Accepting credit card payments can be a big decision to make. This is particularly true for small businesses, where budgets are generally tight and every little bit of money helps. One thing to keep in mind and memorize every time is that accepting credit cards help bring your days sales outstanding (DSO) down by quite a bit, which means you are able to access your funds as early as possible as ever and get started reinvesting in your business. Namely, you will need to choose a payment processor for the purpose. Some of them offer portable credit card machines along with free merchant accounts, which are both great deals that will save you money in the long run.
Let’s discuss the elements you must keep in mind while choosing a payment processor and the top five things to memorize are as follows:
1. Security
The security is, of course, the first important element and also the most important consideration to have! You want to make sure and check that your clients’ data as well as your confidential business data is secured or have full privacy. That’s why you want to pick a processor that offers great security options like P2PE or tokenization.
2. PCI Compliance
The second most important and worthy factor to keep in mind when you are selecting a processor for the business is whether or not they comply with the PCI Security Counsel. This is one of the best ways to ensure that your clients’ payment information and data will remain safe.
3. Tracking
The most important and valuable factor in choosing any payment processor is tracking – you have to ensure that your processor is able to track your payments from the initiations to the completion of a payment.
4. Integrated Payments
The integrated payment processors are those that offers different APIs or plugins to help automate the payment processing process into your existing software.
5. Good Value
Finally, make sure you select a payment processor that offers a great deal for your money. A free online merchant account, for example, is a good deal that certain service providers offer.
Are you on the hunt for a good payment processor? Take a look at Merchant Account Solutions and see how they can help today!