Tuesday, July 24th, 2018
A payment processor is a company a merchant partners with to handle transactions like credit and debit cards for merchant acquiring banks. It’s important to note that an acquirer and a payment processor are different. An acquirer is a financial institution that processes credit and/or debit cards. A payment processor, on the other hand, is a company that communicates with the issuing bank. Each serves a unique function.
As a business owner, you likely accept debt and credit card payments from your customers on a daily basis. Among the many tasks in your busy day, you might not think twice about the payment processor you are using. If your starting a business, you know there are many payment processors out there to choose from. So how do you know which one is right for your business and its goals?
Why Comparing UK Payment Processors is Hard
There is a long list of payment processors in the UK. How can you know your business is getting a good deal? How can you choose without being able to compare fees in great detail?
First, it helps to understand if your business is high risk or not. Different business types and business owners carry different levels of risk. For example, businesses like gambling and traveling are often charged a higher rate because they are known for experiencing higher chargeback rates.
Likewise, if you have no credit or are struggling with bad credit, you may be charged a premium. Unfair? The reality is that card processing companies spend a great deal of time and money assessing risks. For your business to accept cards, you will have to spend some of your time assessing payment processors. Once you know where you and your business fall in relation to their rules, the process will be much more straightforward.
Tips for Making a Fair UK Merchant Service Comparison
Here is a list of things you can look for that will help you make a fair comparison and choose the payment processor that is right for you:
- Compare basic services that each payment processor offers.
- Take a closer look at typical add-on services; such as payment gateways (for online payments), virtual terminals (for phone payments), online shopping carts (for e-commerce sites), real time processing (for faster payments), etc.
- Find out if they offer anti-fraud measures, like chargeback protection and prevention programs and address verification.
- Inquire after the range of cards the processor accepts. In the UK, most processors will accept UK debits cards and Visa and Mastercard credit cards.
- Make sure you understand all costs and accounts fees of each payment processor you are considering.
How Does PayVector Compare?
In your search for a payment processor, be sure to add PayVector to the list. Used by 35,000 merchants worldwide, PayVector is a proven solution for ‘card-not-present’ payments, including: e-commerce, telephone and mail order and mobile. Easy to use, PayVector’s payment gateway and virtual terminal are designed to sit in the background of your business. Seamlessly processing your payments.
You also receive data you need to assess your payments through simple, comprehensive reporting tools. PayVector is also a scalable solution. It is designed to grow with your business, accessible from anywhere in the world.
PayVector is also an ideal option for the e-commerce business. If you sell online, you will need a shopping cart that works in conjunction with your payment gateway and website. PayVector integrates with a wide variety of free and premium shopping carts. Thanks to thoroughly outlined information and features, you can quickly compare and choose the right system for your business.
If your searching for a payment processor, be sure you set aside some time to really go over all of your options. A processor like PayVector will ensure your business has what it needs from the start, as it grows and when you are ready to expand. To find more information, checkout Best Payment Providers reviews and helpful tips on payment processors.
Topics discussed in this article:
- payvector