As a business owner, there’s more to choosing a payment gateway company than simply finding the company advertising the cheapest credit card processing rates. While some companies may offer impossibly low rates designed to lure you in, the fine print usually reveals a much less desirable plan that will wind up costing you a fortune in costs, fees, and even liability, in the long run.
A payment gateway should work for you, not against you, providing excellent customer service and accessible rates. Their merchant services and plans should offer affordable solutions that help grow businesses, not limit them from expansion. After all, the success of a company will benefit them, as well—and the right payment gateway company will understand and respect that philosophy.
Fees
As mentioned earlier, the lowest transaction fees for the cheapest credit card processing companies will not necessarily guarantee you the best service. Along those same lines, you can’t expect a company charging the most expensive rates to be your best option, either. The trick to finding the best payment gateway for your business is to read the fine print and understand the fees being charged.
Is there a setup fee? What about a monthly maintenance fee, or gateway fee? What do these fees include? Is the discount rate reasonable? Writing down these numbers and making a comparison chart of the cheapest credit card processing companies you’re interested in will help you compare them at a glance, and to better spot the company that’s best for you. Here’s a helpful comparison chart to help you balance different options and find the best plan for your needs.
Security
Arguably, the security software and technology being utilized by a payment processing company is just as (if not more) important than the fees that the company charges. The potential for important and sensitive information leaks, internet fraud, and other digital security concerns are a risk that any business simply cannot afford to take.
The company you choose to process such sensitive information must be PCI-DSS Level One compliant, and must use the latest and best in internet security technology. This is non-negotiable—and for good reason. Choosing the cheapest credit card processing company without the proper technology to certify that your sensitive information is not being hacked or stolen is a giant risk that could result in very dire consequences for you and your business.
At Allied Wallet, we know how important it is for merchants to understand how their payment processing company is working for them. For more information on our merchant services for large and small businesses, contact an agent at any time, day or night, on our customer support page.
