Choosing the best payment solution provider (PSP) for your business is just as important as selecting a business partner or a funding option. More than just a vendor in charge of accepting electronic payments on your behalf, your signature on those dotted entrusts a payment solution provide with the power to take financial decisions that will affect your business growth and performance.
Believe me, with the ‘teeming population’ of payment service providers within and outside the country, it is okay to get a little bit overwhelmed and uncertain about selecting ‘the best’. However, as you shuffle through the sweet offers dangling right in front of you, keep the following features in mind:
A custom-made solution with a suitable cost structure
Your business might not be the first of its kind in the market but there are distinct features and certain peculiarities that demand you opting for a customized payment solution which fits right into your budget. It is just not cost effective to pay for a 1000 weekly transaction ‘package’ where as your business does less than 500 transaction weekly and while thrive better on a 48-hours settlement.
Secured payment transactions
Most times, managing your daily business activities leaves you with little or no time to worry about securing the personal and financial details of each customer. Relief yourself of this burden by choosing a payment service provider that with an excellent track record of facilitating secured payment transactions.
Swift and efficient customer service support
You’ll do well to anticipate days when:
- ‘unsecured’ payments will be transferred to ‘another’ account pending verification
- Customers will get ‘mega’ upset because their payment confirmation is taking just too long.
On days like these, you’ll be needing the ‘excellent, swift, and efficient’ customer support service of your PSP. So, before choosing that PSP, ensure that it runs a 24-hour customer support service which is easily accessible via multiple platforms.
As you go about hunting for the ‘best’ payment service provider, don’t forget to also consult with business owners. Remember, never judge a brochure by its looks or a service by its description!
Have a profitable day!
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