How to choose the right payment processor

April 29, 2013
min read

When it comes to increasing an organization's bottom line, choosing the right payment processor can be one of the most important decisions to make. Thanks to the immense amount of information online, transparent payment companies, and the good folks here at Kubera Payments, we’ve got you covered.

Here’s a few pointers to consider before you make your next payment processing decision:

1. Integration

The first thing that you'll want to ask when choosing a payment processor is: what does my business need?

Since the payments industry is complex by nature for both the merchant and their customer it’s a good idea to ask an expert. Make sure that your relationship manager understands exactly what kind of business you operate and what your specific business needs are.

2. Transparency

Make sure that your relationship manager is being transparent. Read and understand the terms of your contract in full. There's nothing worse than signing up for something you weren’t expecting to get.

3. Understand the fees

Pricing can greatly affect the profitability of a business. Make sure you understand what rates are standard for your country and what the breakdown of fees actually are before you choose your processor. We find that getting a pricing analysis done is the best way to understand exactly what you are going to get and how much payment processing will actually cost.

4. Customer service

Customer service is something that is often over looked. What are you going to do if a problem occurs and you can’t get a hold of customer support? S

upport is everything. It’s always best to have a great relationship with your processor so that you won’t have to run into problems in the future. At Kubera we pride ourselves with the level of customer service we regularly provide for our clients. For example, we do not believe in phone trees. When you call Kubera you are talking to real people who understand your business.

5. Do your research

Ask around for referrals, search for complaints, reviews and recommendations. Remember that you are making a long term commitment with your processor. Picture booking a flight for your next vacation. Would you go somewhere you never heard of without reading reviews about the place or getting a basic understanding of where you are going? No.

We hope that these tips are helpful when choosing the right payment processor for your business.Have any more questions about payment processing, credit card acceptance and merchant accounts? Feel free to give us a call, we’re always happy to give friendly advice.