14 / 02 / 19

What Merchants Need to Consider when Selecting a Payment Processor

Selecting the right payment processor is vital to any business. Here are some top tips of what merchants should consider when shopping around for a payment processor, as well as some things that they can do to get the lowest payment processing fees, according to Aliant Payments CEO, Eric Brown.

 

What to do before getting started:

Research three providers, and make sure they come from a trusted source or check out their reviews online.

 

Educate yourself on the basic industry terms, such as interchange, discount rates, transaction rates, and address verification fees.

 

Have your last three months of merchant processing statements ready to deliver to your three prospects, and let them provide proposals in writing.

 

Know your business model. For example, if you’re a retail merchant, you will want to pay attention to the debit card rates. If you’re business-to-business company, be sure to inquire about setting up level 2 and level 3 data for commercial cards. This will lower your fees at the card brand levels (Visa, MasterCard, American Express, Discover, etc.)

 

When vetting payment processing companies:

Make sure your provider is registered with all the card brands. This can be looked up on any of the card brands websites, or you can request to see it. When it comes to getting efficient customer services, read online reviews and make sure your provider has 800 numbers, email, live chat.

 

Check for cancellation fees, and if they charge one, move on to the next provider. Some providers will try to lock you into a multi-year agreement, and if you switch providers they will hit you with this fee on the way out. If there is no cancellation fee then the length of contract is irrelevant.

 

Check for deposit times. The provider you choose should have a 24 hour deposit time for credit and debit cards.

 

When it comes to hardware and/or software, the provider you choose needs to be compatible with your current set up, unless you are shopping for something new.

 

Aliant is a leading 16-year-old payment processing company that currently processes credit card, debit card, cryptocurrency, and automated clearing house transactions for over 8,000 merchants worldwide, with annual card volume totaling $1 billion. To get started with payment processing for your business, call us at 888.638.6103.

 

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