How to Choose the Right Online Credit Card Processor
To be successful in business, you should make it easy for customers to pay for your goods and services. One of the ways of doing this is by accepting online payments. You will need to set up a shopping cart on your site or sign up with a payment gateway to accept online payment.
When you start searching, you will find different online merchant account providers you can hire. You need to do your research well to find the right company to process your payments. By using the right online payment gateway, you can be sure of collecting more revenue and improving efficiencies.
On the other hand, if you do not select the right processor, you may be left paying high fees. For any downtimes, the company should not take its time to carry out rectifications. If you choose a payment gateway provided by a company with poor services, you are also likely to hurt your brand clout.
Small businesses usually find it difficult to decide which credit card processing companies to work with. The easiest way to find a good online merchant account provider is by searching on the internet. This will lead you to many companies. If you do not know what to look for, how can you determine whether a company will be right for you?
Read on for some tips that will help you find the right online payment provider.
i) How much fees are charged?
When evaluating different online payment gateways, consider the fees you will pay per transaction. Make sure the fees of the company are affordable. However, low rates do not necessarily mean a company is good for you. Apart from transactional fees, find out which additional fees it charges.
To begin, inquire about the charges for processing minimums. Also, find out whether there are costs to be incurred in case you do not reach the provider’s specific transactional volumes. Make sure you ask for a breakdown of incidental and transactional fees to know how much you will end up paying.
ii) Check their approval rating
A company’s approval rating is mainly determined by how much credit card applications it approves. If a company has a higher approval rating, it means your merchant account application is likely to be approved. This also means the company has lower fees and higher processing speed. It’s best to avoid signing up with an online payment provider that has a poor rating.
iii) Consider the features offered by a merchant
Most companies offer terminal options, including online payment forms, virtual terminals, and swipers. Confirm the specific features offered by the company you want to work with.