5 tips on finding your perfect payment solution
Today, more than ever, choosing a payment partner that fits your business is no simple task. With so many options out there, it can be challenging to find the right mix of features and terms at a suitable price.
One thing is for sure, every online business needs a payment provider who can serve as a long–term partner. Your payment provider should be looking after you not just in the early stages, but also as your business grows to give you peace of mind. At Pin Payments, we’re experts in processing payments for small business; here are 5 tips you should consider when looking for a solution to help you accept credit card payments.
1. Read the fine print, don’t get locked in
Did you know, some providers offer contracts that lock you in for years? The decision you make today may be the one you’re stuck with for some time.
Imagine if you need to adapt to disruptions in your industry and market, especially in a scenario where you may want to end your contract early. Before you sign, be sure to address the fees, penalties and termination clauses involved in the agreement.
Ideally, you would stick with a payment provider not because you’re locked into a lengthy contract, but because they give you a positive experience and help your business.
2. Future proof your payment solution
E–commerce moves quickly — you’ll need an online payment system that can cater to your needs both today and in the future. Several major payment gateways were designed before smartphones and tablets, and — believe it or not — haven’t changed since.
If you want to offer a convenient and enjoyable shopping experience your customers will come back for, it’s important to find a flexible and forward–facing technology that can keep up with your developing platform. If you’re using one of the popular e-commerce solutions such as BigCommerce, WooCommerce or Shopify, you’ll want to make sure your payment solution integrates easily with your chosen platform.
Talk to the developer working on your payment processing. Their expertise and honest advice on a provider’s capabilities can be what ultimately enables your competitive edge.
3. Check for local support
Don’t settle for less when it comes to client support. Unexpected situations can result in downtime and loss of business if the matter can’t be resolved quickly. You could spend hours or days, working on problems that a payments expert could fix within minutes.
Consider only the payment options who are available to help during your 9 to 5, offering local support from a real person with fast access to experts and technical specialists.
4. Consider multiple currency payment options
Many payment providers in Australia only support AUD currency transactions. This is fine if you only ever sell within the country, but without foreign currency options, you may find it tricky to effectively advertise your products on the overseas market.
If you want to sell to customers in their local currency, or if you’re considering a global expansion in the future, look for a payment partner who can accommodate broader currency needs. Check to make sure they have the flexibility to handle international transactions when you’re ready to make your move.
5. Weigh up the price (and the hidden costs)
It’s no secret — cost is a key decision-making factor when choosing a payment processor, particularly if you’re a new small business that needs more time to realise sustainable bottom line. But don't fall into the trap of simply going for the lowest rate, as the true cost may be hidden in the fine print and additional fees.
Stay away from providers who charge a minimum monthly fee just for having an open account, or those who impose an exit fee when you need to upgrade to another provider. Look for a payment partner who’s interested in a long-term, mutually beneficial relationship with you, who wants your business to succeed just as much as you do, and doesn’t charge extra for good service.