Don't Get Stuck With The Wrong Payment Processor: 6 Crucial Questions to Ask Before You Pick
Navigating the perplexing realm of credit card processing can be daunting, especially if you are relatively new to business. Perceiving the unfamiliar terrain ahead of you can seem overwhelming—a murky expanse teeming with hidden perils and potential pitfalls. Nonetheless, you need not fret, for you are not alone on this journey. To assist your search for an ideal payment processor (like Volt Merchant Solutions), we have compiled a checklist of six essential questions to guide you along the path. So, let us set forth together; arm yourself with knowledge and experience the assurance that comes from making an informed decision.
Will They Protect My Data?
In 2013, Target made a costly blunder: their lack of data security resulted in the theft of 40 million customers’ credit and debit card data. So, if you don’t want to experience the same fate, it’s essential that you find a payment processor with robust data protection measures. Encryption and tokenization should come as standard: encryption helps keep sensitive card data secure while in transit, while tokenization defends stored data. Plus, look for fraud prevention modules that let you tailor the level of protection to your needs, as well as EMV chip card processing capabilities; this technology significantly reduces the risk of fraud and counterfeiting. Don’t leave anything to chance – take control of your customers’ card security today.
Will They Make My Life Easier?
For merchants, a reliable payment processor that offers integration between physical and virtual terminals and accounting software is an invaluable asset. Streamlining the payment process by combining it with financial management affords businesses countless advantages, such as automated posting of payments to invoices, seamless reconciliation of accounts receivable and general ledger, and considerable time-savings in managing accounting. With an integrated solution at your disposal, you can efficiently collect payments without guesswork or manual input—ensuring maximum accuracy and efficiency. So don’t overlook this crucial feature: integrating a payment processor into your accounting software is the key to unlocking a world of optimized potential.
Who Will Be There For Me?
Problems are an inevitability—technology glitches, misplaced payments, and duplicate transactions all conspire to disrupt operations. The true measure of quality lies in how a payment processor handles such occurrences; do they relegate you to a phone system or a call center in India, or do they invest in an on-site team ready and willing to provide rapid resolution? Low processing rates become irrelevant when the service leaving much to be desired. Momentary troubles can quickly snowball into costly predicaments without timely attention. Investing in a trustworthy customer service team is paramount in mitigating these risks and keeping your business running smoothly.
When selecting a merchant services provider, make their customer support capabilities an essential component of your evaluation process; weigh up the rationality of dealing with an automated system versus a live human presence. Exceptional customer service is priceless—it’s worth every penny to have a dependable team to turn to when the going gets tough. Make sure you’re partnering with a payment processor that takes its customer service credentials seriously!
What Fees Will I Pay?
Tempted by promises of low fees? Beware; those too-good-to-be-true bargains can often be just that. Not all processors are created equal—between subpar customer service and sky-high add-on fees, some may provide an unexpectedly costly experience. Look out for unscrupulous providers who seek to conceal their true costs with a myriad of hidden charges: batch processing, statements, fund transfers, software installation, annual fees, gateway fees – the list goes on. Do your due diligence and scrutinize any pricing model with a magnifying glass—it’s the surest path to an equitable agreement. Don’t be taken in by glib sales pitches; only sign the contract when you’re certain you aren’t being duped.
Are They PCI Compliant?
Navigating the world of payment cards can be complicated and bewildering. However, safeguarding customer financial data is an indispensable priority, and achieving Payment Card Industry (PCI) compliance is the surest way to ensure optimal security. Such standards demand a stringent adherence to pre-defined protocols for safekeeping personal information derived from credit card transactions. Failing to comply with these regulations can result in long-term adverse effects on your business, such as hefty fines, suspended acceptance of payments via credit cards, and irreparable damage to your reputation. When selecting a preferred merchant services provider, be sure to thoroughly assess their network and systems to guarantee they adhere to the established industry standards for PCI compliance. Don’t take the risk— embrace protective measures for your customers, so you can peacefully pursue your entrepreneurial ambitions.
What Does the Contract Say?
Before signing any agreement, ensure you’ve taken the time to painstakingly examine and comprehend its contents. Though this may appear obvious, it cannot be overstated—in an age where contract conditions tend to go unread, this rule of thumb must be emphasized. Uncover the length of the contractual period as well as potential penalties for early termination. A reputable company should have confidence in their services and not seek to ensnare clients through lengthy contracts littered with exit fees. Be wary of companies intent on exacting ‘liquidated damages’ cancellation fees; these prohibit early cancellations by demanding payment for the full contract.
Though tedious and verbose, taking on a payment processor is no trivial matter—it warrants your undivided attention. Take the necessary steps to protect yourself from any future unpleasant surprises by reading between the lines and assessing all available options before committing. Don’t simply jump at the first provider that entices you with alluring offers; instead, look for reviews that provide insight into the processors you’re considering. Above all, remember that your business is invaluable—find a payment processor who understands and encourages that, or save yourself some time and headache and contact Volt Merchant Solutions, where YOUR BUSINESS MATTERS!