Any successful merchant knows the importance of choosing a reputable global payments service that enables them to process credit card payments. Whether you are just opening for business online or in a tangible brick-and-mortar store, choosing a payments service that can meet all your business needs is imperative. When considering prospective services, here are the seven questions you need to ask:
- Are You PCI-Compliant? The PCI Security Standards Council is a policy-setting executive body that regulates the payment industry. While PCI-compliance is not legally required, a payment processor that is compliant means they have voluntarily adhered to the strict standards of security.
- What Customer Service Options Do You Offer? Look for a provider that offers several customer service options, which may include telephone, email, and live chat support. Steer clear of any services that only offer email support; if you need support immediately, you don't want to have to wait for an email response to your inquiry.
- Do You Support My Current Shopping Cart? Any well-known, global payments processor will support a wide range of shopping carts but double-check to ensure any services you are considering signing with support your site's shopping cart.
- What Reporting Features Do You Offer? Reporting is essential for a merchant to get a clear picture of the transactions they process. Find out whether the provider offers real-time or batch reporting.
- What Type of Security Features and Capabilities Can I Expect From Your Service? Considering you will be processing customers' credit card numbers, security and safety should be your main priority. Find out how the provider will keep sensitive information secure while it is transmitted and stored on their server (e.g. do they offer encryption?).
- How Much Do You Charge? Another important factor in selecting a global payments provider is how much they cost. Find out what they charge in startup or initial fees, recurring monthly charges, and ask about any hidden fees you may encounter in the future.
- Do You Offer Merchant Accounts? Most payment processors provide merchant account services for their customers, which is typically less expensive and easier trying to obtain a merchant account on your own.
