Payment Processing 101 - 5 Steps to Selecting a Provider

As a business owner you are in the business of making money. But how you go about actually collecting that money can have a big impact to your bottom line. Check out these 5 tips on selecting the best payment processing company!

Tip #1) Look for a provider that offers pricing plans to match your business needs. One size fits all does not work when it comes to credit card processing! A company that processes only a few credit cards per month may benefit from a fixed rate structure. One with consistently high processing volumes will see significant cost savings with a custom rate plan. Look for a company that will evaluate your business and then match you to the best fit - not one that forces you into their only plan.

Tip #2) A company that offers easy integration with your ecommerce solution. If you sell online you need a credit card processing company that will easily integrate with your ecommerce system - whether that is on an existing site or on a new website you are building. Make sure to ask if there are any extra fees associated with integrating payments into your ecommerce solution.

Tip #3) One that offers both payment processing and point of sale systems. Accept payments anywhere, online, in-store, or on the go. The company you work with should be able to offer all of these solutions through ecommerce gateways, complete point of sale systems, and mobile card reader options. As your business grows you will want to be able to get all of your needs covered with one company.

Tip #4) Find a payment company that will help you GROW your business! Look for tools and features that will enable you to drive more customers to your store and website, and ultimately, more dollars to your bottom line. Look for advanced reporting, a comprehensive CRM, enhanced customer loyalty programs, integrations to your vendors so you are never out of inventory, and has an integrated marketing tool to help reach your customers when you want, and search for new ones.

Tip #5) Work only with a business you can trust. If your system goes down while you have a line of customers, will you get the support you need? Look for companies that offer in-house customer support, go ahead and test this before making a purchase by calling a few different times per day. Use an all-in-one company that can offer all the tools your business needs to succeed: your POS system, payment processing, but also marketing tools (websites, advertising, reputation, loyalty) to help your retail store grow.

I hope these tips can help you in selecting the right payment processing company for your business.

We are excited to now be able to offer our small business owners credit card processing and point of sale systems through our new product Marketing 360 Payments! If you would like to learn more reach out to your Marketing 360 executive.

Thanks for watching. If you found this content helpful please take a second and like, share and comment. Also make sure to follow us for more great content just like this down the road or text “marketing” to 39970 to opt into our weekly marketing tip text messages. Happy marketing!

#paymentprocessing #payments #creditcardprocessing

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Presented by: JB Kellogg

JB Kellogg is the Co-Founder & Co-CEO of Madwire®. Madwire's brands Marketing 360® and Top Rated Local® are popular platforms used to help small businesses grow. Madwire was founded in 2009 and has since grown to nearly 1,000 people and over 100MM in annual revenue. JB & Co-CEO Joe Kellogg were recognized as Glassdoor's Highest Rated CEOs for 3 consecutive years (#1 overall in 2016). JB is passionate about small business marketing, leadership, sales, team culture and more and often shares the tips, tricks and strategies he's learned in life and while growing Madwire.

JB Kellogg on LinkedIn:
  / jb-kellogg-8567a029  

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