5 Signs You Need A Better Payment Processor
As a business owner, you're always looking for cost-effective online payment methods and credit card processors to help your company thrive. Your business depends on a reliable point of sale (POS) and ecommerce payment solution. Millions of transactions are processed with credit cards daily, so there is a huge potential for accepting different payments.
However, processing transactions is only one function of an online payment processor. Today, if you aren't equipped with the best credit card processor, you're missing out on crucial services and functionalities that can help you improve your business in many ways.
Figuring out whether or not you need payment processing for small business can be tricky. The real trick is figuring out if you are currently getting the most of the one you do have. This article will elaborate on the five clues that may help determine this.
If you don’t know how much it will cost to sign up with a new processor, it may be time to look elsewhere. Many payment processors charge sign-up fees to cover their costs of onboarding new customers; however, some processors include this fee in their pricing structure, and others don't charge anything at all for signing up. If your processor charges an upfront fee, consider whether it's worth paying for something that isn't essential to running your business — especially if better options are available without an initial cost.
Payment processors like Authorize.net, PayPal, and Stripe are great at processing payments online, but they're not always great at helping businesses solve problems when things go wrong. If you've been unable to find answers to your questions from customer service reps or if they've been slow to respond, then chances are high that there will be issues down the road.
Poor customer service is a major issue with many of the payment processors out there. Companies make it easy to get in touch with them, but plenty of others make it difficult or even impossible for you to reach them by phone or email. This can be extremely frustrating when you're trying to get help from your payment processor, especially in an emergency.
The ability to accept various forms of payment is an important feature for any business owner. Your customers want to be able to pay with their preferred method, but if your current processor doesn't support the kinds of payments you want to accept, then it's worth considering switching to one that does. You may not realize how much money this can save you until it happens — but when it does happen, it will be worth the hassle and cost of finding a better option.
When customers pay through your platform, they should be able to access their funds immediately. However, if they have to wait more than 24 hours before accessing their money through an integration with their bank account, then it might be time for a change. You should also ensure that the payment processor has an API or another way for clients to request refunds quickly if necessary.
It’s certainly a red flag if you’re not earning rewards like cash back or travel points on purchases made online or in-store through the company's network of retailers. Banks and other financial institutions typically offer rewards programs that can help improve your bottom line by giving you cash back or travel points on purchases made through major merchants like Amazon and Target. These programs can help increase sales and profits for small businesses, so make sure your new payment processor offers them before signing up for their services.
Don't be fooled by the simple user interfaces or the low rates. There are better options available if you know where to look. And if your small business is only taking in a few thousand dollars per month, then you don't want to lose any of that money to fees. So, that's why we created this list; it was an essential list for helping you navigate the payments industry so you can find a better payment processing solution for your business.
If you don't feel confident in the payment processor, it could be time to look for a new one. Don't let your business suffer because of a faulty payment processor; switch to something new when problems arise. Make sure that your payment processor has sound security standards and strong reviews. If you have doubts about your current payment processor, then now is the time to take action and fix it.