The content of this article is provided for informational purposes only. You should always obtain independent business, tax, financial, and legal advice before making any business decision.
Taking your business online can be stressful: choosing a payment processor that supports you goes a long way to make getting paid online a less daunting prospect. We've put together 6 tips to help you avoid common mistakes and make the right choice.
A payment processor acts as the middle man between you and your bank. Once you’ve made a sale, it handles the logistics, moving the transaction through the processing network and sending you a billing statement. With three in five of UK small business owners admitting that they find running their own business stressful1, choosing a payment processor that makes running your business simpler is essential. In fact, 31% of British SMEs told us that upskilling themselves with technology helped them take control of their business’ financial health1. Not sure what kind of tools to look for?
Keep in mind that a low rate doesn't always mean a low overall cost. Processors can have high processing fees and even variable rates that can make it hard to tell what you’ll really be paying. For example, many credit card processors charge higher rates for what they call "non-qualified" cards (such as corporate and rewards cards). These cards earn customers’ airline miles, loyalty points or cash-back bonuses. They’re pretty popular and a lot of your customers probably use them, so finding out that these include a higher rate can be an unpleasant surprise. When choosing a payment processor, look for a company with transparent fees to avoid those hidden expenses.
While low processing rates might seem like the crucial factor, choosing a payment processor based on rates alone could be a false economy. There are many elements that can dramatically affect how your business runs – including security, technical support and cost. With that covered, you can focus your time and energy on the areas that matter most.
Data breaches have hit retailers large and small; customers now demand the best protection possible to help lower their risk of card fraud. Look for a payment gateway that’s backed by a secure, reliable payment processing company. The ideal vendor should also offer services to help you proactively prevent fraud, which can help protect both your customers and your business and help to ensure that you'll be compliant with the Payment Card Industry Data Security Standard (PCI DSS), which sets rules for preventing, detecting, and reacting to security incidents. Discover how PayPal can help you guard your business and customers and take the weight off your mind.
Today's customers expect more options than ever, and not just in products and services. They expect you to accept payments in a range of ways, and if your payment processing company imposes limits on what you can accept, you might see an increase in abandoned shopping carts on your site.
If you're not well versed in payment gateways and online checkout, setting up multiple payment options can take a lot of time and effort. Finding a payment processing company that can deliver easy setup along with your account is imperative and backing that up with technical support is crucial. Every moment of downtime potentially lowers sales. You need a processor that understands those challenges and has a dedicated team to help support you on payment-related problems.
Choosing a payment processor can seem like a daunting task but taking the time to do your research now will help you avoid wasting time and money later. With a good knowledge of best practices, you can find the right solution for your business – find out how to get started with PayPal.
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