Five Things to Consider When Shopping for a Payment Processor
Finding the right payment processor for your business can be overwhelming. It’s not always easy to get a clear understanding of all the available options, especially if you’ve heard several different sales pitches.
If you plan to switch providers, there are ways to narrow down your search. This guide can help you decide if your current processor is meeting all your needs. If you aren’t sure, our experts can help you decide if Lightspeed Payments is a better solution for your business.
Here are some factors to keep top of mind during your search for the right payment processor:
- Does the payment processor provide hardware?
- Are there any hidden fees?
- Does the payment processor offer one integrated solution?
- What kind of support is available?
- How is PCI compliance handled?
1. Is hardware included?
Whether the payment processor sells or leases hardware (or doesn’t provide hardware at all), you’ll need to know the answer to this question to realistically adjust your budget.
When possible, you should purchase your card readers and payment terminals directly from the processor instead of leasing them. Owning your hardware may have a higher upfront cost, but will save you money in the long run.
Make sure the provider’s hardware is efficient and secure. And it’s a big perk if they offer mobile payment terminals. These give you the flexibility to bring the register to your customers—they can pay anywhere in your store, on the go. They are also incredibly useful during events like fairs and markets because all you need is WiFi or a hotspot connection to use them.
| Get a free payment terminal when you sign up for Lightspeed Payments*.
*Until quantities last. Certain conditions apply.
2. What are the fees like?
Do your research so you’re not surprised with hidden fees.
Payment processing directly impacts your business’ profitability. That’s why you have to take a careful look at pricing structures—including any hidden fees—in order to select a provider that will contribute to the growth of your business.
Be sure to carefully examine a payment processor’s fee structure for hidden fees. The way different costs are calculated can be deceptive—you may not actually be getting a particularly low rate, despite that seeming to be the case on paper.
Some fees include PCI non-compliance fees and chargeback fees.
3. Is it one complete solution?
Now that you’ve decided the payment processor’s hardware and fee structure meet your requirements, it’s time to move on to the next question: Are they just a payment processor, or more?
An integrated system allows you to complete transactions as well as manage your business all in one point of sale (POS) system.
This means you’ll only have to deal with one service provider for all your needs, so less time will be wasted trying to connect two different systems.
Using the same provider for both payment processing and point of sale means your transactions, batch settlements and payment reports all live within one system, which makes life a lot simpler.
We can help you switch to Lightspeed Payments
Our experts will walk you through every step of the process. Talk to your account manager today.
4. What kind of support does the payment processor offer?
If a payment provider’s support hours differ from your opening hours, you could end up in trouble someday. We’re talking about your funds, here—don’t compromise!
Only work with payment processors that have 24/7 support and can assist you whenever you need. Be sure to ask about the cost of support as well. Ideally, customer service shouldn’t come at a price.
5. How is PCI compliance handled?
PCI compliance is critical when taking credit card payments.
You and your chosen payment processor must conform to standards set by the Payment Card Industry Security Standards Council (PCI SSC). These standards help reduce fraud and make credit card transactions safer for both merchants and consumers, and are followed across the payment processing industry.
Be sure to carefully review what your obligations are with each payment processor you consider. Many providers charge fees if you’re not keeping up with the standards and guidelines they set, while others do more of the work for you.
Now that you know what to look for during your search, you can be confident that you’ll find the best payment processor for your business.
If you’re interested in finding out more about Lightspeed Payments, speak to your account manager today.
*Some industries may not be supported by Lightspeed Payments. Terms and conditions apply.
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