When it comes to choosing a reliable payments partner for your business, there are a lot of things to consider. A recent study by MasterCard revealed that businesses that accept digital payments grow two times faster. Now more than ever it is important to partner with a reliable payment provider that will provide your business the tools and resources to grow.
In this guide, we will talk about what to look for when choosing a reliable payments partner for your business. We will also discuss what to look out for to determine if your business is paying too much.
What is a reliable payments provider?
We surveyed hundreds of small business owners about the factors they consider when choosing a reliable payment provider.
The most important characteristic of a reliable payment processor was service. Most of the businesses we surveyed said they would be willing to pay more money for good quality customer service.
In addition to service, there were a few other key items that were important to business owners surveyed, including:
- Processing Time: One of the most important things to business owners was processing time. About 70% of business owners said that would choose a payment provider that charged more but offered same day or next day funding over 2-3 day funding.
- Security: Many business owners we surveyed mentioned the fear of data breaches. A survey by CivicScience shows that 56% of customers completely lose trust in a business when a data breach happens.
- Ease of Use: Retail business owners we surveyed mentioned that the ease of use when it comes to their point-of-sale is paramount. For business owners we surveyed who own online businesses they mentioned that having an easy to use checkout page makes or breaks their customer conversion.
- Customization: No two businesses are the same. For 92% of business owners we surveyed, customization and flexibility in their point-of-sale were very important.
- Innovation: In addition to having a reliable payment partner, many business owners we surveyed mentioned they want a merchant services company that is on the forefront of innovation.
- Pricing: While many business owners were willing to pay more for certain features, business owners cared about making sure their pricing was not too high.
At Process Payments Now, we do not believe in hidden fees or overcharging businesses for a reliable payments system. If you are worried that you are overpaying for features, reach out to us today for a free statement analysis.
How to choose a reliable payments provider?
When it comes to choosing a reliable merchant services company, there are a few important factors to consider.
The first and most important is their fee structure. Many payment providers charge extra for certain features that should come standard with accepting payments. When interviewing payment providers, business owners should alway ask about what fees will be charged besides the percentage to accept payments.
Another thing that is essential to consider when choosing a reliable payments provider is their customer service. At Process Payments Now we provide US-based support 24 hours a day, 7 days a week, 365 days a year. If you business is open, we are here to support you along the way.
Finally, it is important to consider the equipment and gateways available. If you run a retail business, you do not want a one size fits all point-of-sale. You want a point-of-sale that works for your business and will grow with it. If you run a service based or eCommerce business, you want a payment gateway that is robust while also being easy to use.
When it comes to choosing a reliable payment provider, Process Payments Now is your top choice. We offer all the features you want at a fraction of the cost.
What is dual pricing or cash discounting?
You are probably used to a traditional pricing model where you pay a percentage of the total your customer pays. This percentage is usually between 1.5-4% of the total price of the purchase. While this model is still very popular, dual pricing or cash discounting has been rising in popularity in the past fews years.
Have you ever been to a gas station where there is a cash or card price? This is the concept of dual pricing or cash discounting. Essentially, the business offers a discount to their customers who pay with cash. With inflation rising, this model has become very popular for business owners.
Many business owners fear that the dual pricing model will scare customers away. This is simply not true. The dual pricing model encourages your customers to pay in cash, the most liquid form of accepting a payment.
Process Payments Now offers a reliable payment solution for dual pricing called EDGE. With our EDGE program, business owners can reduce their overall monthly processing bill by up to 90% compared to a traditional pricing model.
At Process Payments Now, we offer a robust dual pricing program. Our model is compliant and our most popular pricing model among business owners. If you would like to explore how much you can save with dual pricing, reach out to us today.
Wrapping Up
When it comes to choosing a reliable payments provider, there are many things that are important to consider. At Process Payments Now, we believe that you can get all the most important features to your business without overpaying to accepting payments.
If you have been thinking about switching to a reliable payment processor, reach out to us today to get a free statement analysis. Our team is standing by to offer a comprehensive evaluation of your current merchant account to see how much we can save you. For many business owners these savings can be thousands of dollars per month.
Reach out to us today to get started. Our merchant application is easy to complete and only takes a few minutes. Most businesses can be setup the same day with a new merchant account from Process Payments Now.
