A Payment Solutions Provider or PSP offers merchants online services. It accepts electronic payments. There are various payment methods. Some of these are credit cards, bank-based payments, and bank transfers. The options are overwhelming. There are so many payment solutions providers available. It is challenging to choose the one which fits your requirements.
You should assess your goals before you select a payment solutions provider. Decide on the types of payments you want to accept. Your assessments should factor in long-term needs. A payment solutions provider that offers flexible options will be a great choice. It should also be able to keep pace with changing technologies. You can then begin to look at other selection criteria.
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A Payment Solutions Provider that offers secure data processing is a good choice. This means you should select a provider that is PCI-compliant. That is if you accept credit and debit cards. Choose one that can safeguard the payments of your customers. One that uses the latest in data security. Taking advantage of technologies like tokenization and point-to-point encryption is a plus. As well as of other fraud management tools.
Payment processing fees
Everyone wants to keep all processing fees as low as possible. Your profit will become lower if you spend more money. Check providers that offer the greatest rates. Nominal processing fees are not the only way the providers make money. There are also hidden charges that will affect your bottom line. Keep in mind the following factors:
- Fees for terminals and other leased equipment
- Early termination penalties and charges
- Fees for exceeding max monthly quotas
- Fees for missing least monthly quotas
These extra charges are not bad. As long as you are aware of them beforehand. It makes sense to pay a premium for certain benefits. Such as data security and fraud protection.
Average transaction amounts and frequency
Most providers offer tiered pricing based on transaction frequencies and amounts. Choose a package that fits your needs. You will end up paying more than necessary if you miss or exceed transaction limits. A provider that can adjust to your needs as your business expands is great.
Setup and maintenance ease
It is easy to start with your payment solutions provider. Enrollment applications, training, hardware, and software upgrades are part of this. These become hidden costs that you should also factor in your decision-making. There should not be a need to troubleshoot your payment environment in a constant manner. You should choose a different provider if there is.
Even with the best processors in the world, problems can still come up. You may want a provider that you can reach 24/7. Email is okay for most common issues. But being able to reach them live is much better.