How to Choose the Right Payment Processor for Your Business

January 2, 2018

There is a myriad of possible point of sale solutions on the market today, and nearly every processor claims to be the best choice for your business. It can be difficult to figure out what the pros and cons are between these competing companies, and even more so to figure out if the benefits they offer are the ones your business needs.

Choosing the right point of sale solution is an essential part of ensuring that your business runs smoothly, so it’s important to ensure that you make a well-educated choice. When you begin the process of selecting a payment processor, consider the following before you make your final choice.

Consider Business Basics
The best place to start when looking for a payment processor is with the bare necessities your business will require to run successfully. This includes things like:

Location: Where your business is physically located can say a great deal about the payment options you need to offer. For example, if you’re situated in a high traffic area, you’ll likely need more than one payment terminal. If you know your business is in a tourist hot spot, you’ll want to make sure your payment processor accepts UnionPay or offers Dynamic Currency Conversion to allow for international payments.  

Industry: The industry that you’re in may have a say in how you choose your point of sale solution as well. For example, a food service operation will want to consider an iPad POS solution that utilizes TouchBistro for maximum efficiency, and wireless terminals to bring to customers’ table. A gym or fitness facility may want to bring on a cashless terminal system to easily swipe membership cards and credit cards in one place. 

Clientele: Your business’s target market may also have an impact on the type of payment options you provide. If your ideal customers are millennials, it’s important to offer contactless payment options so they can use their smartphones as a payment method. Older clientele may still be used to using cash for their purchases, so a cash register may be necessary.

Is the solution provider transparent about fees? 
The fees set by payment processors on debit and credit card transactions are notoriously complex, often leaving business owners struggling to understand what the fees are for and how they’re calculated. There are multiple parties involved in each transaction you make, including the payment processor, the card brand, and even the bank that issues that brand. This means that transaction fees can get complicated, and business owners need to trust that their payment processor can explain the process to them transparently.

Consider Value-Added Solutions
A strong payment processing processor should be able to equip you with additional tools or resources that allow your business to meet your customers’ needs, whatever they may be. From providing 24/7 support to filling you in on the latest consumer trends, it’s the extra mile your payment processor takes that puts you ahead of the game.  

Gift Cards: Gift cards are processed in a similar way to credit or debit transactions, and having them integrated with your current system is an easy way to run your business more efficiently. Gift cards are also hugely popular with Canadian shoppers, so this seemingly small value-add could actually be a significant revenue opportunity.

Dynamic Currency Conversion: Dynamic Currency Conversion allows businesses to accept foreign payments by converting a customer’s transaction into the currency of their choice. For businesses in areas that are popular with tourists, this is a great way to ensure every customer, whether local or visiting, can spend money in your store.

Online Payments: Your business may have a brick and mortar location now, but as the importance of an online presence continues to grow, you may want to look at expanding online in the future. Having both in-store and online payments run by the same processor ensures transactions go smoothly regardless of where they happen.

Consider the Processor’s Place in the Market 
Partnering with a payment processor who is an authority on payment solutions helps keep you up to date on the direction that payments technology is going, and makes sure your business is ahead of the curve. Whether they are spreading the word about the ongoing move to a cashless society, or quickly adopting contactless payment offerings like Apple Pay and Android Pay, an industry leader will keep you on trend.

Now that you have the information you need to make an informed decision, it’s time to find the right payment processor for your business. Learn more about Moneris’ products and services, from wireless terminals to iPad POS solutions and our value added services, and find out how we can make sure you are payment ready today! 

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.

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