Picking a Payment Processor You Can Count On

Picking a payment processor is kind of like going on a first date. You’re nervous because you don’t really know what to expect until you open that first statement, but you have high hopes you got it right with this one. Payment processing may not be one of the most exciting services to research and set up but it’s probably one of the most critical to your businesses’ success. After all, if you can’t accept credit or debit card payments, and do so seamlessly, your customers are going to start complaining. And, relying on checks may work for some lines of business but most dental offices, optometrists, veterinary clinics, etc. are dealing with slightly higher ticket charges where customers may need the flexibility to charge it and pay it off later. So let’s break down the good, the bad and the ugly of payment processing services out there and nail down what you really need to know in order to make the smartest choice for your business.

First of all, you need to understand the terminology. Watch out for ETF or Early Termination Fees, Liquidated Damages, or cancellation fees. Most processors charge any combination of these fees if you switch earlier than your contract term and they can end up costing you thousands depending on how your specific contract is written. Here at Singular Payments, we only require a 30-day notice to cancel, done via our exit survey online, which eliminates the ETF. Choose a provider who does not charge any type of early termination fees – if your processor is not doing their job or is charging you more than you were promised, they shouldn’t be able to hold a contract over your head as a ‘weapon’ to intimidate you into sticking around to endure more of their bad behavior. Always get a proposal in writing, ask for a guarantee that you will receive what has been proposed, and be certain you can terminate your contract without penalty if you do not.

Next, you need to pick a processor that’s been in business for at least 5-years and has a good reputation in the industry. Do some research online and you’ll find out who is really credible and who isn’t. Check your processor’s BBB rating (we have an A+) and see if any complaints have been filed. Those can be major red flags and it is important to be aware of them.

Look for a processor with a guarantee of the service and/or savings they are promising you. If you get lured in with what seems like a super low rate but you actually accept a card type that frequently bumps you into a different ‘tier’ of pricing, you are going to be shocked when you see your month end fees. You should be able to call their bluff and ask for your money back when you are charged more than you were promised. With our custom flat rate program, that never happens as we don’t tier out or charge up for any of the many variables in credit card processing. That said, if for some reason you do not realize the savings we promised during the first 90-days after switching to Singular Payments, we will not only write you a check for the difference, we’ll fix the problem so you always achieve those savings (at a minimum) each month. This policy is unheard of in the payments industry – ask around and you’ll see.

Inquire about customer service, contacting for equipment issues, statement questions, Etc. A quality processing partner will have a plan and contact information, such as direct phone numbers, in place to be reached for all the issues you may run into. Your merchant services provider is also likely backed by a larger back-end processor like First Data. Make certain you understand the depth and breadth of the security measures in place to protect the card data you transmit when accepting ‘plastic’ as a form of payment within your business. Liability for fraudulent transactions is major concern amongst the players in the payments ecosystem, including card issuers, processing platforms, business owners and cardholders. Choosing the wrong merchant services provider and/or processing technology, could put you squarely in the “crosshairs” of the potential liability relating to card acceptance.

Payment processing is a highly regulated industry so your processor should be clear about what your PCI DSS compliance responsibilities are as a merchant. They should also actively help you stay current with any and all compliance requirements in an effort to avoid any unnecessary monthly fees often assessed for non-compliance. Learn more about PCI DSS on our FAQs.

Lastly, pick a processor who tells you up front who their staff is and what their roles are – and make sure you like them. Great customer service is a cornerstone of our business here at Singular Payments which is why we put our names, faces and roles up on our website. Most processors hide behind cubicle walls and never talk about who is really running the day-to-day operations of the business – handling your inquiries and addressing your needs. Consider who you’re dealing with on the other end of the phone or by email during your setup and contract negotiations before signing on the dotted line.

At the end of the day your payment processor is your silent business partner. We are here for you every day ensuring you can accept payments with ease and making sure you have access to your cash when you need and expect it, without issue! This critical piece of your business should not be left to chance or the latest ‘best sounding deal’ out there. Do your research, make sure you are doing a true “apples to apples” comparison and then decide. And if you have questions – give us a ring at 877-829-7255 or submit the Contact Us form! We’d love to help answer them. Advice is always FREE at Singular Payments because we know how expensive a mistake can be if you select the wrong merchant services provider.