At first look, all the payments processors seem like the one familiar side of a cube. But when you look up closely, the sides are not that symmetric. In fact, each of them is a roller coaster compared to one another. So, before you get fixed on a payment processor, you need to go through your options and see how they differ and how they can help you with your payment side of your business. To help you with that, I have listed out top 5 questions that you should ask your credit card processor –
5 Questions You Should Ask Your Credit Card Processor
Question 1 – How willyou assist with PCI compliance?
Security at payments should be a toppriority for payment processors.
Payment processors should be able to offer end-to-end encryption with full PCI compliance to ensure the protection of your payments.In case you’re wondering, PCI is the Payment Card Industry Data Security Standard that ensures minimum security for avoiding payment frauds. This encryption will prevent any criminal third party from reading the data they have gotten access to since the payment data is passed through multiple networks.
Question 2 – Do you offer EMV or Tokenization?
Tokenized payments and chip-based transactions are being encouraged for years and now it’s almost an unwritten law all over the whole (Also, some countries have it as a written law). So, for maximum security and protection of your payments, your payment processor should be able to accept EMV transactions. And most probably, they will since EMV chip cards are literally everywhere.
Question 3 – Do you offer dedicated support?
When you get a premium subscription of any software or app, you expect dedicated support for any trouble you face. And since you are spending thousands for their services, why would your expectations from your payment processingcompany be any different.
Ask your payment processor if they would be available to assist you with your problems 24/7. Remember, customer support is really important to have a good experience with their services. Besides, you don’t want to make your customers wait while you wait for someone from your payment processor to have a look at your problem.
Question 4 – Will you change the rates in the future?
When you talk over your options for your credit card payment processor, it is important that you get full clarity on the charges and rates.
Make sure the fees and rates are fixed for the years in your contract. You wouldn’t want to pay hidden fees and charges for things you haven’t heard of when you agree to work with your payment processor.
Question 5 – Do I have options to buy terminals?
If you own a business that has physical locations, you’ll need a payment processing terminal for accepting card payments. Yes, most POS machines come with card readers but in some cases, it is sensible to keep the terminal separated for card transactions. While most payment processors allow you to rent or lease the terminals, it is better if you have the option to buy the terminals since they will save some bucks for the years to come.0