The payment processing industry is highly competitive with an increasing number of merchant processor solutions entering the market and communicating different messages. So when it comes to choosing the right payment processing service provider for your business, it’s important to take the time to do your due diligence and determine which provider is the right fit and also an established legitimate organization that rightfully earns your trust with your money. In this article, we outline the different key contributing factors that are important for a business owner when choosing their payment acceptance options, and ultimately to help business owners choose the best payment processing service provider according to their business needs.
Questions to Ask when Selecting the Right Payment Processing Service Provider
Below are some of the standard questions a merchant should be asking when shopping for a payment processing service provider for their business:
- How Much are the Fees and Other Costs?
There are a set of standard fees that a business owner incurs when they partner with a payment processing service provider including interchange, monthly fees, installation and cancellation fees. Some companies use different terminologies and unscrupulous providers may attempt to sneak in their own fees. It’s important to find a provider who can offer an “apples to apples” comparison analysis between quotations and provide simple transparent pricing.
- How Long is the Installation?
Depending on the payment processing service provider, it may take up to 2 weeks from the time of inquiry for the owner to receive the machine and the installation procedure might take half a day to complete, so it is imperative to plan accordingly.
- What are the Accepted Payment Types?
Make sure that the POS terminal being presented or the payment processing service provider you are working with accepts all kinds and every kind of payment. For example, do they accept VISA/MC, Debit and AMEX? What about Gift Cards and Prepaid Cards?
- Does it Accept New Payment Technologies?
Does your payment processing service provider employ the latest technology? Many POS terminals utilize NFC (near-field communication) technology, which is almost universal these days. Modern-day customers are savvy and technologically advanced so they have a stronger preference for convenient payment options such as Apple Pay and Interac Flash, so taking that into consideration will help your business’ success.
- How Helpful is Customer Support?
Over the years, there will be times when your POS terminals will fail to perform and other technological difficulty will occur while operating your business, so being backed up by excellent customer support comes in handy when you’re dealing with these issues. Choose a company that has on-site technical support and 24/7 customer service which will keep you up-and-running.
Five Tips for Choosing the Right Payment Processing Service Provider
The Canadian government offers five helpful tips for merchants selecting a payment processing service provider and we suggest business owners to carefully consider the following:
- Identify the Services You Need
Identify the types of services you need from your future payment processing service provider because each business is unique. The type of business you have, whether it’s brick-and-mortar, e-commerce or virtual will have a strong correlation to the payment processing service provider you will end up choosing. Ask yourself the following questions:
- Should your business accept Visa/MC Payment?
- How many payment terminals will you need?
- Are you going to be buying the terminal or leasing it?
- Do you plan to accept payments by Internet or Mobile device?
- Identify Potential Service Providers
Do you due diligence! Research and talk to your business associates/friends and find out who they are partnering with. Learn about what each payment processing service provider offers and see if it matches to your business goal. Study the history of companies to ensure they have a solid track record of experience.
- Review the Contract Documents from Your Payment Processing Service Provider
The following points are contract items that a business owner must review before signing on with their new payment processing service provider so read each carefully:
- The business owner’s obligations
- The fees that an owner has to pay
- When will you receive the money deposited into your account
- What happens when a terminal goes down
- The expiry date for the contract
- Whether the contract is automatically renewed
- How to cancel, what notice is required, and any costs that may apply
- Who to contact if you need customer support
- Who to talk to if you have any concerns/issues
Why Choose MONEXgroup as YOUR Payment Processing Service Provider
At MONEXgroup, we suggest business owners to assess the following criteria and how we excel in these categories as a payment processing service provider for more than a decade to over 25,000 Canadian merchants.
Choose a payment processing service provider that will support your business from potential fraud and is PCI compliant. MONEXgroup is known for the precaution and meticulousness in executing our security measures. For example, we are 100% compliant to PCI Security Standards, and we are backed up by effective security policies designed to safeguard sensitive credit/debit information. Our merchants can rest assured that our systems are protected and in the event of fraud, their financial data is protected.
Sometimes, pricing is the single most important determinant factor in choosing a payment processing service provider for a business, so discerning all the hidden fees is critical. Ask yourself this question: Does the provider offer transparent pricing? This is because the payment-processing rate you are given consists of more than just your Qualified Rate. There will also be charges for: the type of card being used (Debit, MasterCard, VISA or AMEX), transactions being processed as well as average credit and debit card transaction volume. At MONEXgroup, we have nothing to hide. We explain our pricing thoroughly and provide full disclosure to all our clients.
Technical and Customer Support
Although some merchants place higher value on competitive pricing, other merchants rely on reliable support from their provider. At the end of the day it pays off in the long run when you choose a payment processing service provider that supports you through your business lifecycle. At MONEXgroup, our Sales Reps, Customer Service and Technical Service work together to provide the attentive service that your business deserves and needs. So let us help you alleviate your worries about accepting payments so you can focus on running your business.
We understand the value of prompt cash funding for any business, be it large or small, as businesses need to use that funding for payroll, purchasing, etc… Therefore, we are pleased to be able to offer our merchants the liberty of depositing their funds the next day. Our merchants can always trust their sales transactions will appear in their bank accounts quickly with Next Day Deposits, consistently at the same time every day.
Choose MONEXgroup as your payment processing service provider because we have the expertise and professionalism in this industry to deliver the key criteria you seek for your business.
When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of service and lower the related costs. Request a Cost Comparison Analysis today.