discuss them upfront.
Oddities
With the growth of payment options, including cryptocurrencies like BitCoin, customers often expect to have lots of ways to complete transactions. If you intend to accept payments by these methods, have a serious conversation with vendors like Merchant Cooperative about their policies toward cryptocurrencies and how they handle disputes.
Share17 July 2018
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