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Q+A: Choosing a Payment Processing Processor (Part 1)

When choosing which payment processing processor to buy, it isn’t the most clean cut decision. Payment processing equipment is not cheap, so it is important to choose the highest quality processor, but for the right price as well. In the end, which processor you choose can make a large difference to your revenue, so it is significant to take your choice seriously. You may be thinking, how do I know which to buy? This is why we are going to answer the most common questions that people have when it comes to this topic. Providers all have different fees and packages and this is why we want to help clear up some of the confusion and make your business decision process a little easier.

  1. Are cancellation and termination fees a part of the package? This is an important factor to know when choosing. It would be best if you chose a processor that does not charge these fees, but it's not the end of the world if your provider does. You do want to make sure that the fee does not exceed $200-$400 though.

  2. Is online shopping compatible with your processor? Most businesses would want to guarantee that their processing software is compatible with online sales, because of the large increase in social media and online interest linked to customers buying habits.

  3. Are there any extra fees that are associated with the processor? Making sure, you know all of the information about your processor is very important. Digging deeper to make sure no extra fees will be slammed onto your bill later on is significant.

  4. Is interchange-plus pricing an opportunity? Interchange-plus pricing is when you are allowed to see the interchange fee that you will be charged through MasterCard or Visa along with your payment processor fee. Having this option is a must, if it is not an option then pick a different processor.

  5. Is customer service available- By having customer service available whenever, wherever is a key feature that your company will want to encompass. If anything ever goes wrong with your terminals or equipment, it will make your life a lot easier knowing you having customer service accessible within a few minutes to help. Finding a payment processing processor that offers 24/7 customer service should be a main priority when it comes to purchasing time.

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