5 Things to Consider When Choosing a Credit Card Processor | Two Minute Tuesdays
Hi, everybody! My name’s Matt, and I’m the
Social Media Manager here at Volusion. Welcome to Two Minute Tuesdays, where we give you
two minutes of ecommerce advice to bolster your online success. We all know we’re in
business to make money, and to make money on your ecommerce site, well, you have to
accept payment. Selecting a credit card processor, though, can be a little bit of a process.
Keep these five things in mind when you’re figuring out who your credit card processor
will be. Firstly and probably most obviously, take
a look at the different rates and fees charged by credit card processors. For example, there’ll
likely be a monthly minimum, maybe a statement fee and definitely a transaction fee. So keep
those in mind along with your budget. As a bonus tip, always remember that price doesn’t
always determine quality. The cheapest alternative may not be the most convenient or the best
bang for your buck in the long term. Secondly, and this is a bit more technical,
you’ll want to see which gateway integrations are available to you. Your gateway is essentially
what moves information back and forth in an encrypted manner to protect your customers’
credit card information. You’ll want to make sure that whichever providers and banks
you use have gateways that are compatible with your ecommerce software. Thirdly, consider the application process,
namely, the length of said process. What type of information do you need to provide? What
types of cards do you want to accept? And what’s the turnaround time from the application
submission to approval and so on? Fourthly, take a look at what type of fraud
protection features your credit card processor offers. Naturally, with the rise of online
theft, you want to make sure you’re protecting your business and your customers. So ask your
credit card processor what type of address verification and CVV2 acceptance they have.
Features like these really help you protect yourself and your bottom line. Last, but definitely not least, take a look
at what type of customer support you receive from your payment processor. In other words,
if there’s any type of question or problem or dispute regarding a transaction, is there
someone on the other end of the world that you can contact to figure things out for you?
There will always be questions that come up, especially if you’re new to your online
business, so don’t forget about customer support. Keep these five considerations in mind when
you’re picking out your credit card processor. It’ll be a lot easier for you in the long
term, while saving you bucks in the short term. If you have any questions, leave me
a comment in the box below, and I’ll get right back to you. From me to you, happy selling.