Dec 11, 2013
In an increasingly dynamic business environment, seeking value in every aspect of your company has become almost requirement for success. For organizations handling credit and debit card payments, this means earnestly seeking out the most capable payment processing companies. However, choosing a provider isn't a universal process. Businesses require different things, so making a decision on a payment provider should be a multi-step procedure. When determining which payment processor your organization will use, consider the following:
There are different types of payment processors, and as such, you should choose one which makes sense for your organization's business model. For instance, a traditional point-of-sale payment platform requires customers or donors, if you're representing a charitable foundation, to be present during the actual transaction. If you have a significant online presence or anticipate having one in the future, point-of-sale doesn't really make financial sense. Instead, using a card-not-present payment processing provider, which allows for a better online experience.
Make it easy
It's your organization, and when you're hiring a payment processing service, don't forget they ultimately work for you. Don't be afraid to ask questions to get a better understanding of how the system will come in to affect. Questions like: What's the timeline for integration; What are the mobile capabilities; Do they offer mobile processing? The answers will help you determine whether or not the processor is the right fit for your needs and expectations.
Pay for service
The lifeblood of any organization, despite everything else, will always be the revenue. Regardless of intentions and ambitions, nothing can move forward without funds. That's why making sure customer service is prompt and knowledgeable, including expert understanding of how processing works for a variety of platforms your organization is or may one day use. The ideal situation will offer around-the-clock service.
Just as with most industries, some payment processors operate internationally and others offer only domestic services. Determining which areas your provider has a hand in can help narrow down your list of potential candidates, as having processing capabilities in every one of your serviceable areas is crucial to continued success.
Think long term
Enlisting the services of a provider can be an immediate solution to a recently identified problem, but choosing a payment processor should include a bit more long-term thinking. Consider how your organization may expand in the future. What additional services will be required? Will you be offering services abroad? These are questions you should be