Get More from Your Payment Processor
Moving products through brick-and-mortar stores remains one of the most crucial strategies for many independent retailers, especially those in the beauty and skin care industry. As more and more buyers turn to online shopping, these retailers are looking for creative ways to keep foot traffic high and sell more merchandise.
The truth is not all payment processors are created equal. That’s why you need to watch out for fly-by-nights who are only after your money. They often offer you a deal that you cannot resist then shower you with hidden fees and penalties later. Wondering how to avoid falling prey to such predatory practices and get the most from your payment processor? If so, you need to take time to test out different processors because the perfect payment processor can make a huge difference for your business.
Here are insider tips on how to pick a payment processor who’ll deliver great value for your money.
1. Get to know the key players in the industry
Payment processing sector consists of myriads of players, with new and more robust ones entering the fray each year. Each choice has its own pros and cons, and some cater to particular niches only. That’s why it pays to do your homework thoroughly before settling down with one. At the end of the day, if you’re a small business, it’s wise to stick with larger, more established players. They have a track record and often offer competitive pricing.
2. Read the fine print
There’s a reason it’s called the fine print. The devil is in the details; so don’t skip the fine print. Comb through it to learn about processor’s hidden fees and policies that might bite your back later.
3. If possible rent the payment processing equipment
The thing is payment processing tech changes pretty quickly, and so should you. Instead of investing your money equipment that’ll get dated in a few years, why not rent it? Besides, you can expect faster repairs if the manufacturer owns the equipment.
4. Keep a tab on payment-processing tech
The last thing you want is to invest in a technology that’ll be outdated in a matter of months. Similarly, you don’t want to invest in a technology that doesn’t resonate with what your customers want. By following the technology, you can offer fool-proof means of payment for your customers. It’s a win-win.
5. Get to know the penalties
There is no point of sticking with a payment processor who keeps eating into your profits. That’s why you need to know the cost of terminating a contract right from day 1. It will make it easier for you to ditch a processor you’re not happy with.
Bonus: threaten to switch processors when contract renewal period is approaching. This way, you’ll haggle yourself to a bargain on fees and maybe get rid of some charges altogether.