Payment Processing Rates: What You Don't Know (But Should)

As you're developing a payment strategy to manage all of your customers' monetary transactions, payment processing costs are likely at the front of your mind.

Lucky for you, we've broken down the three main questions you should be asking about payment processing rates—and why costs are not the only thing that matters when it comes to selecting a payment processor. 

Are You Willing to Sacrifice Your Customers' Experience for Lower Rates?

Rates are only one aspect of your payment strategy.

While you should consider the costs of a potential payment processing partner, rates should not be the deciding factor when searching for a payment solution.

You should consider the product and service you're receiving, not just the price tag. 

A quick, inexpensive solution might get the job done (and seem like a good deal), but it won't necessarily provide the scope of services and support that another provider will.

Ask yourself the following questions when evaluating payment solutions:

  • Can this provider offer all the services we’ll need now and in the future?

  • How will this partnership support our goals?

  • Does this provider understand the unique needs of our customers?

Learn more about the importance of a payment strategy.

A payment strategy is more than just having a way for your customers to accept payments.

What Factors Matter When Choosing a Payment Solution Provider?

The Scale and Scope of the Solution

The baseline expectation for a payment provider is to equip your customers with payment processing capabilities.

However, a true payment processing partner will do more than that. Your provider should offer all the services you need to enhance your product and boost customer satisfaction.

Your provider should be able to provide a customized set of payment solutions to meet your needs now and grow with you into the future.

The Level of Support You'll Receive

A true payment partnership thrives on open communication and accessibility. 

To get the most out of your payment processing experience, you should look for a provider who has a proven history of working individually with partners and their customers to solve problems efficiently.

Simply put: a larger, more inexpensive processor won't be able to give you or your customers the individualized attention that other providers can. 

 

The Security Measures the Provider Has in Place

If your provider doesn't take the appropriate security precautions, low rates won't matter much.

To avoid additional fees and chargeback costs (not to mention stress and customer dissatisfaction!), it's imperative that you partner with a PCI-compliant payment provider.

On top of that, you should also search for a solution that offers additional fraud-protection tools to keep your customers safe.

Discover how iATS can enhance your business.

iATS is dedicated to being a true partner to nonprofit-focused businesses, and we offer comprehensive payment solutions to prove it.

Why Take a Holistic Approach to Payments?

Improve Customer Retention

Instead of supplying your customers with a one-size-fits-all payment solution, show them how a payment processor can actually enhance their organization.

When you provide your customers with a solution that truly fits their nonprofit needs and supports their organization in a customized way, you'll increase customer retention, lower your turnover costs, and grow your revenue.

Develop a Long-Term Partnership

A generic payment processor won't be able to get to know your business or your customers on an individual level. Because of that, they won't be able to cater to your needs or offer specialized attention.

The right payments partner will adapt to fit your changing needs, not the other way around. They'll be able to work with your business as you grow and adjust their services to fit your goals now and in the future.

Grow Your Business, Not Limit It

When you offer an alternative to traditional, generic payment processing, you'll stand out against your competitors. In fact, the right payment partnership can actually be a selling point to attract new customers and grow your business.

When you partner with a provider who can offer more than just payment processing capabilities, you'll illustrate that your business is dedicated to helping your customers achieve their goals. (And your decision won't go unnoticed!)

 

 

Unlock each of these benefits by partnering with iATS.

We can help your business (and your customers) achieve your goals. Learn how we can help!