12 Qualities Of a Great Payment Processor
Are you looking for a new payment processor? Whether you are just starting or are a part of an established business, there are certain traits to look for in a payment processor to ensure that it will match your business requirements and help bring success to your company.
1. Speed
If you need to send money quickly, you want a payment processor who can get the job done fast. If your business is like ours, your clients are always in a hurry. They need their payments to be processed immediately to get on with their lives. You certainly don’t want to wait around for days on end for your money—so make sure the company you choose has a quick turnaround time.
2. Security
Security is another crucial factor when looking for a good payment processor. You want to make sure that your customer’s information is being protected and that no one else has access to it unless they’re authorized by both parties involved in the transaction (you and your customer). This can be achieved through various means, such as encryption or tokenization services offered by some payment processors today!
3. API
Payment APIs are key in creating an easy-to-use interface for you and your customers, especially if you’re working with multiple platforms like e-commerce or POS systems. Make sure your payment processor has an API that’s easy to integrate with other services so you can scale up as necessary without losing sight of what matters most: customer satisfaction!
4. ACH Payments
ACH payments are the safest way to pay someone. If you have a business and looking for a payment processing company, you want to make sure they offer ACH payments. This is the safest and most secure way to transfer money from one account to another—and it’s also the most convenient way for your customers to pay you!
5. Support
You should also look for a company that offers 24/7 support. If something goes wrong with your account, or there’s some kind of issue with a transaction, it’s important that you can get in touch with someone who can help you resolve it quickly and easily—and that doesn’t cost extra money!
6. Easy Integration
A great payment processor should be easy to integrate with your website so that you can get started right away. We’re talking about a few mouse clicks and maybe a line or two of code. You shouldn’t have to spend days or weeks on it—you just want to get back to what you do best: running your business.
7. Scalability
If you’re going to be making thousands of payments per second, you need a payment processor that can handle that level of scale—and if you don’t already have those kinds of numbers, chances are pretty good that your business will be growing fast enough that scalability will become an issue for you soon enough!
8. Processes in Real-Time
You need a payment processor that processes transactions in real time instead of waiting until the end of the day for them all to come through at once. This is important because real-time processing helps prevent fraud and keep things running smoothly for everyone involved—from merchants who want their payments as soon as possible to customers who want their goods shipped quickly!
9. Validates Credentials
The most important trait of a great payment processor is that it validates credentials. That means that your customer must enter the correct information, including credit card number, expiration date, and CVV code (the 3-digit security code on the back of their credit card). If they don’t enter the correct information, their transaction cannot be processed. This protects you from fraud and ensures that your customers are protected from identity theft.
10. Provides a Clear Path for Refunds
If your customers need to return something, make sure your payment processor supports refunds in a way that’s easy for the customer and easy for you!
11. Offers Risk Management Solutions
Your payment processor should offer risk management solutions that allow you to prevent fraudulent purchases and minimize potential losses when they occur, which will save you time and money in the long run!
12. Provides Competitive Pricing
The best payment processors don’t just offer competitive pricing—they offer the most competitive pricing in the industry! This can be a huge asset for businesses that want to grow quickly but don’t have much capital.
Conclusion: A payment processor has many qualities to look for, but these eleven will lead you to the best ones.
Ultimately, it all boils down to your own preferences. If you’re only looking for the most powerful yet affordable payment processors out there, Payment Pilot is the one you should go for.
We’re the payment processor that will make your life easier.
We’ve got our act together, unlike so many other processors out there. We’re the ones that are going to make sure you get paid, on time, and in full—every time.
If you’ve been waiting for the right payment processor to come along, you can stop waiting now. We’re here!
