Think your business is ready to take payments online? In the midst of everything that goes into finding an online payment processor like Payline, it is easy to disregard some things you need to accomplish before committing to a provider. Before any action is taken, these online payment processor questions need to be asked.
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Whether you’re starting a new business or making changes to a pre-existing one, it is likely that you won’t be restricted to one type of acceptable payment, and a third party payment processor can help organize and operate all of the accepted methods you take. Additionally, most payment processing decisions are not made directly between credit card companies and businesses, but rather through a third party processor.
As is the case with anything you agree to with your business, it is important to know exactly what you are signing up for before you do so. With all of this in mind, here are the top five online payment processor questions you need to ask before you commit to an online payment processor.
Q: Do you require a cancellation or early termination fee?
A: You hope that the online payment processor you ultimately choose is the one you’ll be with for the long haul, but sometimes you may find something that you like more or your current processor is incompatible with your business’s growth. For hypotheticals such as these, it is important to ask about cancellation fees, as well as early termination fees.
Ideally, you want to find a processor like Payline that does not charge a fee to cancel. Should you need to cancel early, however, some early termination fees can reach prices to the tune of $200 to $400. Be aware of caveats from some processors, like a “liquidated damages” termination fee. This will mean that the merchant is responsible for paying out the remainder of the contract they initially signed.
Q: Will you be compatible with my online shopping cart?
A: Depending on the online payment processor, they may not have the right proprietary software that can apply to your current online shopping cart system. While most payment processors will have the right software to be able to accommodate your website, it is not universal, so always ask.
Q: Do you have interchange-plus pricing available?
A: If the answers to your interchange-plus and online payment processor questions are no, it may be best to look elsewhere. Having interchange-plus pricing means that you are able to see what interchange fee MasterCard, Visa or other credit card brands charge, plus what you are paying the payment processor.
If a processor is offering a tiered pricing system for one product, you could be charged fees in multiple ways per transaction depending on credit card brands used. This can ultimately be costly, so always ask about interchange-plus and pricing structure.
Q: Besides transactions, what other fees are there?
A: We at Payline believe it is important to be transparent about everything, especially fees and pricing. Earlier, we mentioned cancellation or early termination fees, as well as interchange-plus pricing that may accompany your contract. With Payline Connect for merchants, Payline does not charge a monthly or annual fee and offers competitive pricing for a gateway. Make sure you are aware of any fees you may be required to pay before signing a contract.
Q: What kind of customer support do you offer?
A: While it is important that the actual payment processing methods you use are worth your while, customer support is equally as important. Some online payment processors offer 24/7 phone support as well as live online support, and this may be the type of processor you want to have for your business. Most importantly, you’ll want customer support that is always willing to help you with any problem, big or small, and Payline is ready to provide that.
When looking out for the best interests of your business, it is better to be safe than sorry. Doing your research in advance will help you enjoy the best possible payment processing experience. The processor you choose should be ready and willing to answer even the most basic online payment processor questions because you and your business deserve the best. With the value that Payline places on transparency, you can always expect our best for you.
This piece was written by Lauren Minning, Content Specialist for Payline.