How to Choose a Payment Solution Provider

How to Choose a Payment Solution Provider

As a business owner, you need to know that your customers’ money will reach your account quickly, securely, reliably and that their data will be kept safe.

The use of cash is declining sharply, and customers expect businesses to offer them electronic options such as contactless card payments, and secure online payment options. Customers also expect their payment experience to be quick and easy. If it’s not, you risk losing their custom to a competitor.

The number of payment solution providers in the market can make choosing your ideal payment partner challenging.

So, how do you find the best?

Here are eight top tips for finding your perfect payment solution provider.

Look for Names You Can Trust

Make sure any payment solution provider that you consider has the backing of a well-established bank that has an excellent reputation. It’s essential to have peace of mind that your funds will be safe and that your customers’ data will be protected.

If you are considering a card machine, make sure that the brand used by the payment solution provider is a high-quality brand. The last thing you want is for your card machine to break or not to fit with the image that you want your business to create.

Find Transparent Pricing

It can be challenging to get details of the pricing for payment options from providers’ websites.

Look for companies who have pricing calculators on their websites or other ways to understand the potential costs attached to the payment solutions.

Easy Application Process

You are busy running your business, so you want the application process to get your card machine or payment gateway to be as quick and straightforward as possible.

Look for providers who offer online applications for card machines. Providers who insist on lots of face-to-face work with sales agents could drain your time.

Look at Customer Reviews

Take a look on the internet to find out what other businesses are saying about the payment provider. Websites such as Trustpilot are a great source of insight into how customers feel about the company.

Once you’ve found the company’s reviews look at what people say about their installation, their pricing and their ongoing service. These reviews will give you a great insight into the potential for a long-term relationship with this provider.

Security First

Payments and data are understandably sensitive topics for customers. You want to find a provider that cares about you and your customers as much as you do.

Look for a provider who goes the extra mile to make sure that your payments are safe.

For example, UTP Group, work with a reputable bank to benefit from its established security processes. UTP Group completes further extensive fraud checks daily, on top of this excellent level of protection, to ensure that their customers’ money is kept safe. This extensive security system is unique amongst payment providers.

Find Options That Work for Your Customers

Think about how your customers interact with your business and make sure that you work with a payment solution provider who can meet the full picture of their needs.

For example, you may have a physical store that needs a countertop card machine that supports contactless payments. At the same time, if you have staff taking payments in mobile locations, you may also need a mobile card machine.

For your web presence, consider an eCommerce Payment Gateway, to enable your customers to make quick and secure payments. If your business has a global reach, pick a provider who accepts payments from your customers’ locations, and from the cards that they use.

Look for Speed

Once your customer has paid you, you’ll want the funds in your account as soon as possible.

Look for a payment solutions provider who offers faster processing, which is also known as same day funding options; some will even transmit your money in less than an hour.

Options to Help Cash Flow

Maintaining a positive cash flow is critical to running and growing a successful business. Unless you have substantial cash reserves, there may be times that you need cash at short notice to seize an opportunity.

Check if the payment solutions provider offers a flexible credit facility such as a cash advance to help you in these moments.


Finding Your Perfect Payment Solution Partner

While the number of potential payment providers you can choose from can seem a little overwhelming at first, once you have a checklist of what you are looking for, that list soon decreases.

So many of the factors come down to trust; which payment providers are back by a reputable bank, supply high-quality card machines and go out of their way to protect you and your customers’ funds from fraud?

Look for providers who can offer all the of the payment options you need for your business whether that’s a mobile card machine, a countertop card terminal or online payments. Ask if the provider offers same day funding, so you are not waiting for your money.

Look for a provider who makes it simple to get started, with transparent pricing and a secure online application. Consider if they offer all the services you will need as you grow, for example, a credit facility such as a cash advance.

The customer reviews you can find on trusted review sights are a great source of insight into what you’ll experience when you work with the provider.

With a little research, you’ll soon find your perfect payment solution provider.

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