Choosing a credit card processor to work with your new business can be a challenging task, but it’s one you have to take seriously. We’ve written a few blogs in the past on how to choose the right one (read them here, here, and here), but in this article we’re focusing on what NOT to do. Here are four mistakes to avoid when picking a credit card processing partner.
1. Choosing Based on Price Alone
Everyone wants to score a great deal, but the cheapest option isn’t always the best. Low upfront prices often mean tradeoffs in customer service, technical support, and big rate hikes down the road. Don’t be influenced by slick salespeople promising to drop your rates a significant amount – you’ll be giving up a lot of features that you’ll miss later. Most importantly, make sure your processor offers customer service that knows you and your business by name, not just an account number. Ensure you can get fast, knowledgeable service when an outage or other issue occurs and waiting on hold for 45 minutes just isn’t an option. You’ll also want to be skeptical of low rates for another reason – they don’t stay that way. Most companies will entice you with a low introductory offer that climbs and climbs over time. Don’t let this happen to you!
2. Failing to Plan for the Future
It can be hard to predict the future, but before you choose a credit card processor you should at least give it a go. There are a variety of products and services available in the credit card processing industry, and even if you don’t know exactly which ones will prove useful to you, it’s important to keep your options open. A processor should be transparent, honest, and willing and able to educate you on the features and benefits of everything they offer. They should be genuinely interested in your future as a business owner, not just in how you can make them money.
3. Rushing into It
You’re making a lot of decisions at once when you’re starting a new business (or making changes to an old one). It’s tempting to rush through ones that seem less important, and unfortunately credit card processing often ends up on that list. Take your time. You can’t determine which processor is the best for you until you’ve considered your needs, goals, and pain points and discussed them thoroughly with any processor you are considering. If they seem impatient or exasperated with you, that’s a major red flag. Choosing a credit card processor is a big decision, and you need to work with someone who knows that.
4. Not Thinking About Your Customers
Before getting involved with a credit card processor, take some time to think about the consequences of your decision for the most important people who will be affected – your customers. They want options – even if they only pay using one method every single time they shop, they like to see that you have other options available just in case. Plus, customer needs and demands change over time. You’ll want to work with a processor who is ready to grow with you and offer the cutting-edge payment methods that matter in the moment.
Finding Your Perfect Match
If all this seems clear as mud, don’t despair. One of the most important aspect of any business (or personal) relationship is the gut feeling you have about it. You know when you’re working with a company that doesn’t value you, and you know when things feel just a little bit off. If an offer sounds too good to be true, it probably is.
We understand this is a lot to process (see what we did there?), and we want to help. Give us a call at 1-855-360-0360 or drop us a line on our website – we’d love to explain why we’re different.
PS – Considering next day funding for your business? Get all the facts here.
PPS – Chargebacks can be a pain, but a little preparation goes a long way. We’ve got you covered.