In the payments industry, there are several possibilities for business owners. One of the most important aspects to be a successful business is to ensure that you have access to all the resources and tools to grow your business. One of the key resources is a payment processor which enables your customers to pay for their bills through various means and allows you to get paid quickly. You can accept payments through credit/Debit cards with multiple payment processors or online using a website-based solution. There are mobile payment solutions if you wish to accept payments on the go without creating an app. Some payment processors allow you to accept ACH transactions or wire transfers, depending on your needs and preferences. Here are the list of things you should look out for when choosing a payment processing solution for your business:
Identify What Your Company Requires
The payment processing industry is complex, but your business’s demands are straightforward. It is important for you to consider the variables when choosing the right payment processor. You can start with considering the below variables:
- Countries you would like to receive payments from.
- Lowest and highest ticket size
- Number of transactions per day
- Expected volume on a weekly basis
- Risk level
It is important to understand the needs of your business when approaching a payment provider and we at Pay agency provide you with a complete breakdown of different PSPs that are categorised based on different parameters and you get to choose from the best.
Determine the Credibility of the Payment Method’s Processor.
- Before you do business with a payment processor, examine its online reputation. Search for reviews of the company, testimonials and ratings.
- Check with credible bureaus to understand the licensing/regulatory status of the company you want to engage with.
- Ensure to completely review all the terms and conditions before signing up to ensure that all your business needs are met
It is important to review the provider and consider different aspects of the engagement at the beginning of the partnership. Pay agency helps its clients with a comprehensive review of all the providers to pick from making it easy to make your decision.
What types of payments will you accept?
First, determine what payments you’ll process.You can pay with various methods of payment, including credit cards, Debit cards, ACH, Crypto, Alternate payment methods etc.
Some businesses only accept credit cards or debit cards, however others are more keen on offering the maximum number of options available in the market to scale the revenue of their business.Hence it is important to know how flexible your payment provider is.
Choose a payment processor that can fulfil your demands. This includes providing multiple options, covering more regions, quick payouts, easy setup etc.
It is the vision of Pay agency to create a model where the business owners can choose from the best of the payment providers in the market by filtering based on the needs and requirements of the business.
Have a Clear Idea of Upfront Expenses
Knowing a payment processor’s expenses is vital. The fees can include processing fees, monthly charges, set up costs and various other fees for different actions.
It’s best not to sign up for services that don’t clearly disclose their fees upfront to avoid surprises when processing payments through your website or mobile app. It is important for you to know the kinds of fees that might be associated with your account and ways of reducing them. Our team assists our clients to understand the nature of each fee and explain the situation when each of them will be charged thus helping the businesses to choose the best offers available.
What fraud prevention tools does the payment processor offer?
It is important for the providers to implement anti fraud measures to mitigate the risk involved in online processing. There are various anti-fraud methods which include AVS( Address verification system), this verifies a payment’s validity. It checks your billing address, postal code, and ZIP code against your bank’s records. CVV confirms a card’s validity by comparing it to code numbers kept by your credit card processor. CVC stands for Card Security Code and works in concert with CVV to verify that a human is utilising this precious plastic or metal piece of currency at any particular moment, because humans can lose stuff if they’re not careful.
These techniques are incredibly beneficial for someone wanting to make an online purchase, but may not be so fantastic if applied too tightly. We rate the payment providers based in their features and security level which will easily help you to choose the right option depending on the kind of risk mitigating measures that your business might require.
You should be able to access the payment processor’s customer service team at any time. Best processors offer 24/7 chat, phone, and email assistance. How quickly do they respond to questions? When is your issue usually resolved?
We have made a list of providers for you to choose from that offer top notch customer services and are available to attend to your queries 24/7
Review Terms and Conditions.
Payment processors have rules and fees. Before signing up, review these. Make sure you understand what you’re paying for, how much it costs, and any hidden fees (like processing fees). Make sure you know how to cancel your account and what happens if you don’t pay on time. At pay agency we let you connect with specific providers that align with your requirements to ensure you are working with the provider that can deliver the best results.
Your choice of payment processor affects your business.
It’s tempting to think of company payments as routine. They’re your company’s lifeblood.
Payment processing involves several parties with different demands and interests.Finding the correct payment processor for your business is vital.Before making a purchase, consider their reputation, cost, customer service and support, and security features.You should check into different options if you find that your present payment processor isn’t satisfying your demands and preferences. There’s no reason not to try something new because these services are so simple to get up and running with. Pay agency can help you find the best options at the most affordable prices. Please contact our sales team to know more about setting up your account with us Today.