• 1164 Vickery Lane, Suite 200, Cordova, TN-38016
Contact Us

Month: November 2016

PAYMENT PROCESSOR RED FLAGS

Posted on by tushar

When you run a business, there’s lots of things to keep track of. Payments are close to the top of the list! It’s important to have a payment ally you can trust. Your payment processor is an important member of your team, and you can’t have success without it. The issue is, there are so many companies to choose from. Finding a company that will give you what you need, allow you to grow, and put your interests first can be a formidable challenge. The good news is, there are distinct signs of processing companies that are only looking out for themselves.

In our last blog, we pointed out a few red flags, including short service agreements, low volume penalties, cancellation fees, and flat transactions. In today’s blog, we want to point out a few more signs of processors that may not be the best choice for your operation.

YOU HAVE TO PAY RENTAL FEES FOR EQUIPMENT

If you rent equipment, you’ll likely end up paying more for it in the long run than you would just purchasing it yourself. When you buy your own equipment, you won’t be limited by your processor’s choice of equipment. You will be free to find the exact equipment that will work best for your company and your budget.

THE COMPANY WON’T DISCLOSE THEIR INTERCHANGE MANAGEMENT PROGRAM

If they won’t share this information with you or try to get by without offering to share, pick a different company. If they do share their program, it’s generally fair for you to be paying a firm interchange fee plus a service charge that consists of a constant market up. If you have questions about interchange management, we will write about it in future blogs!

THEY CHARGE “BUSINESS POINTS”

Processors that charge “business points” for interchange or transactions that have been downgrade are stealing from their clients. Don’t bother using a processor like this.

THE COMPANY WON’T SHARE THEIR DISCOUNT RATE IN DETAIL WITH YOU

Good processors will be happy to share their discount rates. Generally, it should be around 0.02 to 0,07 percent. If your business processes less than 100k a year, the discount rate can be as high as 0.1 percent.

Make sure that your business has an ally that will cover its six. When you have merchant payment services you can trust, it’s much easier to take your business to the next level. Let Impact Payment Systems bring you the comprehensive support you need!

SHOULD YOU CHANGE YOUR PAYMENT GATEWAY?

Posted on by tushar

Owning a business in these modern times requires a lot of knowledge, including the best way to accept and process payments. Payments are central to your business’s survival as well as your relationship with your customers, and they must be convenient, dependable, and secure. There are many payment gateways out there, and if you’ve already chosen one, we would ask you to take a minute and read through the following list. Not all payment gateway companies have your best interests in mind, and there are common signs that it’s time for your business to move on.

YOU’RE PAYING EXTRA FOR CERTAIN FEATURES

Keeping customers’ payment information safe is paramount to any business’s success. Services like fraud protection, automated billing, and information vaulting should be included in your standard rate. If you’re working with a provider who charges extra for these services, we recommend you look around for a new option. Give your business every advantage possible!

IT TAKES TWO PAYMENT GATEWAYS TO FILL YOUR COMPANY’S NEEDS

Do you have separate providers for merchant processing and gateway? This might work when you’re small, but if you’re seeing any success, it may be worth consolidating. Not only will you enjoy one point of contact, you’ll leave behind the headaches of keeping track of multiple entities at once. Providers often give great benefits to businesses that use them for both gateways and merchant processing.

YOU CAN’T TO ACCEPT FORMS OF PAYMENT THAT YOUR CUSTOMERS USE

Sometimes it seems the ways to pay for things are endless. From PayPal to bitcoin, there are many different payment forms you may be expected to accept. The good news is, system providers have worked hard to make this easy on you. The key is understanding your customers and how they like to pay. Do they want automated payments? Are they a crowd that prefers Apple Pay? Listen to your customers, and you’ll have no problem identifying the system you need.

YOUR BUSINESS HAS GROWN

It’s absolutely normal for a business to grow out of one business model. It’s a good thing! If your business has grown quickly, there’s a good chance you’re paying too many processing fees. Instead, look into opportunities to get rid of funding reserves. You may even be able to lower your processing fees. We understand that transitions take time and energy, and when you’re running a business, it can seem easier to stay with an old system. Don’t fall into this trap. Stay ahead of the curve with Impact Payment System, and you’ll reap the benefits for years to come.

YOU’RE IN THE GLOBAL MARKET

If you sell internationally, it’s essential to have a payment platform that can scale with your business. The proper service will enable you to handle foreign currencies, boosting your credibility and ability to grow. You may not sell internationally now, but if you want to in the future, it may be worthwhile to find a service that can easily facilitate that expansion.

 

Impact Payment System is proud to provide the best credit card processing and beyond to businesses around the world.

Contact us to learn more today!