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Mistakes to avoid when choosing a payment processor

Do you run an online shop or brick and mortar? Think about how you would want your customers to pay for the products or services they get from your business. Shoppers don’t want to do the hard task of filling their trays only to realize that the payment options available are not their preferred. Thus, you need a payment processor who will move money from your customer’s credit card to your business account.

Not every company you see advertising is a reliable payment processor. That is why this article outlines the mistakes that you should avoid

Mistake 1: Not paying attention to hidden fees

Most payment processing companies will display low transaction rates just to lure you and once you are in the box, then you realize some hidden charges. Before you commit yourself to any company, check their fees and get a written confirmation that the charges won’t change. This will ensure that the company doesn’t take advantage and fleece you. Go for ‘non-qualified’ rates, which give customers rewards upon paying through their credit cards on online transactions. With a payment platform that allows for rewards, you get shoppers attracted to buying from you and in return, they have ‘giveaways’ like airline miles, cash bonuses or loyalty points. Check out also for the fees attracted by cancellations, batch processing, and withdrawals.

Mistake 2: Picking a processor that doesn’t allow fast access to your funds

Some processors will make you suffer in case there is suspected fraudulent activity on your account. They can even deny you access to your account for a month and this is very inconveniencing. You need a processor who understands how important it is to access your funds and who will not lock you out of your account.

Mistake 3: Taking up responsibility for data security

Fraud raises great concern for all online merchants. However, installing such a system is a costly mistake that many businesses do. It is very expensive and time-consuming. Look for a reliable and the most secure payment processor.  Find out how watertight their fraud protection system is. Do they deny transactions that are suspicious? How secure is their data and is it encrypted? A secure provider will keep you off from losing your money.

Mistake 4: ignoring fraud protection

Customers visit your online store, fill their carts and happily pay the amount through your Credit Card Processing at Home solution. However, you could be earning big here and at the same time losing to fraudsters. Some may want to use hacked credit cards while others would want to complain that they never received the product after payment when in real sense they did. An online merchant, you will be forced to refund these items but with time they could add up to a big expense. Therefore, you need to look for a payment processor who will help you alleviate the burden of such fraudulent activity.

Mistake 5: Overlooking the need for support assistance

A payment processor needs to have a simple set-up process, which doesn’t need much technical know-how. Again, let the company assure you of round the clock support so that you don’t get stuck. Overlooking such could mean hiring your own technical support, which may hurt your business.

A payment processor is not someone you would want to make mistake on. You need to take time and from a sample, choose one that is efficient, and whose systems are watertight.

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