When you run a small business, providing secure payment processing for your customers is just as important as the products you sell, or the unique brand of personalized service that you provide. It helps you to lay a vital foundation of trust that will enable you to retain loyal buyers and constantly attract new ones. Take some time to understand the importance of finding quality payment processing for small businesses that fits your needs, and your operation is sure to succeed.
The importance of PCI compliance.
To safeguard the sensitive payment data provided by cardholders during online purchases, the credit card industry came up with a set of measures known as the Payment Card Industry Data Security Standard (PCI DSS). Complying with these requirements is mandatory for any company that stores, manages, or transmits sensitive card data to ensure that it remains as secure as possible from identity thieves and other types of hackers. All of the major ecommerce platforms are PCI DSS compliant, which removes much of the burden from small business owners. However, many merchants elect to add another layer of protection through programs like PCI Plus from North American Bancard, which simplifies sellers’ compliance burden and provides protection should a security breach occur.
How to find a secure payment processing provider.
Choosing the right payment processor is vital. After all, they are the entity that will enable you to accept credit card, debit card, and ACH payments from your customers. When conducting your research, ask the following questions.
- What types of transactions will you be processing? These may include online, in-person, phone, manually keyed, invoiced, mobile, and more. Make sure the processor you choose can handle the ones you need.
- Are costs prominently displayed and easy to understand? If you have questions about any of the prices you see, does the company provide clear answers?
- Can you afford the total monthly cost? This could include transaction and chargeback fees, monthly costs, and PCI compliance, setup, and early termination charges.
- Do they provide the card readers and payment apps you want? These days, you should obtain a reader compatible with Android and iOS devices that can accept magnetic stripe, EMV, and contactless payments.
- Does the provider offer both payment processing and point of sale (POS) hardware? The latter not only allows you to accept credit cards but also has numerous inventorying, reporting, employee, and customer relations management features that will assist you in running your entire business.
- Does it allow for integration with third-party software to make bookkeeping accurate and seamless?
- How long does it take for the company to deposit funds into your account? What are the fees for same- and next-day deposits?
- Are their Customer Care and Technical Support Teams reliable and responsive?
Although it might seem burdensome to find answers to all of these questions as you search for a payment processor, the dividends will pay off in the long run. That’s because finding the right payments technology partner now will help you to build a strong foundation upon which you and your customers can rely in good times and during challenging periods. In this unpredictable world, that is as much as any business owner can ask.
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