There are a number of factors to consider when choosing a payment processor for your business. Choosing a processor that doesn’t suit the needs of your business can cost you dearly. Below are some of the key things to consider when opening a new merchant account or switching your credit card payment processing:
1. Ensure the company is experienced and financially stable.
Check their background – how long have they been in the processing business? When opening a merchant account or switching your payment processor, choose a company you can count on. We’ve been serving businesses like yours for more than 25 years. We are a strong and stable organization, committed to bringing value to our merchants. We work hard to take the hassle out of accepting credit cards and to provide the support you need to manage and grow your business.
2. Do they fully disclose all fees and hidden charges?
Before you sign up, understand all the fees associated with your account. What will your total, true cost of accepting credit cards be? That ‘fixed rate’ may include many hidden charges and fees. There are more than 200 interchange categories that could impact you as well as a broad range of surcharges--which means you need to understand more than just your qualified rate to understand what you’re actually paying. We believe we owe it to you to take the time to explain all fees and charges to you – it’s just the way we do business.
3. Are their systems secure and compliant with industry rules and regulations?
Cardholder data security is an important responsibility for all merchants. Do you know all the steps to be compliant? To accept payments, your business must follow card brand rules and regulations. Our dedicated compliance team can help you become and stay compliant. So whether it’s giving you regular information or guiding you through steps to avoid fines, we’re here to help. To learn more visit our online Resource Center.
4. Do they provide a single point of contact for all your payment needs?
Who do you call if you have questions? Our sales and support teams are all employees who receive comprehensive training on products and our customer service philosophy. That representative will work with you every step of the way. When you need more services or your business begins to grow, that same representative can continue to work with you. If for any reason you cannot reach your representative as quickly as you would like, our Help Desk is available 24 hours a day, 7 days a week, 365 days a year to get you the answers you need.
5. Do they provide merchant account statements that you can understand?
Before opening or switching your merchant account, make sure you’ll get a clear statement. It’s a fact that most merchant statements are too difficult for merchants to understand. As a result, many do not have a clear grasp of their actual “cost of acceptance”. So, we asked our customers for their feedback and then redesigned merchant statements. Our customers appreciate our easy-to-read statements so they understand exactly what their charges are. If you ever have questions about your statement, a Chase Paymentech representative will be glad to answer them.