Why “One Size Does Not Fit All” in Payment Processing
Businesses choosing a payment processor may look for many of the same features such as low price, great customer service or maximum protection from fraud. When a business finds all those features, they probably feel they have discovered their potential partner, right?
Just as all businesses are unique – in size, in focus, in business model, and in so many other ways – all processors are not alike. They may all sound the same, but take a closer look and you will see differences that could save you hours of frustration, incomprehensible bills, and the painful process of having to continue your provider search over and over again. Here are some things to consider:
A company that’s been around for a while is doing something right. That company has weathered industry storms, competed successfully against similar businesses and amassed a productive customer base. Though no business can please all its customers all the time, a company with history has proven itself on social media and with the Better Business Bureau. Even if you are a start-up or entrepreneur, you may prefer a partner with this kind of reliability and stability.
In addition to history, the size of a company does matter. Larger, more established companies have more industry weight, more industry relations, and more industry buying power. That means they can offer you more products and services, more technology, more support and lower rates.
To find a payment processor best-suited to your needs, start by getting clear about what is important to you. Ask these important questions.
- Product Choices. Do you want a company that keeps it simple by offering only a limited number of products, or do you want the freedom to try any new product you hear about? Do you prefer a partner that offers its own solutions, such as a proprietary gateway or mobile platform, or simply resells others? Will your processing partner give you choices? Do you want them?
- Vertical Niches. Are you in a vertical market that requires integration with a particular software or hardware? Does your prospective partner offer it, support it and service it?
- Payment Types. Do you specialize in a market with a consistent payment type (such as mobile, Internet, or recurring billing, for instance) or do you need to service a variety of customers? If you select a specialized processor with expertise in your niche, will they be able to handle your business if it grows and changes?
- Technology. Are you a techie who wants to control all your IT experiences, or are you looking for the most simple connections and integrations? Will your perfect partner talk tech to you all day long, or do you hope to never hear a word of it? Do you know the benefits of a proprietary gateway? Do you want to?
- Independence. Do you want to handle all aspects of your business – from underwriting and risk management through customer service and support? Or would you prefer to focus solely on sales and let your partner handle the heavy lifting? Do you want anytime access to reporting that lets you analyze every detail of every transaction? Or would you prefer to learn as little as possible about the fine print?
Make sure your processor can customize a program that meets all your business needs and is ready to make requested tweaks and changes as your business evolves.
A good processing partner lets you take data security for granted. You could do everything possible to protect your business and your customers from fraud yourself, or you can do that simply by choosing a sophisticated and prepared payments partner. Find one that enables your company to be PCI compliant and protects your data with layers of security.
Know Your Customer
Technology has made marketing more sophisticated than ever. Today, the ability to Know Your Customer (KYC) is essential to attracting and keeping active customers and clients. And no one is better equipped to provide you with real data about your customers’ purchasing habits than your payments provider. There are a countless number and variety of programs on the market today. Some give you access to big data, providing an in-depth look at the spending patterns of your customers, and even the customers of your competitors. There are loyalty programs that track and reward spending, thereby boosting return visits. There are even marketing programs that help you turn your customer insight into outbound advertising and promotional campaigns. There are too many varieties of programs to mention here, but take a good look at what your processor has to offer, including how much the services cost. And keep in mind that scalability is critical: you should be able to grow your program as your customer base, and your marketing budget, expand.
Last, but certainly not least, is service. More important than any of the above, your processor has to care about your customers and your business. That’s why you want a candidate that is proud to promote the strengths of its own customer service expertise. Clearly, your payments partner should be available 24/7, by phone and by email, to you and to your customers. Where they are located may be important to you. Can you reach them when you need them, or is there center closed when your business is operational? Are the representatives well-trained, responsive, pleasant, polite and well spoken? The best way to be sure is to spend some time speaking with their Customer Service, ISO Support and Tech Support departments and pay attention to what you hear. If you can’t get your questions answered, will your customers have the same experience? Choose a partner that will work hard to find solutions to the problems your customers may encounter.
When searching for a payment provider, remember, one size doesn’t fit everyone, and pick a partner like A&B POS, that you can stay with. A&B POS has over 10 years of expertise in the payment processing industry, has received an A+ rating from the Better Business Bureau and provides 24/7 U.S.-based customer service. A&B POS offers customers a variety of payment solutions that can be customized to meet the needs of their business. Call a A&B POS representative today to get more information about choosing A&B POS as your payment processor.