The role of payment processors at a point of sale is crucial. It allows vendors to process transactions via various channels, i.e. credit or debit cards.
The performance of a payment processor links directly to the sales. The more effective the payment processor, the greater the sales will be.
Still, many businesses need to catch up in the performance of payment processors. There can be many reasons for the underperformance of payment processors. However, when picking out credit card machines, little or no technical knowledge of merchants costs them too much.
Also Read: 4 Best POS System For Retail Business
If you, as a merchant, lie in the same category having limited knowledge when choosing a payment processor. Then you need to read this blog post to get quick updates regarding payment processors.
1. PCI DSS Compliance
The first thing to look for in a payment processor is its pci dss compliance. If a payment processor is PCI DSS compliant, it’s good to go. If not, then it should be updated accordingly. The PCI DSS compliance ensures the payment processors are 3D secure, protect customers’ data, don’t allow a security breach and offer transparency in data transfer.
However, the databases of some payment processors are owned by service providers. Still being PCI DSS compliant guarantees, the data is safe and will remain intact.
2. Various Types Of Transactions
Technology is evolving fast, and so are the ways of doing business. There are multiple ways to process a transaction today, unlike a decade or a few years ago. Therefore the payment processors which process every type of transaction should be the priority of merchants.
A payment processor giving the freedom of credit card processing, in person, keyed, online, in voiced and mobile-entry transactions is a perfect fit for modern-day business requirements.
3. Transparent Pricing
Pricing justifies the value of a product. It is justifiable if a product is high-priced and offers something valuable or a quality service instead of a high-priced product offering nothing valuable. Similarly, the payment processors having transparent pricing ensures the service providers are offering quality to the merchantn in return.
Also, transparent pricing allows merchants and retailers to compare the prices with other service providers, which creates a sense of satisfaction.
Therefore business owners should mind that when choosing a payment processor, ensure the service provider has transparent pricing. All the prices are listed on the website, and there are no hidden charges.
4. Cost-effective
Every payment processor charges a set of fees from the merchants on each transaction. However, the set of fees includes an assessment fee, interchange fee and payment processor fee. The interchange and assessment fees are non-negotiable, but the payment processor fees are negotiable.
Therefore merchants should opt for payment processors with a nominal processing fee or a service provider open to negotiations.
5. Responsive Customer Support
The payment processors are, however, present at the point of sale. Still, the vendors can access and control them. Most payment processors are third-party services. Therefore, there is always a need for a communication channel between the merchant and vendor.
Suppose the 3d secure authentication failed or there is another issue with the processor. Customer support guides merchants about the solution. Similarly, if merchants require credit resource solutions login, or there is an administrative glitch or complex issues. The service provider sends their technical brains to troubleshoot the problems.
Also Read: Is Your POS Service Good Enough To Attract More Customers?
Responsive customer support from the vendor side is always necessary. Therefore mechents should always prioritize the service providers with responsive, practical and widely available customer support.
6. Card Readers and Apps
The payment processors having applications to read the card information is a must to have. Different customers demand different types of payment authorizations.
A compatible payment processor should be able to process magnetic stripe cards, EMV Chip cards, contactless payments and mobile-authorized payments, i.e. G-Pay developed by google pay developers and apple pay.
Therefore the merchants should ask for this feature in a payment processor before buying it.
The updaters have been updating the operating system of payment processors more often. Therefore incoming new features are expected to be more common. In this regard, merchants need clarification while picking payment processors.
Suppose you, as a merchant, also need explicit clarification about which payment processor to pick or which service provider to consult. In that case, we can make your task easy by mentioning MBE POS.
MBE POS
MBE POS helps businesses, especially small and mid-sized businesses. The main objective of MBE POS has been to empower businesses with the latest technology. To make the sale and purchase process convenient, time savvy and secure.
MBE POS helps businesses to upgrade their point-of-sale systems in general. It provides businesses with an effective point of sale which acts as a functional service window.
Whether a business wants a payment gateway, payment processor, integrated payment solution, ATM or anything related to POS, MBE POS caters to all point-of-sale needs.
Apart from this, the POS system provided by MBE POS is 3D secure and PCI DSS compliant. Data transfer is thoroughly monitored and stored in protected databases, and access to data is limited to only selective personnel.
Lastly, the customer support of the MBE POS is available throughout the day to resolve the issues of customers. Customer support of MBE is helpful, whether its gateway rejected avs, administrative access issues, KYC verification or anything else.
Conclusion
The use of payment processors at the point of sale adds so much convenience for both merchants and customers. Therefore investing in payment processors is a smart move as a merchant. However, choosing a payment processor can be challenging because of less technical knowledge and constantly updating features.
Suppose you are also struggling to pick an effective and smart payment processor. But need to figure out what point to consider before getting one. This blog post will help you plenty.