Make Time for A Yearly Payments Checkup
Add one more item to your list of annual checkups – a review of your payment needs. Along with health, insurance and vehicle exams, it is a good idea to make time once a year for a review of your processor and payment agreement.
An annual exam with your processing partner can uncover changes that may save you money, or introduce new security procedures to protect your customers and your business. The following are 10 important questions to ask during a review to ensure you are receiving the best return on your investment, and that you are safely operating within industry standards.
Has my business changed?
Changes to your average transaction to an increase to your overall sales volume, fluctuations in the types of transactions you process may help you qualify for lower rates. Or perhaps the addition of an online presence or an expansion into new items or services may require updated processing services – and may allow you to offer your customers new ways to pay.
Does your processor understand your business?
Just as you wouldn’t call a plumber for an electrical problem, why consult a processor who knows nothing about your business? Your processor should understand your business model, what drives your industry, and offer suggestions to help you grow and succeed
Is your processor EMV® chip card ready?
Make sure your business is using secure, up-to-date credit card machines to accept payments. Chip-enabled terminals take advantage of the fraud-fighting technology built into EMV cards and may help protect you from card-present counterfeit fraud. Many newer terminals also allow you to accept digital wallet payments via Near Field Communication (NFC), including Apple Pay and Samsung Pay.
Is your processor keeping up with latest technology?
In today’s business environment, it is essential to have a POS solution that is secure, fast, redundant, and supports the latest payment technologies such as EMV and NFC/Apple Pay™
Does your processor support Apple Pay and other mobile wallets?
Accepting the latest ways consumers want to pay requires a processor willing to invest in research and development while forging partnerships with all players in the payments industry. Your processor should have the industry connections needed to stay on top of new payment developments, the ability to quickly adopt new ways to pay, and the knowledge to help you determine which new consumer payments are right for your business.
Are the rates on your statement the same as outlined in your contract?
Compare your contract with a monthly statement to ensure fees and rates are consistent. If not, ask your processor about the discrepancies.
Is customer service available when you need it?
Many businesses today operate 24/7, and the last thing you need is a processing problem outside of customer service hours. Ensure customer service representatives are available during your business hours, not just your processor’s.
Do you receive regular communication and educational opportunities from your processor?
Your processor should provide regular communication about industry news, regulatory changes, new products and other payment developments that affect your business.
Do you receive statements and payments on time?
Statements should be timely and available to meet your business needs. Many processors offer online access to real-time transaction information to help you track a wealth of information including fees, batch processing, income and volume.
Should your exam lead you to begin the search for a new processor, remember, not all processors are equal. Research and evaluate vendors based on your gathered information, experience and need, not just on price. Then choose a payments partner that best meets your requirements. In the end, you will benefit from the effort. To ensure you continue to benefit, set a reminder now to conduct another payments review in 12 months.