Payment Processing 101 - 5 Steps to Selecting a Provider

As a business owner you are in the business of making money. But how you go about actually collecting that money can have a big impact to your bottom line. Check out these 5 tips on selecting the best payment processing company! Tip #1) Look for a provider that offers pricing plans to match your business needs. One size fits all does not work when it comes to credit card processing! A company that processes only a few credit cards per month may benefit from a fixed rate structure. One with consistently high processing volumes will see significant cost savings with a custom rate plan. Look for a company that will evaluate your business and then match you to the best fit - not one that forces you into their only plan. Tip #2) A company that offers easy integration with your ecommerce solution. If you sell online you need a credit card processing company that will easily integrate with your ecommerce system - whether that is on an existing site or on a new website you are building. Make sure to ask if there are any extra fees associated with integrating payments into your ecommerce solution. Tip #3) One that offers both payment processing and point of sale systems. Accept payments anywhere, online, in-store, or on the go. The company you work with should be able to offer all of these solutions through ecommerce gateways, complete point of sale systems, and mobile card reader options. As your business grows you will want to be able to get all of your needs covered with one company. Tip #4) Find a payment company that will help you GROW your business! Look for tools and features that will enable you to drive more customers to your store and website, and ultimately, more dollars to your bottom line. Look for advanced reporting, a comprehensive CRM, enhanced customer loyalty programs, integrations to your vendors so you are never out of inventory, and has an integrated marketing tool to help reach your customers when you want, and search for new ones. Tip #5)