As a merchant who is currently researching payment processing services, you probably have more than one question. These top 10 questions to ask a merchant account provider will help you choose the right merchant processor.
1. How Do I Know Which Payment Processor Is Best?
You’ve probably already discovered that there is a sea of processors and methods for accepting card payments out there, but how do you choose the best one? There are four pillars to a quality payment processor. They should:
- Offer built-in security to protect your privacy and that of your customers.
- Possess payment processing industry experience.
- Offer around-the-clock support that allows you to speak to a live person.
- Have the experience necessary to customize their products to meet the needs of your business.
2. Is Credit Card Processing Secure?
Data security is one of the top most common questions that merchants ask when choosing a merchant service. If the following are in place with the payment processing service you’re considering, then you can know your transactions will be secure:
- Fraud prevention resources
- Terminals compatible with EMV chip cares, which reduce fraud
- Encryption to protect data in transit
- Tokenization to protect data that’s stored
3. Are You PCI-Compliant?
PCI is a global data security standard, and is a must to have in a provider because achieving PCI compliance involves meeting several requirements, which include:
- Building and maintaining a secure network
- Protecting the data of the cardholder
- Assigning a unique access ID to each individual
- Testing security processes and systems regularly
4. Will My Business Qualify for a Merchant Account?
The level of value a processor will offer to any small business is directly related to the number of options the business owner is given. The right provider will offer customized and scalable solutions to suit every business.
5. How Many Levels of Service Do You Offer?
The more service levels a provider can offer your business, the more freedom your business will have. It’s also very important to ask about other parameters, including contract lengths, early termination, and termination fees for each service level so that you know exactly what you’re getting.
6. What Payment Types Can I Accept?
The right company will allow you to accept payments for all transaction and card types, including credit and debit cards. This will provide you with the best possible chance to reach the highest possible number of customers.
7. What Type of POS Terminal Do I Need?
No matter how you conduct business or where your business is located, your provider should be able to offer several solutions. For example, in addition to in-house credit card payment systems, the options to choose payment gateways, mobile systems, and wireless terminals will allow you to expand your business offerings.
8. Is There a Difference Between a Gateway and a Processor?
A gateway completes online transactions, such as those related to eCommerce or where a card is not present in a transaction. It validates and communicates card and bank account data virtually. A processor is a terminal used to communicate transaction data involving a physical card. The processor both communciates and validates the information on a customer’s card in a secure manner.
9. What Kind of Customer Support Can I Expect?
The support a processor offers is another very common question to ask merchant credit card processors. They should be available around the clock, and provide access to live help from a real person. Having these two items in place will result in far less downtime for your business.
10. How Much Will It Cost?
Cost to do business is always at the top of your mind, and it should be no different with your provider. All processing fees should be both competitive and listed in detail, with no hidden fees. This level of complete transparency will add significant value to your business.
Adept Payments simplifies payment processing with the latest technology and seamless integrations at the lowest rates, guaranteed. Learn more today by calling: 888-732-3838.