1. Be On The Lookout For Hidden Fees
One of the things you should be doing is looking out for hidden fees. You may have found a seemingly attractive-looking payment processor that is offering some low rates. However, payment processors typically have different rates depending on a variety of different factors. For instance, the kind of credit card your customer(s) are using can dictate how much you pay along with how you process each transaction.
The qualified rate is the lowest rate that you will pay. This is something that only truly applies to some of the types of cards that are swiped directly through the terminal. Whereas, the highest rate you will pay is those that are considered non-qualified. These are the fees that come from transactions made online and the credit cards that offer rewards to customers. These are usually some of the more attractive ones to your customers because they are going to give various things like cash back or even travel rewards to them.
A lot of payment processors usually the lower of the two rates in their marketing and advertising. After all, they want to appease you and entice you into using them. Also, you need to factor in the likelihood of them charging special fees that they aren’t going to necessarily highlight in their advertising. Thus, you need to be on the lookout for various fees that could be charged for cancellations, batch processing, or even making withdrawals.
2. Pick One That Gives You Immediate Access To Your Funds
One of the things you need to consider is whether or not the processor is going to be conducive to keeping you in business. If your processor suddenly needs to investigate any suspicious activity on your account, it may freeze you out of your own money for weeks at a time. This is commonplace in the earlier days of selling online.
Nowadays, you’ll find processors need a lot more to go ahead and freeze your accounts. Likewise, clearing a valid sale that accidentally triggered an anti-fraud response is something that is a relatively simple process in today’s marketplace. None of these things should completely lock you out of your account. You need to identify a processor that isn’t going to keep you from accessing your money.
3. Find One That Protects Your Data
One of the main concerns every online business has is fraud. Unfortunately, fraud is commonplace in the online space. However, for you to effectively install your fraud protection system is unrealistic. Not only is it incredibly expensive, but it would be incredibly time-consuming, as well.
You need to identify a reputable processor like Baanx Group and one that invests back into its fraud monitoring systems. You want to find one that makes security a priority. That way, you know they won’t try to push the responsibility onto their customers.
Always choose the most secure and reliable processor you can find in the marketplace. You can figure out how diligent they are by checking to see whether or not they deny risky transactions or even if they flag potentially fraudulent transactions. Without these things, you could find yourself dealing with fraud more than you would like.
4. Get Sufficient Fraud Protection
Fraud is a major concern among online sellers. However, there is a small percentage of customers that will actively attempt to steal from you directly. The vast majority of those who are looking to engage in fraud will use hacked credit cards to pay for goods and services and some will even claim they never received the product they paid for. A lot of the online retailers will refund the stolen money and even ship new products to those who claimed they never received it, it’s not something you should be doing regularly. Many sellers assume this is the “cost of doing business.”
By getting a processor that works hand in hand with you to minimize the amount of fraud you have to deal with, you can save yourself a lot of stress and money.
5. Find a Processor With Good Support
When you are in the process of identifying the right processor to choose, you want to find one that has a simple and user-friendly setup process, but you also want to find one that has excellent customer service, as well. Getting a processor that has 24/7 customer support can keep you from having to deal with major issues on your own.