A payment processor is what your business needs if you decide to accept card payments. It is the entity that operates the backend mechanics of accepting credit cards. They are the one that transmits the customer’s card data from wherever the customer uses the card to the payment network.
That is how sensitive and vital the role of a payment processor is to your business. As a responsible business owner, you must ensure that your customers are well-protected by choosing a reputable payment processor.
To successfully select a suitable payment processor you will trust, here are the top five signs you need to watch out for. These signs will help you ensure that the payment processor company you choose is highly reputable.
Provides Transparent Pricing
Transparency is one of the vital factors that shows an entity is trustworthy. Therefore, when selecting a reputable payment processor for your business, you should go for the one that provides complete transparency about its pricing.
Calculating all the fees associated with payment processing can be confusing, but you can easily understand the processor’s payment structure with transparency. If the payment processor provides a detailed summary of their pricing, you won’t have to spend time scouring the internet or the fine print just to know how much the payment processor costs.
Additionally, being transparent with the pricing means that the service provider doesn’t have anything to hide. Hidden fees can be charged if the provider doesn’t disclose the real cost upfront. So, be wary of this type of payment processor and opt for those that offer transparency.
Has PCI DSS Compliance
If you encounter payment processors that don’t have a PCI DSS Compliance, you should run away immediately. PCI DSS, or Payment Card Industry Data Security Standards, is a series of security standards intended to guarantee that ALL businesses who take, process, save, or transmit credit card data do so securely.
Having PCI DSS compliance will increase the assurance that you are transacting with a highly reputable payment processing company. Ensuring the security of your payment transactions is vital for your business and your customer’s data protection.
Moreover, you must also ensure that the processor updates its standards and successfully pass the yearly review to be considered compliant. It would be best if you also took note of the different levels of PCI DSS standards that range from level 1 to level 4. Level 1 is the most secure, while level 4 is the least secure level but still considered compliant.
It has Good Ratings and Reviews
The next thing you should look out for if you want to ensure that the payment processor you are acquiring for your business is reputable is to look for the provider’s ratings and reviews. You can find this information on the processor’s website or look for articles online that provide a review about a specific payment processor.
One example is this stripe payments processor review. In this review, you’ll find all the necessary information you need to see if Stripe is a reliable and trustworthy payment processor. Reviews like this one are pretty straightforward and honest. You’ll also get to know more about the processor if you do further reading with these reviews.
Offers a Bank-Level Security
Every entity that holds or stores credit card data should possess bank-level security. In addition, they should have encryption features like utilizing a secure HTTPS session, conducting regular security audits, encrypting all transferred and stored data, and implementing security protocols in places where information is recorded.
You must ensure that multiple security layers are imposed on top of the third-party certifications to ensure that your business and your client’s information is stored in a highly secure digital vault. With this, a security breach is highly unlikely to happen.
Top-tier Support Team and Account Managers
Another sign that the company is reputable is if they give enough importance to their clients. It means that the payment processor has a top-tier customer support and account managers that you can reach out to if an issue arises.
Since payment processors are dealing with sensitive financial data of individuals, having good support is vital to ensure that the process will go smoothly. Remember, your communication with the payment processor should not end after signing the contract. It should be continuous and healthy.
A reputable payment processor will have personnel on standby if you need anything from them. For instance, if you have a question about their process, you can quickly get the answer you need by contacting their customer support or setting up a meeting with your account manager.
Look for These Signs Before Agreeing to Anything
Don’t rush into choosing a payment processor for your business. Instead, take time and watch out for these signs to ensure that you are making the right decision in selecting a payment processor. If you do this, you will have the best payment processing company that suits your needs.
