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Ten things to consider when choosing an online payment processor

February 1, 2014 by Camille Brenkwitz

Accepting Credit cards
There are many ways to Accept Money Online; some of them work well, and some don't. But you don't want uncertainty; that's why we've got 10 sure-fire methods here.

  • Look for simplicity: Running a business is complicated enough. You don't need to worry about how a developer is going to integrate into your website, whether you have to have PCI complience, or whether you need a separate gateway and merchant account. Payments should just work. A good litmus tests is can you signup directly on their website or do you have to call and talk to someone.
  • Find a Payment Platform You Can Trust: There are many well established payment platforms, but they have eroded their consumer confidence over the years by continuously looking for ways to squeeze their customers for more profit. Don't put yourself in the position to be squeezed.
  • Diversify Payment Methods: Why only accept U.S. Dollars? If your payment platform allows for real time conversion your should take advantage of it to accept Canadian Dollars, Euros, or even Bitcoin. Losing a sale because of foreign currency is not good business.
  • Make sure they are Human: Some of the more technical payment companies hide behind a website and make it very difficult to reach them. Ensure you can get someone on the phone. You may not ever need to, but getting paid is the back-bone of your business so you should be sure that you have a way to reach your payment provider if you ever have a question.
  • Demand Direct Payments: Why should your payment platform take payments that you earned and put them in one of their own accounts, earning and investing your money while you need to manually request that your money be transferred to your own account?
  • Make it Mobile: What was a novelty a few years ago is now a business necessity. Paying by mobile device is the way of the world in todays society. Make sure your payment page is mobile friendly on your own mobile device, it can literally be a force-multiplier for your sales.
  • Don't get locked into long contracts: Some of the older payment providers will force you into annual or even 2 year contracts. They must not believe in their service much! Look for a payment platform that doesn't lock you in. If they want to give you a discount for an annual plan that's fair, but be sure that's not the only way you can signup.
  • Look for transparency: Lucikly this is changing, but for a long-time the payment industry had all kinds of hidden fees. Organizations often didn't even know what they were getting into until they looked at their statements and saw all kinds of unimaginable minor charges.
  • Make sure they support subscriptions: There's many reasons why your organizations might need recurring payment support. You might want to have a coffee of the month club. Or you might want to take monthly donations. Or have your customers pay their bill every month. Many payment companies need another software provider to take care of that, which means you are double charged. Look for one that supports both.
  • Turn your back on paying by transaction: Partner with an online payment platform that you can trust. If you have tried Paypal or other online payment services in the past and found yourself grimacing when you see how much their transaction fees bit out of your bottom line, you probably hunger for a provider who will give you honest and upfront pricing that you can fit into your monthly budget.

To talk more about this, or anything else, please Contact Us. You deserve a better way to pay and be paid.

Tags:   Payments