Once you decide to monetize your website, you need to select the ideal online payment service. It’s important that you choose a good one, because if payment data is ever compromised, your business could lose money. In addition, you could be vulnerable to prosecution for negligence if your customers’ payment information is breached. So this isn’t the time to go bargain-basement shopping for a payment service provider.
Here are ten pointers to help you choose.
1. Is it easy for you to access the funds?
Read carefully about the funds transfer terms. If there’s a long waiting period after you request a payout or a funds transfer, keep looking. You should be able to access funds within three or four days at the most.
2. Is it compatible with your bank?
If they can’t or are unwilling to transfer the funds directly either into your bank account or onto a debit card you can use at a local qualified banking institution, that’s a red flag. Steer clear.
3. What kinds of data security do they have in place?
The payment data should be secured by encryption and beyond both on your customers’ end and on your end, where it is stored. Anything less leaves you vulnerable to litigation. Also, find out what their policies are if the unthinkable does occur.
4. Is it a recognizable name?
Potential customers are going to take a big step back if they don’t recognize your payment system’s name. You’re better off sticking with an internationally recognized name brand such as Intuit for processing credit cards.
5. Are they popular?
Popularity is important in a payment processing service. It indicates customer satisfaction because people and businesses wouldn’t use it if the service were shoddy.
6. What kind of reputation do they have?
Reputation goes hand in hand with popularity. Look for a reputation of excellent customer service, speed, and efficiency.
7. Do they service other businesses like yours?
It’s important that your payment processing company understands how your business operates and how your revenue is generated. When you’re interviewing a candidate, try to be clear about your business model and the type of service or product you provide.
8. What other business solutions can they offer?
As you take care of the daily tasks of running your business, you’ll likely start looking for other ways to streamline your duties. Having your payment service provider be able to integrate additional services into your package is ultra convenient.
9. Can you afford it?
Don’t neglect to research and account for merchant processing fees in your accounting budget. Fess structures vary dramatically, and some may be more or less amenable to your own product pricing structure.
10. Do they offer subscription services?
If your business sells subscription packages, you’ll want a payment processor that supports recurring payments to eliminate having to input the same information over and over.
The best relationship between your business and an online payment service is one of open and honest communication. Be clear and articulate about what services you expect, and listen carefully to their responses. With some care and patience, your online payments page will be up and running in no time.
Photo Credit: Flickr/wsssst
