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Payment Processing for Startups

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.

So, always look for a PCI-compliant provider that offers advanced fraud protection in the form of tokenization and point-to-point encryption (P2PE).

In addition:

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?

Does your processor have the tools, equipment and APIs to handle ACH, mobile processing, PayPal and Bitcoin? If not, you’ll likely miss out on potential sales in the future.

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.

Only choose providers that offer 24/7 phone and email support. In addition, be on the lookout for online documentation and other useful resources.

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. 

Topics: Getting Started with Payments

Welcome to the BluePay Blog!

Whether you're a small business, an enterprise corporation, a financial institution, or a software partner, we have created a series of blog posts to help you and your customers, learn more about the complex nature of payments. Take a look to learn how payments can help to simplify your business operation, and may even help to grow your revenue.

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