Review Your Payment Processing Services This New Year

It’s a brand new year, meaning it’s the perfect time for your business to do a review of your current payment processing services. By taking a closer look at your credit card processing company, your agreement with them, and how your business is operating, you’ll be able to determine whether or not the services you currently have are the right fit.

A deep dive into your business’ payment processing services this new year can help you uncover services you are lacking or don’t need at all, meaning you might even be able to save some money or better protect you and your customers with enhanced security features.

Here are just a sampling of the questions you should ask yourself and your credit card processor in order to make sure you’re seeing value from your payment processing services:

How has my business changed?

Consider some of the ways your business may have changed over the past year. Have you seen a trend towards a different type of transaction, such as a steep increase in credit card payments? Or, have you seen a change in your average transaction amount or sales volume? These fluctuations in volume and the types of transactions your business processes might help you qualify for lower rates.

Your business may have also expanded into the online space, and now requires additional payment processing services that provide your customers with new payment options. Talk to your merchant services provider about these changes and see if they can offer a more suitable solution for your needs.

Is my payment processing solution optimized?

In some cases, simple changes are all that are required to make a big difference in how you pay for your credit card processing fees. From ensuring transactions are batched and settled within the correct timelines, to doing a check up on your POS software and terminals to make sure they are encoding transactions properly can have a large impact on your payment processing solution overall.

Is your payment processor offering the latest credit card machines?

Now is the ideal time to make sure your payment processing services agreement includes the use of the most up-to-date and secure credit card machines. Your credit card processing provider should offer chip and pin-enabled terminals that help protect your business and its customers. The latest models feature built-in fraud protection, provided by the use of EMV cards. Also ask about some of the up-and-coming payment technologies, such as Apple Pay, Samsung Pay and Near Field Communication (NFC).

For more tips on choosing the right payment processing services and the best merchant services provider for your needs, take a look at the following resources to help you make the right decision:

Tips to Compare Merchant Services Providers

5 Reasons to Upgrade Your Payment Processing System

Still have questions? The team at MALAQY is here to make sure your business can achieve its New Year’s resolutions when it comes to payment processing. Contact us today for more information on choosing the ideal payment processing services for your business.

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