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5 Critical Payment Processing Mistakes You’re Making
Choosing a credit card processing partner for your business is a big deal. Make the wrong decision, and you could find yourself shelling out unnecessary cash or worse, unprotected if something goes wrong. At 360 Payments, we want to help you make an informed decision – and help you evaluate your choice if you’ve already signed up with a provider! How many of these mistakes are you making?
Failing to Think Through Your Payment Options
Before you can choose a credit card processor, you have to decide what payment methods you want to accept. This sounds like an obvious and elementary concept, but failing to give it some thought could doom you to a provider-client relationship that doesn’t meet your needs. Decide if you want to accept mobile payments, like Apple Pay or Samsung Pay, and make sure the provider you’re considering is up to the challenge. What about a hosted payments page on your website to streamline your customers’ online shopping experience? Can your provider do that? (360 Payments can, by the way – check out Velox.)
Not Asking Every Single Question You Have
You’ll probably have a laundry list of questions for your credit card provider, and our best advice to you is to ask every single one. This is a long-term relationship (or at least it should be!), and you’ll want to go in with your eyes wide open. We’ve written several blog posts already on some questions you might want to consider (see here and here), but our focus in this post is to stress that whatever you want to know, don’t be afraid to ask. Don’t worry about seeming ignorant – a well-informed customer is a happy customer. At 360 Payments, we pride ourselves on our focus on customer education. Give us a call at 1-855-360-0360 and ask away! We’re all ears.
Forgetting About Chargebacks
Protecting your business from fraud should be a top priority, and part of that protection comes from understanding how to minimize chargebacks. While some chargebacks are innocent mistakes (such as when a customer forgets about a purchase they made and files a fraud claim with their bank), others are more sinister. You can safeguard against chargebacks by making sure your online shopping experience is streamlined and user-friendly – no stock photos or vague descriptions or customers may feel misled. Make sure your terms and conditions and return policy are clearly laid out and visible to all shoppers. Finally, emphasizing first-rate customer service, like we do at 360, gives customers another recourse if they have questions or concerns.
Overpaying for Processing Services
As an entrepreneur, you know that every dollar counts for your business. What you might not know is that you could be spending far more than you should be on credit card processing! Understanding your monthly charges statement is the first step, and you can read the entire blog we wrote about that here. Make sure you review your statements every month. It might sound like an unnecessary hassle, but you’ll immediately notice discrepancies – and no one will be able to sneak a rate increase by you! Of course, it’s also important to sign up with a processing company that is able to offer competitive rates to begin with – but you already knew that 😊
Not Getting the Support You Need
There’s a lot to think about as a small business owner, and credit card processing is only one “new thing” you’ll have to learn. Make sure you’re working with a payment processor who makes that easy. At 360 Payments, customer service is the cornerstone of everything we do. We’re committed to not only giving you high quality support when you call in or send us a message but to proactively providing you with the knowledge and tools you need to make informed decisions.
Give Us a Try!
As you’ve hopefully picked up on by now, we want our customers to feel confident that they are making the best possible credit card processing decision for their businesses. Give us a call at 1-855-360-0360 or drop us a line on our website and we’ll help you get started!
PS – Here and here are a few more startup mistakes you might be making – and how to stop!
PPS – Curious about online payments? Learn more about them here.