July 30, 2021
Whether you're a new merchant to the game, or making a switch, choosing the right payment processor can be an overwhelming process. With dozens or more options to choose from and confusing terms like merchant account or chargeback to name a few, choosing a payment processor might seem like a headache. Luckily, we’re here to prevent that headache.And to prevent that, we have you covered with our top things to consider when choosing a payment processor.
Make Sure Your Payments Supplier Understands Your Industry/Business
We believe it’s important that your payment provider has a solid understanding about how your business operates if they don’t already work within your industry. Payment processing options are not really a one size fits all solution. Merchants can get sucked into buying more than they need or perhaps the wrong solution. Dealing with the switching cost can be expensive when the merchant realizes that the solution they purchased doesn't align with their workflow or integrate into their systems.
Without a deep understanding about your business or industry how can your payment provider really offer you the best possible solution to optimize your payments ecosystem? Short answer: they can’t. You may also notice they could fall short with security knowledge, integration experience and customer service. Make sure your payment processor understands your needs and your business!
Don’t get caught with your pants down. Security is a duty. Ensure that your provider is taking the necessary steps to employ compliance with the PCI Data Security Standard (PCI DSS). If they are not PCI Compliant and are not able to help your business complete the official PCI DSS Self Assessment Questionnaire to verify your compliance, plus further guide you towards compliance, then forget about it. If a business is not compliant they are putting themselves and their customers at risk. Consider a team that in addition to offering you a vast selection of payment solutions, also has PCI DSS security experts on hand who can help your business achieve compliance.
No Hidden Fees
Ensure your provider is transparent about fees. On top of standard Visa, Mastercard, Amex Discover standard processing rates, different cards have different costs associated with them. Every provider should include a fee schedule that makes these costs more transparent. Be aware of any monthly fees, statement fees, gateway fees, batch and authorization fees.
Does your business use an ERP, CRM, or accounting software? Maybe you have a front end POS system that helps with your restaurant business? By having a seamless integrated payment solution into your existing systems you will reduce human data entry errors and save time and money through automated reconciliation. Don’t get us wrong, not every integration will be a walk in the park but your payment provider should be able to help walk you through your integration or even offer to help get you set up. Ensure your payment provider can help you make your integrations simple.Our team will work with you and its network of experts to ensure your systems are up to snuff.
Arguably the most important factor that many merchants will overlook as payment processing is so “behind the scenes”. What happens when something goes wrong? Will your payment provider be available when you need help?
At Kubera, we work hard to ensure your customer service needs are met. For example, in the event of a chargeback, we will work on your behalf to provide the necessary documentation and information to the card issuing bank in order to help you successfully dispute a chargeback. We have no phone tree and there will always be someone to answer the phone. We deal with the banks so you don't need to.We hope these considerations help guide your next payment processing decision. If you’re still not sure about what payment processor to choose, want to switch providers for a better integration or rate, or just need more info – give us a call! We’re here for you.