4 Critical Questions: How-to evaluate your payment processing structure

It’s important to know that all payment processing
companies are not created equal.FAQ Credit Card Processing_CRS When finding the right fit for your business, be sure to ask these four questions:

  1. How will you protect my customer data and business data? Cardholder security should be a top priority. Be sure to ask what measures your payment processing company takes to protect your company from cyber-attacks that could lead to a data breach. One area to specifically look for is PCI compliance to minimize fraud.

    What is PCI compliance? Payment card industry (PCI) compliance is mandated by credit card companies to help ensure the security of credit card transactions. PCI compliance refers to the technical and operational standards that businesses follow to protect credit card data through payment transactions.
  1. Have you worked with clients in my industry before? Your industry has unique needs. Here are some examples of industry-specific requirements your credit card processing provider should offer:
    •   Healthcare Providers: Find a partner that can integrate with your existing software systems to reduce patient billing complications and increase productivity.
    • Nonprofits: Look for a provider that offers very low rates so that the money goes straight to those you serve.
    • B2B Sales: Your partner should work with you to provide affordable and reliable payment processing options, including Level 3 credit card processing which can save your business a substantial amount on processing fees.
    • Educational Institutions: You’ll want the option to accept in-person and online payments for tuition,  activities, athletics, and donations.
    • Gas Stations: Make sure your payment processing provider has experience with pay-at-the-pump credit card needs including EMV chip card solutions.
    • Auto Dealerships: It’s important to have experience in the unique requirements of the automotive business including helping dealership management lower the cost of card acceptance and improve reporting capabilities.
    • Restaurants: Ensure you can create an enjoyable (error-free!) experience for not only your customers but for your waitstaff with user-friendly credit card systems.
  1. Which forms of payment do you accept for both in-person and online purchases? Goodbye to the days of simply asking “cash or check?” Be sure that your business is equipped to safely receive and manage payments via:
  1. How do I view and manage customer payment transactions? As a business owner and manager, you never want “surprises” to creep up when it comes to cash flow and customer transactions. Therefore, you should have the ability to view and manage all business transactions online. When onboarding a payment processing provider, ask for a demo of their analytics and reporting tools to be sure you have the financial visibility you require. For example, you’ll want to have access to real-time payment metrics. This crucial information can help inform current and future business decisions.

Ready to start the conversation? Our experts can answer any and all questions you have about payment processing systems. Together, with our partner Integrity Merchant Solutions, we offer affordable credit card processing systems designed to fit your industry’s evolving needs. Learn more about how we can help setup your business' credit card processing system and secure your customer data. Here's how...

> Learn more about credit card processing requirements.