Choosing a vendor to trust with your customers is always a tricky situation. And choosing a payments solution just ups the ante, because if your payments solution has a bad day, you don’t get paid. (And your customer might just walk away frustrated, too.)
You also want to work with a company that values you as a business owner – you’re a customer in this scenario, as well. Picking the right payment solution can boost your sales as well as keep you happy as a business owner. Not picking the right payments solution can butt into your bottom line in more ways than one.
Here are a few things to keep an eye on.
The Insider Scoop on What You Want in Your Payment Solution
Money is never far from your mind when choosing a vendor. We get it. So watch out for all those fine print fees when you sign up for a payments solution. Most traditional credit card processors have a grab bag of application fees, monthly fees, annual fees, bank transfer fees and fee fees. (Okay, we made that last one up, but we bet if they could figure out a way to get away with it they would charge a “fee fee.”)
More modern payments solutions like WePay don’t require any of these fees. WePay is free to sign up, and you only pay 2.9% + .30 on credit card payments you receive and $1.00 + .30 on bank payments you receive. That’s it. No more fees.
Let’s say you work in graphic design. Your freelance design business just landed a big contract that you’re super excited about. You just signed up with a cool new payment company that so far has knocked it out of the park. The job with your new client goes well and they send you money.
However, when you go to transfer it into your bank account so you can go out for a milkshake in celebration, you encounter you first hitch with your payment solution. Apparently they have something called a “payment limit” which restricts how much you can transfer at once. If you’d known that, you certainly wouldn’t have picked them.
Payment limits aren’t always a problem, but if you’re ever moving large sums of money, make sure your payment solution allows for big money. If not, you may want to keep looking.
Imagine you’re in the situation above. You’re naturally going to be crazy with worry and irritation. After all, you signed a contract with these people and they’re not cooperating like they should. You want your milkshake, darn it!
So you call up customer service expecting a quick solution to your problem. Instead, though, you’re greeted with a bunch of clowns who have no idea what’s going on. You’ll end up more frustrated than when you called. (And still without a milkshake.)
Problems happen. Be sure your payments company has stellar customer service so you can get them resolved.
Where to Look
So where do you find all this information, anyway? Don’t you usually have to wait until you’re signed with a company to see if they stink or not?
Luckily in the digital age this isn’t true. A simple visit to a company’s website will let you know at least the basics of what they’re about. Transparent payments solutions will publish their fees, customer service philosophy and other vital details right up front.
Also make sure to hit up your friends, both personal and professional. Somebody you know has likely worked with the company you’re considering and can tell you their personal experience with great (and not great) payment solutions.
What payments solution do you use? Why did you choose that one?
About the Author:
This guest post is brought to you by WePay – the easiest way to accept credit cards online.