How to Choose a Processor:

Some Things Appear the Same Until You Take a Closer Look. Credit card processing may seem like a rather unexciting cost of doing business, and choosing a processor may feel somewhat akin to choosing straws – it’s hard to tell one from the other.

Nothing, however, could be further from the truth.

Processors may all blow the same horn, but listen carefully because often the truth is in the fine print, and the facts can surprise you. To help you make the right choice, we’ve compiled a checklist of sorts: important points you need to consider when choosing your next processor. Do it right the first time, and you may forge a relationship you can live with comfortably for as long as you’re in business, which means you’ll never have to worry about choosing another processor.

Here’s what to look for:

Price. We know we didn’t have to tell you that. You always look for the best price. But we’re going to tell you to look hard at the prices you are promised. It is no surprise, what you see is not always what you get. Many times a processor will give you a very low rate on swiped transactions, but charge much steeper fees on keyed-in and corporate transactions. Most processors charge fees you were never told about upfront. Look carefully for hidden fees.

Service. Service is the most important thing to consider when shopping processors; at the same time, it is one of the most difficult to be certain of in advance. Every processor promises top-notch service; most of them never deliver it. The first thing to look for is where decisions are made and where your service is coming from. Many processors outsource their customer service, which can seriously impact the expediency of implementation and execution. Just as important, when customer service is not handled in house, those who are promising it can do very little if it is not what they promised. Review the Better Business evaluation on any processor you consider.

Technology and Equipment. Good processors don’t keep all their profits; they reinvest significantly in their companies. A processor is, in some ways, your business partner, and good processors view themselves as just that. Today, one of the best indicators of a processor’s investment in your future is their investment in technology. You should benefit from thoroughly pre-tested, cutting edge technology, particularly invaluable management tools like online reporting that will save you time and money. You should feel confident that, as your needs change, your equipment and software can easily change with them.

Technical Support. If your software or equipment is not functioning properly, or if you aren’t using the best software or equipment for your specific needs, you are losing profits. Make sure that every form of tech support is available, in person and online – during regular business hours and after hours also.

Environment. This really speaks to all of the above items. When a processor’s company runs well, you benefit. We are a relatively small industry, so ask around. What is the processor’s reputation? Are the people who run the company honest, respectable people? Do they keep their employee turnover low, so that you will be working with satisfied, better-trained, and more knowledgeable staff? Does the company have a team approach with all functions being handled in-house? If so, you’ll find yourself getting faster more reliable answers.

History, not promises. Give your business to processors with a proven history, and a demonstrated commitment to longevity in the industry. Financial strength and management committed to long-term growth and value. Because once you take the trouble to find the right processor, you don’t want to have to find another one.