Choosing the right credit card processor for collecting regular recurring payments will save you time, increase your ability to generate revenue, and will help your data stay protected from various security breaches. Unfortunately, choosing the wrong credit card processor can result in negative consequences. You may end up paying unnecessarily high fees and inadvertently hurting your customers.
With so many options available, finding the best online credit card processor can be overwhelming. Although ratings and reviews can give you a nice overview, it’s not of much use unless you’re knowledgeable enough to know what you are looking for. You need to think long-term, weigh the pros and cons, and ask yourself some key questions. To help you along the way, we’ve prepared the following questions, which will help you decide on the right credit card processor:
1. Is your Processor Compatible with Your Business Needs?
The first thing to know is whether the company you’re choosing is compatible with your business needs or not. This is especially critical if you’re a high risk business. Ideally, the right credit card processor not only has merchant accounts, but integration services, and products and solutions that are tailored to your business too. Another thing that you may want to look at is your recurring billing method. Is it simply plan based, or do you bill based on variable usage? “Data Storage Vaults” are great for simple plan-based billing and variable card on file billing. (contact us with any questions)
2. How Much Does the Right Credit Card Processor Cost?
In order to choose the right credit card processor, it’s important to fully understand your transaction and processing fees. Some high risk providers charge a high ‘per transaction fee’, others charge a large monthly fee based on a set minimum billing, while others offer more simplified pricing.
3. What Services Does it Offer?
Accounting Software Integration: Some credit card processors offer integration with an accounting software. Seamlessly integrating with existing accounting software further automates the billing process as it eliminates repetitive data entry. Other providers offer in-house accounting capabilities which works best for smaller, subscription-based businesses, as all accounting functions can be handled in one place.
Customer Portal: A customer accessed portal enables the customer to log-in at any time and makes changes to their account. From updating credit card information or changing billing addresses, to upgrading, modifying, or even canceling services, all this can be done at the customer’s discretion. If your business needs this, then you must look for a provider offering this service which is facilitated by integrating a payment gateway with a data storage vault.
4. How Helpful is Their Customer Support?
Payment and credit card processing can become complex. There are times when you need someone to give you some extra guidance or help you resolve a glitch. Before you choose between providers, it’s integral to assess the provider’s support quality. An excellent customer support service can significantly help you maintain a seamless recurring billing process.
5. Experience with High Risk Industries
If your business operates in a high risk industry, then you must look for a processor that has experience in dealing with what that entails. Lack of knowledge and prior experience dealing with a high risk customer will make it unsuitable for your business as it may not be able to operate under any irregular patterns that your business may face.
Choosing the right credit card processor for your recurring billing ultimately comes down to your specific business needs. We can help with all you need to make sure is that your provider is easy to use, provides good support, and can handle the growth of your business.