As their role requires, owners of small businesses are constantly faced with making decisions – whether the company is brand new or it has been around for 20 years. This includes logistical information, a business name, what products will be sold, how the company will be marketed and, one of the most important factor to consider, which company to choose to process payments of your products.
Just like every decision made, choosing the right payment processing company should be done so with adequate research and consideration. This is a critical component for businesses with limited staff and funds. Considering the many options available will help small business owners avoid the following mistakes that can be easily made when employing an agency to process their card and cash payments.
Multiple Options for Payments
Customers want and need options. Forcing them into purchasing your products or services a certain way could turn them off. Instead you need to provide consumers with multiple payment options when they reach checkout. Do not make the mistake of hiring a company that offers only one route for payments, providing different methods will increase the likelihood of you gaining and retaining more customers.
Help with Setup and Continued Support
A payment processor for a small business should also offer setup assistance and around the clock support, especially for business that have very little technical know-how. A small business budget is usually very tight, meaning that when something goes wrong with a sales transaction it needs to be addresses immediately so it will not affect the company’s time and money. Be sure to only hire a company that can provide you with no-hassle help for any problems that arise with the system.
Watch out for hidden fees when deterring which payment processor is the right fit for your small business. Often, businesses will find the processor offering everything they need at very low rates but will quickly come to find there are hidden fees depending on factors like which credit card customers decide to use or how the transaction is completed. Before you know it, business are being charged more than they initially thought when there are additional fees for withdrawing or processing payments in batch.