Choosing the Right Payment Service Provider
There are hundreds of payment service providers (PSP) out there, so the decision about which one to work with is a major one for your business and not one you should take lightly. There are a number of factors your business should consider in making this important decision, and we will outline a few of the most critical here.
Customer Service Excellence
This is one of the primary considerations when choosing a PSP. You want to find a PSP that values not just the revenue that your business brings in for their organization, but values your business as a customer as well. For example, Reliance Star works with its customers to ensure that they are getting the most value out of their credit card transactions, rather than losing a lot of money to service charges and fees. The PSP you choose should be actively involved in helping your business succeed.
In evaluating various PSPs before making a final decision, take into account the level of transparency each has with regards to your inquiries. If a particular PSP seems reluctant to answer your questions and provide the information you need, it could be a sign that their business is not entirely trustworthy. Withholding information could indicate business practices that are not always ethical, which could open up your business to potential lawsuits or other issues down the line. Aim to find a PSP that is upfront with you about cost, fee structure, and business processes, to ensure that you understand the details of your agreement with them.
Technology and Innovation
Ask about each PSP’s commitment to embracing new and evolving technology in the payments industry, like mobile payments and EMV chip cards. You want to find a PSP that strives to remain at the forefront of the industry and will continue to grow and use these new payment methods as customers increasingly begin to demand them. The PSP you choose should also pay attention to innovations in customer data security to combat hacking, credit card fraud, and identity theft. You want to provide your customers with the most secure payment methods possible to protect their financial data.
Above all things, you want to find a PSP that supports the countries and currencies where you conduct your business – and is reliable. There is nothing worse than having your payment processing system crash when your customers are trying to make payments. In the worst case scenario, you may even lose customers as a result of this. Ask the PSP about its reliability records to ensure that there are not any significant gaps in their functionality. Ask also about the PSP’s ability to accommodate changes to your business in the future. The PSP should be able to grow, adapt, and allow you to switch providers as your business expands its reach and customer base or your business needs change.
These are just a few of the many factors you’ll need to take into consideration. There is no one-size-fits-all approach to payment processing, so take the time to do ample research upfront to ensure that you are getting the most appropriate PSP for your business’ structure, goals, and specific needs.