Identifying the right services for your business is transforming what you feel based on your logic and research into a decision. This not at all a simple task to execute as a business owner. Well, finding the correct payment processor may not be easy, however, you can simplify it by getting clarity from the payment processor by asking a few questions while you get connected with them. A long-term relationship requires transparency and trust which leads to success.
Since all merchant accounts are not the same, let’s understand what questions you should ask before opting a merchant account:
• Are you PCI DSS compliant?
It is essential for any SAAS (Software as a Service) provides to be PCI DSS (Payment Card Industry Data security standard) compliant. They tailored this to ensure that industries/ companies which process, store and transmit the card user’s data must have to maintain a substantial amount of security. This includes Credit card, Debit card, ATM, etc. Kindly confirm the people who have access to this sensitive information have the authorization to do so and they do not expose your details with any other party.
• Do you offer live support?
The help is being provided by the payment processor to the merchant, however; it varies from processor to processor how they deliver it. Every processor has an email id from which they assist the merchants within the time frame of 24-48 hours. Whereas some are of them provide help via phone calls and real-time chat when the merchants stumble on a problem.
• What currencies your payment gateway allows?
Any online business never wants to pay as for currency conversion, few payment processors charge a fixed amount of percentage. Ensure processor shouldn’t charge anything and should accept your preferred currency.
• What is your payout policy?
The earnings get delivered to the merchant as per the norms of the payment processor. Because it takes time for the issuing and acquiring bank to clear the funds. To eliminate transfers on each purchased transactions the payment processors sets a frequency to pay out which varies from processor to processor and nature of the business. This could be 2 days, weekly and monthly.
• Will there be any Service Level Agreements (SLA)?
SLA defines what would be the standard services the operation/payment processor will deliver. The breach of SLA allows the merchant to get eligible for the compensation.
• Do you offer 24/7 merchant support?
Every payment processor provides merchant/ customer support. But, are they available when you require them the most at any hour of the day or night? The most important confirmation which the merchant has to be sure about. Because the problem has no time.
