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Is Your Payment Processor Doing It’s Best for You?

March 5, 2019 by OSYB Staff

A payment processor’s job is to transfer debit and credit card payments from the customer to you in the most seamless, and cost and time efficient way.

Intuit QuickBooks shares some information about payment processors.  Here are the steps that occur during an online purchase:

  1.   Customer chooses an item to purchase
  2.   Customer enters the payment information, confirms the purchase and then makes the purchase.
  3.   Payment processor, transfers funds less the processing fee to the merchant’s account.
  4.   Payment processor, confirms the purchase with both the customer and the merchant electronically.
  5.   Once the payment is confirmed, the merchant ships the item

The payment processor must also be able to handle refunds, price corrections, and other changes to a customer order and be just as easily operable at retail locations.

Your payment processor at the minimum should be able to:

  1.   Easily incorporate with your website.
  2.   Be mobile friendly.
  3.   Be able to manage and accept international currencies as payments.
  4.   Be able to process debit/credit cards issued by both foreign and local banks.
  5.   Be cost and value efficient for you.

Evaluate your payment processor:

  1.   What is the metric for error rate?
  2.   What is their response time?  Payment mistakes are very upsetting to customers.
  3.   What is your ability to access payment reports easily for review?

If you have concerns about your payment processor and how it works or doesn’t work for you, talk to your contact at the company.  Your payment processor should want to work with you to meet your needs and to continue to help you to grow your business.  If that ends up being futile, don’t rush to terminate the relationship.  Shop around carefully and get referrals from the others in the industry.

For details:  Are You Getting The Most Out of Your Payment Processor?

Image Credit:  Deposit Photos