Online vendors depend on an efficient payment system to facilitate their customers’ credit card or e-wallet purchases. There are many options to choose from, and the following questions are designed to help businesses with the selection process.
How Does The Company Market Its Services?
One thing to beware of when researching payment services is a bait-and-switch game in which advertisements make promises that the company doesn’t actually keep. For example, some companies may advertise low rates and then start charging extra fees once a client signs up for services. It’s also good to avoid companies that do aggressive telemarketing or contract outside sales staff rather than hiring their own sales representatives.
How Much Does The Service Cost And What Are The Terms Of The Contract?
When evaluating the costs of a payment system, a merchant should look at the cost of each transaction, the cost leasing equipment, and the fees for early termination and PCI compliance. It’s also important to find out what if any annual or monthly fees the company charges and whether or not there is a monthly minimum. Ideally, merchants should find pricing that is highly consistent with the prices advertised.
How Does The Company Handle Customer Service?
The top-rated payment systems offer easy-to-access customer service with after-hours availability. Merchants should check the payment system’s website for a phone number and an email address. In-house customer service is preferred as this method guarantees that merchants will reach someone who is knowledgeable about the product.
How Does The Company Secure Customers’ Data?
It’s important to find out what types of encryption the payment system uses to protect users’ data and whether or not they offer tokenization, which removes credit card data from the system entirely. In addition, it’s good to know whether the company uses some kind of fraud detection system. Typically these features are advertised to customers on the company’s website.
How Well Does The System Integrate Into Existing Business Software?
Having a payment system that integrates seamlessly with an e-commerce platform already in use provides a simple and efficient customer experience. To learn more about an all-in-one payment system that is compatible with most platforms, check out this BlueSnap Review.