Things to Look for in Payment Processors

Millions of businesses have moved online today, and more keep making that transition every day. This has given rise to a huge need for payment processing services. So, if you’re in any sort of industry that deals in financial transactions, having the right payment processing service is a must. There are a few things which you should be aware of, however.

Fraud Protection

Fraud is rampant throughout the payment processing industry. It affects not only you, but it also affects your clients. If a customer is using stolen or bogus cards, you could be held liable. There’s also a chance that you could unwittingly act as the hub for a scheme. According to Citizens Bank, protecting yourself with the right payment processing service against fraud is vital, or you could suffer serious monetary losses and damage to your business and reputation.

Data Security

Do not think for a second that being a small-time or new business keeps you safe from people attempting to hack into your system. In fact, those are the favorite targets of criminals. Therefore, you’re going to need a very strong security system with your processing. Even if you’re only dealing with a smaller transaction, you could still easily become a target. According to Merchant One, processing card transactions takes a lot of steps with a lot of information being sent back and forth, and it’s important that data is kept secure throughout the duration of the process. So, security is one of the biggest issues for which you are responsible.

Transactions

Having a payment processing service that allows for transactions of all types is also essential because that will allow you to cater to the widest possible customer base. You should be able to accept major credit cards, e-checks and more. For many consumers, completing a financial transaction online can be difficult. You want a system that allows for the transaction in question to be easy for everyone. Make it so that anyone can understand what to do and how to do it.

The right payment processing service gives you protection against a changing market, so look for something current and that plans to stay current. With monetary competition, like Bitcoin and other digital currencies, it’s important to be able to tap into all markets and cater to as many customers as possible. At the end of the day, the payment processing service you choose should be safe, secure, offer fraud protection, be easy to use and offer you everything you need to grow your business online.

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By Amy Reese|2019-08-15T10:24:11-04:00August 13th, 2019|Business Credit, Business Growth, Small Business, Technology|Comments Off

About the Author: Amy Reese

Amy Reese is the Founder and Managing Partner of ARC Business Solutions, a consulting firm that helps small and mid-sized businesses gain access to Federal and Corporate contracting opportunities. After spending over 20 years as a Corporate Development Executive in which she collaborated with C-Suite and VP level leaders of Fortune 500 organizations and Government agencies, Amy now leverages her experience in relationship development, collaboration, negotiations and accountability strategies to benefit small and mid-sized businesses who are seeking opportunities to grow their bottom line. During her years in Corporate Development, Amy worked with clients to identify and implement customized solutions that supported her clients’ business needs by developing strategic plans. Amy’s unique accountability techniques have been instrumental in assessing client issues and gaps, allowing her to make recommendations of appropriate solutions. These special techniques have been instrumental in her success as demonstrated by the attainment of revenue growth for her clients in the millions.