What To Look For In A New Payment Processor

looking forby Axis Payments

Whether you have been in business for some time now and are already accepting electronic payments or you’re just about to begin, the question always comes up; what should you look for in a payment processor?

In no particular order, the list below might come in handy.

24/7/365 Live Customer Support
Depending on your business, you actually might need assistance in the middle of the night sometime, or, perhaps you’re open on Christmas Day. What happens if you run into a problem? It’s always great to find a processor that supports your business hours so you know you can count on them when you need to.

Competitive Rates
Money matters, right? Your rates and fees will largely depend on the type of business you run and the processing volume you do each month. That said, it’s important to read all of the fine print and make sure you’re getting a good deal.

Choose An Established Provider
This might sound like common sense, but it’s always prudent to go with a processor that has been in business for awhile and has a good reputation. Every industry has the shady “fly-by-night” shops that appear then suddenly disappear. You don’t want to entrust building your business to companies like these.

EMV Compliance Across The Board
The EMV liability shift has come and gone and while no reputable processor should offer you equipment that lacks this capability, be warned…some still will!

NFC Capable
Services like Apple Pay, Samsung Pay and Android Pay that use near-field communication are becoming increasingly popular. As you weigh your point-of-sale equipment options, make sure to consider this growing segment.

Mobile & Online Processing Capability
Do you ever need to process away from your brick and mortar location? Do you have a storefront online? These are things to consider as you’re evaluating processors. Ask about the solutions they provide and make sure they can accommodate your needs without breaking the budget.

Next Day Funding
Many merchants depend on getting their deposits quickly for a multitude of reasons. Processors tend to have different requirements and capabilities in this regard. If you do heavy weekend processing, for example, it’ll be worth discussing with you new potential processor.

Equipment Warranty
Today’s point-of-sale terminals are high-tech and can get quite pricey. Explore your options about equipment warranties just in case your customer decides to spill that cup of coffee right on your shiny new keypad.

So, take these points into consideration as you navigate your way through the competitive landscape that is the electronic payments industry. There are a lot of providers out there. Some do certain things very well, but might not offer the complete solution you need. The main thing is that you know what you need and what you’re getting yourself into when you choose a provider.

Copyright 2016  Axis Payments

 

Which NFC POS Platform Is Best?

Are you using mobile transactions yet? This encompasses mobile point-of-sale services like Apple Pay, Samsung Pay and Android Pay. They all work using NFC (near field communication) technology and you now have several options…but which is the best?

It’s difficult to say, but the top 3 platforms all have their pros and cons. Apple Pay, for example, seems to have the most brand-recognition yet they’re battling the perception of being susceptible to fraud. Samsung Pay seems to have the widest reach in terms of retailer acceptance as they have built mag-stripe technology into their platform, but it only works on Galaxy S6-series devices which limits the size of their user-base. And Android Pay works across all of its devices which gives them a big advantage over the others, but their existing Google Wallet customers have been complaining about compatibility differences and the process of switching from Google Wallet to Android Pay.

Most of us will simply go with whatever works on our phones. If you’ve got an iPhone, you’ll use Apple Pay and so on. I’m sure there will be cross-platform apps like CurrentC or PayPal that bring strong offerings using NFC, as well.

 

Copyright 2015 Axis Payments