As soon as the retailer accepts the transaction, the information has to be transmitted to a verified payment processor to be completed. A payment processor completes the transaction by sending data between the merchant, the merchant’s bank, the consumer’s card and their bank. A payment processor is the company providing the hardware at a storefront location.
A payment processing partner is of vital importance for a new eCommerce business. So make sure to choose the right platform for your business. Here are several important factors to take into account when selecting the best option for you:
- Focus on the Way the Revenue Share Is Calculated
Your contract should clearly define all types of revenue included. What fees are included in the calculation? If you don’t know, ask the processor to provide the list of fees included.
- What Is Your Revenue Sharing Calculation Based on?
Is your revenue sharing calculation based on all profit categories like PCI fees, monthly fees, and statement fees? You can ask whether you’ll be paid on all ancillary fees and profit categories in the merchant account.
- Can the Acquirer Provide Self-certification on Behalf of the Major Card Brands?
If your partner can self-certify on behalf of the major card brands, you won’t spend a lot of time and effort. It will be great if they can streamline the PCI compliance certification process and cut the time spent on QA and testing.
- What Technology Strategies Does Your Potential Payment Processor Offer?
Make sure to know whether they can offer pre-certified direct solutions as compared to being dependent on third-party middleware. Does this include extra costs and PCI implications as well?
- Can EMV Offered by the Processor Be a Practical Solution?
If merchants can’t process EMV transactions, problems may arise. This is especially true of those merchants who deal with increased fraud.
- What About New Markets?
See what options you have. Where does your potential processor do business? Do they specialize in the market you’re going to enter?
- Is There Anything Unique About What They Offer?
Make sure your potential processor has the support system you need. Discuss what options you have. Perhaps they offer account managers, technical support, or a skilled marketing team.
If you’re looking for a reputable payment processor, consider turning to emerchantbroker.com. EMB, the #1 high risk processor in the US, offers secure and reliable payment processing to merchants of any type and size. EMB is rated “A” by Card Payment Options and is one of Inc 500’s Fastest Growing Companies of 2016.
When partnering with a payment processor, take your time to review your contract carefully. Be prepared to ask the right questions in order to find the best solution to your situation. Focus on the what’s most important so to build a successful partnership with the right processor.