A payment processor’s job seems like a simple one; it handles customers’ card payments, communicates with their banks, and relays information to a merchant account. The best payment processors do so much more, however. To make the decision a little easier, we’ve created a list of questions to ask a potential payment processor.
How Easy is it to Integrate?
E-commerce retailers can avoid frustration and mistakes by ensuring that their chosen processor integrates into the daily workflow. If you’ve just opened an online store and aren’t sure how to do it, ask vendors for brief demonstrations. BlueSnap integrates with Magento, WooCommerce, WordPress, XCart, and other platforms that are popular among online sellers.
Is Customer Service Good?
If the vendor’s demonstration doesn’t offer enough information, e-commerce sellers can get do their own research. Call or chat with a customer service representative to determine the quality of the payment processor’s merchant support. Then, read reviews to learn about other users’ experiences.
Will Profits Increase?
If a card payment processor won’t integrate into the company’s workflow or if its rates are higher than expected, it won’t help the bottom line. People are shopping online more than ever these days, and retailers need payment processors that help them get the maximum benefit from every sale. BlueSnap’s quick-start and customizable pricing makes it easy for e-commerce retailers of all sizes to boost their profit margins.
Will I Be Locked Into a Long-Term Contract?
When retailers assess the pros and cons of a payment processor, contracts are a primary consideration. Even with extensive research and careful selection, there are no guarantees, and a seemingly solid choice may turn out to be problematic. If things go wrong with a payment processor and you need a way out, terminating a long contract could be expensive. With its pay-as-you-go plan, smaller retailers won’t be locked into lengthy contracts when they go with BlueSnap.
How Strict Are the Processor’s Security Standards?
Along with payment processing costs themselves, the prevalence of credit card fraud rose by almost 50% from 2019 to 2021. Unlike some processors with unclear, confusing protocols, BlueSnap’s easy-to-understand, yet reliable procedures decrease the risk of fraud at minimal extra cost to sellers.
When Do Deposits Arrive?
As many small e-commerce companies work on shoestring budgets, there should be little lag between transactions and deposits. While next-day deposits are optimal, same-day deposits are crucial for some sellers. Some processors require sellers to use specific accounts, so be sure to ask before signing up.
How Much Will Fees Cut Into My Profits?
All processors have them, and they can create big hassles for many businesses. The most common card processing fees include:
- Application fees
- Setup fees
- Statement fees
- Gateway fees
- Interchange fees
- Monthly minimums
BlueSnap’s flat fee of 2.9% + .30 per transaction makes it one of the most competitively priced options for small online businesses.
So….What’s the Catch?
While some processors market themselves as low-cost alternatives, things aren’t always as they seem. Read the fine print carefully, and you’ll see why. Many card processors offset their low rates with hidden fees, costs, and complex pricing tiers that put important services behind a paywall. If a processor can’t back its promises up with proof, take your business elsewhere.
Make the Right Choice
Business owners can use numerous criteria when choosing a payment processor, but the questions above—as well as their answers—are a great place to start. The best processor isn’t necessarily the one with the lowest price, but the one that will be honest, open, and work to help your business grow.