The choice of a payment processor is an important one for a business. Not all payment processors provide the same level of service, and their fees can vary substantially.
To offer ACH as a payment option, a business needs to partner with a payment processor that is equipped to process ACH transactions.
Here are some things to take into consideration when choosing a payment processor for your online business.
- Make sure the processor will take responsibility for data security. Take a look at the fraud-protection services that each processor provides.
- Make sure that you understand the processor’s fee structure. There can be different levels of fees, depending on the type of credit card that your customer uses and the type of transaction. The lowest rate is the “qualified” rate, but that only applies to certain types of transactions. There can be “mid-qualified” and “non-qualified” rates that are higher. Do compare “apples to apples” and avoid choosing a processor based on its rates alone.
- Pick a processor that will give you fast access to your funds. Be sure to get a clear understanding of what may cause funding to be held or processing to be restricted.
- Look for a processor that has appropriate software and support. It should have a simple set-up process that does not require technical know-how on your part. The processor’s software should be compatible with your software. The processor should also offer support for any problems related to your sales transactions.
- Find a processor that offers multiple payment options for your customers. For example, your customers may want to set up recurring payments for a payment plan. An excellent processor will have this already incorporated in its range of choices.
As you can see, there are plenty of ways to evaluate and compare payment processors. Choosing the right one can be crucial to the success of your business.