For businesses that want to establish a strong online presence and maximize the customer experience, the right payment processor is arguably the most basic essentials necessary. But there are so many options for payment solution platforms that it can be something of a daunting task to choose the best one. While each option is performing the same end function – allowing for online payment capability – they all perform a little differently and have benefits and features that are slightly different from one another.

Unfortunately many business owners become so overwhelmed by the variety of options and solutions for online payment processors that they end up making what have become some very common pitfalls in choosing one. 

1. ‘Lowest Rate’ and ‘Lowest Overall Cost’ Are Not Synonymous 

   There are essentially two classes of rates that are used – qualified and non-qualified. Qualified rates are generally the lowest available but fewer cards offer them and non-qualified rates are higher but apply to cards that offer customers perks like cash-back bonuses and airline miles.

2. Not Having Quick Access to Funds 

   Few things frustrate business owners more than an inability to quickly access the money their business earns from online sales. Some vendors put a hold on merchant accounts for several days or even weeks to investigate suspected fraud. Whether actual fraud has occurred or not, merchants still need access to their money and can’t afford to wait for vendors to investigate. Find a payment processing vendor that allows fast access to your money earned regardless of the circumstances.

3. Limited Payment Options

   Customers gravitate toward businesses that offer options, particularly when it comes to payment. Online shopping cart abandonment rates go through the roof when merchants don’t offer sufficient payment options so it is in the best interest of the business owner to offer options besides just credit cards.

4. Lack of Fraud Protection

   Internet fraud is rampant in this day and age and it behooves every business owner to pull out all the stops when it comes to protecting his business from credit card fraud. Online payment fraud comes in myriad forms but the bottom line for merchants is to find a payment processing vendor that has preventative measures in place and that will work with you to resolve the issue should a savvy fraudster slip through any cracks.

5. Insufficient Data Protection

   Protecting the financial information of your customers is paramount in maintaining a solid customer base. Payment processing vendors that offer security and other services designed to combat data mining fraudsters are worth their weight in gold to a business owner and to his customers so exercise due diligence in finding one.

6. Being Compliant with PCI Standards 

   Every vendor in the United States needs to be in compliance with the payments industry standards established by the Payment Card Industry Data Security Standard (PCI DSS). Some payment processors have a strong reputation for keeping customer information secure, other not so much. Find one of the former in order to stay compliant with the PCI requirements.

7. Failure to Investigate Processor Setup and Quality of Merchant Support 

   The best payment processor loses its luster significantly when a merchant has trouble setting it up or cannot get good service from the vendor. Finding a vendor that offers assistance in processor setup and provides quality, 24-hour tech support is critical since online businesses never close.

Companies looking to avoid the pitfalls mentioned here may think that it is all but impossible to find a reputable payment processor which will deal honestly with them. But nothing could be further from the truth. Servistree is the answer for all your payment processing needs. Contact us today at 866-944-3244, or visit our website at Servistree.com, to see what we can do for you!