Running a business is not for the faint of heart and most days it is usually challenging to say the least.
You have tons of competing priorities, never ending to do lists, employees that may not be performing the way you would like them to, and of course, the challenge of ensuring that you have financial control of your enterprise.
Whether you are running a small, mid-size or large business there are many common denominators when it comes to choosing a payment processing company.
In order to stay ahead of the competition, you should ensure that you are working with a company that can give you the best possible options for your specific business needs. My Payment Savvy is a great place to get started.
Processing and Set Up Fees
The first thing that you will want to look at is what the costs will be if you go into a business arrangement with a specific payment processing company. Most companies charge flat fees on each payment that is processed to make revenue.
The higher volume business, the more revenue there is for the payment processor as well. Some payment processing companies do not charge initial set up fees to get the ball rolling when it comes to set up but many of them do and this number could vary greatly.
Ensure you are doing your due diligence and research to ensure what you’re up front costs will be and if you have the budget set aside for the payment processing company that you want to work with.
Many companies are negotiable and may be willing to work with you to gain your business. Take the time to set up a consultation and ask questions before you decide.
Methods of Payment
Depending on your specific needs you will want to ensure that you are selecting the right payment methods for your target market segment or customer groups.
If you have an online store that targets an international customer you will want to ensure that the payment processing company that you choose offers a variety of payment methods supported by international banks, credit and debit card users.
You will want to ensure that you are offering your customer alternative payment methods so that you won’t be losing out on any potential sales.
You will also want to consider having payment options such as SMS or text payments available, ACH bank payments and wire transfer payments available to your international customers.
Industry
Your specific industry should also play a role in the payment processing company that you select to do business with. Although payment processing solutions are available for all types of businesses across extremely varied industries there is no one size fits all solution out there.
Each business has very different needs, different customers, and different trends in buying and sales. You will want to take all of this into account when it comes to selecting which company will be handling this for you.
