Business owners have enough hassles to contend with daily but getting paid should not be one of them. When it comes to setting up a payment gateway provider and merchant account, it can feel a lot like being lost in the wilderness. This service is vital for both brick and mortar stores, e-commerce, professional services, or contractors and service people. You must go to this bank for this, that company for that, technical support might be with another company or nonexistent altogether. You would think that payment gateway providers would want to take your money and have your goodwill and word-of-mouth. Too often that’s not the case, and your business is stuck with an inflexible service that refuses to adapt.
What Services Do They Offer?
Conventional wisdom asserts that we are moving towards a cashless society. There are more ways to pay without actual paper in your pocket or even plastic. The first criteria when choosing payment gateway providers is to see what forms of payment they accept. Credit cards, debit cards, and EBT cards are no longer the whole enchilada. When choosing your payment gateway, look for services that take some or all of the following types of payment, according to your business needs:
- Mobile wallet services are contactless payment methods such as Apple Pay, Google Wallet, PayPal, and even cryptocurrency. Some banks also offer mobile wallet services attached to a checking account. The customer simply touches their phone to your payment hardware, and the payment is processed
- E-checks are electronic payments that are drawn from the purchaser’s account, just the same as they would be with a paper check. The money may not be received to your account for the same amount of time it would take to process a paper check
Picking Your Best Bet
One of your best bets for choosing payment gateway providers is to be proactive. Get out there and look at websites, read reviews, and check Better Business Bureau rating. Ask other business owners if they are happy with their current provider, or if they are thinking of switching. Only work with a payment gateway company that will work with you, that values your business, your goodwill, and the word-of-mouth that you will give to them.
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