As a business owner that is planning to sell products or offer a service online in 2021, one of those decisions you’ll have to make is choosing the best credit card processing company to handle credit card payments from your customers. This is an important step as factors such as the cost of payment processing, quality of service, security, integration, and so on will depend largely on the credit card processing company you choose. You must understand some of the major considerations in choosing a credit card processing company if you must find the best one among the long list of options available. Here are some of the top factors to consider.
Fees and Costs
Fees and costs are important considerations in choosing your online credit card payment processing company. The goal here isn’t merely to find the company offering the cheapest rates. Instead, the best credit card payment processing company is one that offers the most transparent pricing plan. All processors charge an interchange fee on transactions. However, other important fees to consider include;
- Minimum processing fees
- Application and setup fees
- Monthly gateway access fee
- Early termination fees
- Monthly statement fees
These fees vary from one processor to another but it is important to understand how they are calculated and charged for any company you intend to go for.
Another important consideration in choosing an online payment processor is the ease of integration with your company’s platform. You want to avoid lengthy and complicated setups that will cost you more and delay your business from taking off as planned.
One of the most important aspects of online payment processing is security. This should be a top consideration in choosing a card processor for your business. Your choice of payment processor must offer tools for fraud detection and prevention. Tokenization and encryption features that ensure that the safety of transaction information is also important. The best online credit card processors have SSL security, CVV2 verification, and are PCI-Dss compliant to protect data shared on their network.
Multiple Payment Options
If you don’t want to end up with a lot of abandoned carts at the point of checkout, then you have to ensure that your payment processor offers various payment options. At the very least, you should be able to accept payment from all major credit and debit cards. Accepting gift cards and prepaid cards will be a plus as well. Similarly, you want a system that allows you to cater to tech-savvy customers that intend to pay with the more modern digital wallets such as Android Pay, Apple Pay, Samsung Pay, and other new methods of payments powered by near-field communication (NFC) technology.
No matter how advanced or well-equipped the system you use is, it isn’t uncommon for problems to occur in the payment processing company. It helps if your the credit card processing company you should is always available to provide support in case you have any questions or if any issue arises.
When it comes to online credit card processing, there is no one-size-fits-all solution. You will have to find a system that delivers the most secure and efficient payment processing solution and can meet the unique needs of your business.