For any small business, choosing the right credit card processing company doesn’t have to be difficult. Start with a few simple questions. Can they work with my business? Do they fit in with my process, existing technology etc.? What will I be charged? Can I rely on a customer service team to troubleshoot any technical problems? Thinking longer term is important. Selecting the right credit card processing company is about carefully weighing the pros and cons of all options available to you. Today, there are more options than ever, making choosing a processing company more difficult.
The following questions cover some of the big areas of consideration as you decide.
Are they compatible with your business needs?
First thing’s first. You need to know if your merchant processing company offers what your business needs. Options are everywhere today. Different options solve for different needs. So, what’s your business: eCommerce web site, brick and mortar store, large business, small business or something in between? Look for a credit card processing company whose merchant accounts, services and solutions are tailored to your specific business type. Whether you’re a grocery store, pharmacy or restaurant or an eCommerce start-up or non-profit, your credit card processing company should fulfill your needs.
How much does it cost?
One of the greatest advantages a credit card processing company can offer you is the option to cancel when you need to without early termination or similar fees. Understand what you’ll be paying for processing services and what you can expect for service across the term of your contract. Be careful about offers that look too good to be true. Get a clear understanding of what fees you’ll be paying and for what services and solutions.
There’s often a long list of additional fees that come with credit card processing. Different credit card processing companies charge differently. There will be fees associated with transaction processing itself, e.g. interchange and other pass-through fees—these often come with some additional per transaction fee. Be aware of other fees coming from your credit card processing company that might cover statement fees, reporting fees, and fees associated with other services they offer. You’ll also want to be aware of fees associated with compliance or non-compliance and the like. You should also expect there to be different fees, including interchange rates, based on whether you’re processing in-person transactions (card present) or over the phone, by mail or over the web (card not present).
Payment processing is complex. Most of the time, it happens without you having to think about it. Still, there are times when a process needs explanation or when a glitch needs some help from others to resolve. Understanding the kind of merchant service you’ll receive is important. A better credit card processing company is going to have access for basic service and technical support. They’ll also have clear service paths for payments-related functions such as chargeback management.
Security and fraud
Protecting against fraud is a bigger concern than ever, and so choosing a processor that builds security into your transactions is always a safe bet. Today, fraud solutions for in-store include chip card acceptance. Online, fraud detection and prevention takes on additional meaning, and you’ll want to investigate what’s available to you based on what you’re selling and across which channels. For online and in-store, you’ll also want to think about steps that you’re taking to make card data more secure—as it’s being transmitted or stored for future use. A good credit card processing company often provides some type of bundled solution that covers the biggest security and fraud threats facing a business.
Don’t Be Fooled – Why Not All Credit Card Services Are Equal
Credit card services from top payment processors do much more than just allow your business to accept card payments—they also help you grow your business and your brand. Read on for some valuable services that a payment processor can provide to help your business thrive and grow.
Attract New Customers
It’s important that you choose a payment processor that’s always one step ahead of the competition when it comes to payment processing technology and credit card services. That way, you can attract new, affluent customers to your business who have come to expect the latest ways to pay, like by using their smartphone or tablet. You should choose a terminal or software that allows your business to process traditional magnetic stripe credit and debit cards, as well as EMV chip cards, and the latest technology formats including near-field communication (NFC) that power mobile payments like Android Pay, Apple Pay and Samsung Pay.
Choose a payment processing partner that will easily allow you to accept payments online so you can expand your business to an online audience via eCommerce. You should have the technology flexibility to either accept payments using a shopping cart plug-in right on your own website or use a popular marketplace like Etsy to make sales online. Top processors are ready and willing to seamlessly integrate your in-person and online sales to make all types of payments easy for you.
Today’s popular tablet POS systems allow you to take your business on the road so you can sell your goods and services to a new audience. Accept card and mobile payments at a farmer’s market, festival or trade show—whether you have WiFi access, cellular network access or you’re in a “dead zone.” Also, tablet-based POS systems equip your sales team to better serve your customers right on the sales room floor at your physical locations.
Data Security is Critical
No matter which payments processor you choose for your card processing needs, data security should always be their primary objective. You know how important it is to protect your business data and your customers’ data so you don’t leave your company vulnerable to a data breach, which can lead to serious financial and reputational damage. So, make sure you choose a card services provider that takes data security seriously. Some security offerings you may want to choose for your business include:
- Point-to-point encryption
- 24/7 Support
Set Up a Gift Card Program
Did you know that offering gift cards at your business can help increase brand awareness and loyalty, not to mention drive new revenue? It’s true. Consumers love buying gift cards for their loved ones all year round—including Mother’s Day, Father’s Day, Valentine’s Day and, of course, during the winter holiday season. A top processor can help you understand how a gift card program can work for your business and help you grow for years to come.
Analytics to Boost Your Business
When you choose a top card services provider, you should have access to a suite of analytics software so you can easily see how your business is tracking and make needed adjustments. Some of the analytics you may find helpful include:
Track your most popular items or services,
as well as your busiest times of business, so you can keep your inventory stocked and employees scheduled to keep up with customer demand at all times.
Identify your top employees
quickly and understand the changes you can make to help improve the performance and customer service of those employees who aren’t tracking so well.
Improve your marketing campaigns
by sharing valuable customer data that your POS system captures during credit card transactions with your marketing team. Information such as customer demographics and purchasing history can help inform more relevant, impactful marketing campaigns for the future.
Gain access to the latest reporting tools
so your business doesn’t lag behind the competition. Ask the processor what they can offer in terms of reporting and analytics to help you gain better visibility into what is happening at your business.
Quick Access to Business Funds
Choose the wrong payments processor and risk not having access to your funds for up to 14 business days. That’s a long time to wait when you’ve got inventory to stock and employees to pay. Instead, choose a reputable card services provider that promises to get your money to your deposit account within just a few days.
Do Your Homework to Choose the Right Processor
Don’t be quickly roped into business with the first services provider that comes along and offers you “no startup costs” or “low monthly fees.” Instead, do your research thoroughly to ensure you choose the best payments processor for your business needs and is committed to data security, great customer support, and helping you to grow your business.
All too often, a company that claims an alluring offer such as “low monthly fees” will stick it to your bottom line elsewhere in terms of per-transaction processing fees, for example. In the end, partner with a processor that will help your business process credit card transactions safely and securely at all hours and days that you conduct business.
While having the ability to accept and process checks may seem like outdated technology, it’s still critical for many types of businesses and customers. Are you on the fence about whether or not your business should still be accepting checks in 2018? Consider how your customers pay and what your competitors offer. Don’t lose business and customers because you refuse to process checks for those who prefer to pay that way.
ACH and eCheck payment processing in 2016
The way that businesses accept and process checks today is much different—not to mention more sophisticated and secure—than it was 10 or 15 years ago. ACH and eCheck payment processing options can provide real-time authorizations and fewer hassles than the old process of depositing traditional paper checks at your bank’s brick-and-mortar location.Today’s check processing can help your business:
- Reduce your risk of fraud
- Decrease losses from returned check fees
- Reduce your occurrence of non-sufficient funds (NSF) notifications
Today’s check solutions allow you and your staff to capture an electronic copy of the check image for processing and deposit to your account. These technologies eliminate extra trips to the bank, reduce the likelihood that paper checks will be misplaced and deposit the funds available in your account more speedily.
eCheck processing technologies allow you to basically “authorize” the check payment in real time, as your customer is in your store—much like a credit card transaction. That way, you’ll know right away if the customer doesn’t have the funds in her account so you can obtain an alternative method of payment before she ever walks out of your location.
Terms to know:check verification and check guarantee
Two important terms to know and understand when it comes to processing checks electronically are Check Verification and Check Guarantee.
Here’s what they mean:
Check Verification: Using driver’s license information, the system electronically checks the check writer against a database of check writers who have previously passed bad checks, have had a bank account closed due to chronic NFS activity or are otherwise risky from whom to accept a check.
Check Guarantee: This process takes Check Verification one step further, guaranteeing that the check is good by promising to reimburse the merchant in the event that the check bounces. Depending on your business type, there are two main types of Check Guarantee:
- Retail face-to-face POS
- eCommerce e-Check Accepting Checks at Your Business
While paying with cash and check continues to shrink in frequency due to the growing popularity of debit and credit cards, and other forms of payment such as mobile pay, there are plenty of ways you can make check processing safer for your business. If you’ve determined that accepting checks is important to your business type and customer base, then do your homework on the best payment processors that process checks.
Before you select your check payment services provider, read the contract closely to be sure that Check Guarantee protection is included in your agreement so you don’t risk losing money if a customer passes a bad check at your business.
Yes. PPay supports various currencies. . Each transaction needs to be specified by your interface.
At this time, BNZ, NAB, HSBC and Barclaycard are the only acquirers who support multiple currencies. Please note that these acquirers process Visa & MasterCard payments only. If you have merchant facilities with Diners and Amex for example as well, those card types can only be processed in their home currency.
A merchant account is a special bank account that enables your business to accept payment by credit card. Credit card payments can only be processed through a merchant account. You must have a merchant account in order to be able to accept credit cards.
Transactions are normally processed within 3-5 seconds.
MOTO means Mail Order / Telephone Order. With MOTO transactions the merchant never receives a signature from the customer, but only the credit card number and expiration date.
SSL (Secure Sockets Layer) is a method of ensuring that information submitted through your Web site is secure and cannot be accessed by unauthorized users. When a site offers an SSL-secured form, the information submitted via that form (typically credit card information) is encrypted using a special certificate key and then decrypted with another key after it has been transmitted. When users access a site secured with SSL using their browser, a symbol displays in their browser windows indicating that the site is secure.
PPay would be the product of choice for taking orders over the phone and receiving mail orders. It is a virtual EFTPOS terminal with an off-the-shelf interface to handle purchase, refund and auth/complete type transactions. Business intelligence comes included with full reporting of all transactions verified through us via PDF, CSV or RTF.
Our Batch Processing function would be the product of choice, as you can group all your payments into a spreadsheet (CSV file) to batch process in one go! You can integrate your billing system to output batch files for the PPay format, so that it payments are processed automatically. This solution is ideal for recurring billing.
PPay selects its partners and resellers very carefully. Please visit our partners page for a list of our recommendations.
A payment gateway links your web site to the credit card processing companies and your merchant account. When your customer enters his or her credit card number on your web site, the payment gateway obtains authorization for the charge, which will then settle into your merchant account.
The acquiring bank is the bank in which the merchants merchant account is held, and from which funds are transferred into the merchant’s local bank account daily.
PPays supports all major credit cards; Visa, MasterCard, Amex, Diners, Discover & JCB. Various white label cards can be accepted as well; Farmers, AirNZCard and Elders etc. Please note that not all acquirers and EFTPOS networks can support some of these card types.
PPay supports all major transaction types, including Purchase, Refunds and Auth/Complete.