Credit Card Processing: Where to Find the Best Providers

Tuesday, January 25th, 2022

As consumers use more different methods of paying for goods and services, businesses are having to keep a close eye on the payments industry. The fast-growing mobile payments sector is where most of this attention is being directed. As far as the payment methods, credit cards continue to be the most popular method in use today – across any channel.

In order for businesses to accept these payments, whether in-person or online, they must have a way to route the transaction through a processing service. This typically takes place via a merchant bank. As customers’ payment preferences have evolved, the competition in this sector has grown. The services themselves have become more complex and involve more fees and limitations.

Fortunately for merchants, there are exceptional processors out there that have moved through the ranks to establish themselves as industry-leading providers. They specialize in working with different business types and industries, like e-commerce merchants. They understand how online “e-tailers” need to operate and offer the options, tools, and support they need to thrive.

To ensure merchants have the very best services available, they are even partnering with Point-of-Sale (POS) systems and subscription services, among others. This allows businesses to create a seamless experience from the moment a customer visits their website to the very end of the checkout process.

Leading Payment Methods

At first glance, it might seem like this is a straightforward process. In reality, accepting credit cards and processing payments is still complicated. There are many moving parts when it comes to merchant services and mobile payment processing; the success of your business depends on those “parts” being the right ones to keep your customers satisfied and operations running smoothly.

Utilizing a resource like Best Payment Providers for retail merchant services review is the first place to start. Browse your list of options, find those that specialize in working with your industry, and then compare their features and benefits. For example, here are just a few of the things you need to consider:

• Startup costs, fees, and equipment. It’s incredibly important to read your merchant agreement carefully and find any hidden fees and cancellation fees. It used to be standard for processors to offer 3-year, auto-renewing contracts, but the industry has moved away from that in recent years. Keep an eye out for new trends, wholesale rates, and other fees to ensure your business really is choosing an affordable option.
• Compliance and support. If you’re unfamiliar, merchants are required to adhere to the Payment Card Industry Data Security Standard (PCI DSS). In fact, most providers include PCI compliance as a basic feature. It’s important to note that some processors will charge a fee for this, even though they have no hand in helping the merchant to be compliant. This is where using an aggregator (e.g. Square Point of Sale) can be helpful since they go beyond merchant account maintenance to ensure compliance.

All in all, research and comparison is your best option. You alone know the needs of your business and understand the goals that lie ahead. Find a payment processor that can protect your business from fraud, meet customers’ needs today and offer support for your business’s future.