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Each company that offers payment processing services has a unique set of services and, accordingly, commissions. In order to find a service that meets the needs of the business, it is necessary to find out all the nuances of working with one or another partner.
10 questions to ask a payment processor before signing a contract:
1. Are there separate rates or fees associated with different types of cards?
Payment systems set different prices for transactions involving different types of payment cards (debit, credit, loyalty cards). It is necessary to know exactly the rates of a potential partner for all types of transactions.
2. Does the processor billing for the use of the service or invoicing at the end of the month?
While offering low transaction prices, the processor company does not indicate that low transfer fees apply only to a certain type of card. An entrepreneur who did not take care of obtaining additional information about commissions (paragraph 1) can learn about high fees only at the end of the month, if his partner does not conduct a report on the fact of using the service.
3. How the size of the commission changes depending on how the retailer accepts payment cards (swipes through the terminal, enters data manually, or receives it via the Internet).
4. Is there an additional gateway fee?
Most often, payment processors will charge a separate fee for the payment gateway. So, in addition to the standard 2.9% commission, you need to pay about $ 0.30 for each transaction.
5. Is it possible to get a refund of the payment fee on a refund?
Most payment processors not only do not give refunds for the returned payment, but they may also ask for a fee for the reverse transfer of funds. This means that the retailer loses money every time a consumer returns an item. Before signing a contract, you need to find out how the return process works.
6. What are the terms of the contract and are there penalties for early termination of the contract?
Most processors have a long-term contract of one or two years. Most often, the contract provides for early termination penalties, which complicates the procedure for changing the payment processor.
7. What are the monthly commissions?
In addition to the official subscription fees, processors can set hidden fees, which are best known in advance.
8. Is there a minimum number of payments to be processed per month?
Some processors charge a monthly fee if the entrepreneur makes fewer transactions through the partner's system than agreed.
9. Is there a limit on the volume of transactions?
Many processors limit the number of monthly payments by contract. During the sales season, this condition can negatively affect the business.
10. What kind of support is offered?
You need to find out if the payment processor is ready to provide quality support for urgent issues. At the same time, it is better that communication with clients is not carried out automatically.
10 questions to ask a payment processor before signing a contract:
1. Are there separate rates or fees associated with different types of cards?
Payment systems set different prices for transactions involving different types of payment cards (debit, credit, loyalty cards). It is necessary to know exactly the rates of a potential partner for all types of transactions.
2. Does the processor billing for the use of the service or invoicing at the end of the month?
While offering low transaction prices, the processor company does not indicate that low transfer fees apply only to a certain type of card. An entrepreneur who did not take care of obtaining additional information about commissions (paragraph 1) can learn about high fees only at the end of the month, if his partner does not conduct a report on the fact of using the service.
3. How the size of the commission changes depending on how the retailer accepts payment cards (swipes through the terminal, enters data manually, or receives it via the Internet).
4. Is there an additional gateway fee?
Most often, payment processors will charge a separate fee for the payment gateway. So, in addition to the standard 2.9% commission, you need to pay about $ 0.30 for each transaction.
5. Is it possible to get a refund of the payment fee on a refund?
Most payment processors not only do not give refunds for the returned payment, but they may also ask for a fee for the reverse transfer of funds. This means that the retailer loses money every time a consumer returns an item. Before signing a contract, you need to find out how the return process works.
6. What are the terms of the contract and are there penalties for early termination of the contract?
Most processors have a long-term contract of one or two years. Most often, the contract provides for early termination penalties, which complicates the procedure for changing the payment processor.
7. What are the monthly commissions?
In addition to the official subscription fees, processors can set hidden fees, which are best known in advance.
8. Is there a minimum number of payments to be processed per month?
Some processors charge a monthly fee if the entrepreneur makes fewer transactions through the partner's system than agreed.
9. Is there a limit on the volume of transactions?
Many processors limit the number of monthly payments by contract. During the sales season, this condition can negatively affect the business.
10. What kind of support is offered?
You need to find out if the payment processor is ready to provide quality support for urgent issues. At the same time, it is better that communication with clients is not carried out automatically.
