With the evolution of technology, we’ve seen the progression of communicating move from face-to-face conversations to emails and text messages. So it’s no surprise that the way we make payments has begun to shift from counter-top terminals to mobile reader devices that plug-in to laptops, tablets and smartphones. While this evolution works in your favor [mobile payment solutions are perfect for accepting payments on job sites], you want to be sure that the processing provider you’re choosing best fits your business’ needs. Below are 5 simple tips to help you choose the right provider.
- Research the Customer Service
Believe it or not, this tip lands as at number one because it is the area most businesses have issues with. Good customer service is hard to come by. Make sure to research a potential provider before signing with them. Doing a quick Google™ search for company reviews is the best way to find out what kind of technical support you’ll get. Another great tool is the Better Business Bureau®’s website. When searching for a business, the BBB® will provide you with customer complaints & reviews so you can get guidance on what you may run in to.
- Pick Your Pricing Wisely
Some industry providers have come up with shiny ways of packaging their pricing model. This can be seen with providers who advertise a “low” flat rate. But, what happens a lot of the time is that they make up for their profit loss with fees added to other areas. These hidden fees can be hard to decipher. The best way to find them is to review your statement and question anything that doesn’t make sense to you. Some companies, like EDPS, will even go through an apples-to-apples comparison with you to make sure you understand what you are paying for.
- Beware of Bad Apples
Unfortunately, the payment processing industry has a poor reputation. But, payment processing is a necessary evil. Thankfully, there are reputable processors out there. What we recommend is going with your gut feeling on this one. Chances are, if the deal sounds too good to be true, it probably is. EDPS offers personal account managers to walk you through comparisons – Contact one here.
- When Will You Get Your Funds?
As a business owner, it’s important that you get your money fast. So, when signing up with a new processing company, ask them when your funds will be deposited. Some will withhold them for days or – this is scary – months. Others, like EDPS, provide next-day funding.
- Always Swipe
Did you know that hand-keying payments costs more than swiping? No matter what processor you use, it is always going to be to your benefit if you swipe cards. For one, the rate is lower and two, swiping face-to-face ensures enhanced charge-back protection.
While there are many more tips that can aide in choosing the best provider for your business, the most important piece of advice we’d want you to walk away with is to make sure you research, research, research. Know who you are signing up with and what you’re getting in to. After all, credit card processing is an essential part of your business and you’ll want to be sure you’re making the right choice.