There are more payment processors now than ever before. On the surface, this variety may seem appealing. Everybody likes having options.
But it’s important to get this step right.
Although signing up for a payment provider is easy, changing processors can be difficult and expensive. This is especially true if you’re locked into a restrictive, long-term contract.
So as a new business, what should you look for in a provider?
How To Choose the Right Payment Processor for Your Startup
When it comes to payment processing solutions for startups, the single most important criterion is security. As instances of data breaches and credit card fraud continue to increase, it is crucial that you partner with a provider that can protect your business and safeguard your customers’ payment information.
- If you operate a physical retail store, choose a processor that supports EMV credit card processing.
- If you run an online business, select a provider that offers fraud management filters or hosted payment pages.
With security out of the way, you can then focus on the criteria below.
1. Payment Expandability
You might start out accepting credit cards today, but what happens when your customers want to use other payment options?
2. Customer Support
As you begin shopping for payment processors, getting in touch with the “sales team” is pretty easy. But what you really want to know is how accessible the customer support team is. Problems can crop up at any time, and you want the ability to troubleshoot those issues with knowledgeable experts.
3. Payment Integration
Running an established business is time-consuming. Starting a new business is even more challenging.
This is why you should explore processors that support seamless payment integration with the business tools your startup will likely use. That way, you won’t have to manually enter every sale into your accounting, CRM and sales software. The data syncs automatically.
4. Payment Processing Fees
Most startups focus on pricing first. This is a mistake if your payment processor can’t provide the security, expandability, support and integration outlined above.
If your provider excels in these areas, it may even be worth paying a premium.
However, you don’t have to take the largest package offered. To keep your costs low, start simple. As your business grows, you can consider adding services along the way.
BluePay’s Payment Processing Solutions for Startups
At BluePay, we understand the unique challenges entrepreneurs face when they’re starting. In fact, we even have a department dedicated exclusively to small business merchants.
Be sure to keep us in mind as you begin researching your options. When you’re ready, schedule a free appointment to learn more about our approach to startup payment processing.