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What to Look for in a Payment Service Provider
E-commerce merchants are motivated, hungry, at times impatient, demanding and full of questions. We get it. We at Instabill deal with merchants minute by minute throughout the day and we want nothing more than to get their businesses up and running – so they stay running. Our sales team staffers are sometimes asked to trade hats; to ask themselves, ‘If I was building a startup company, what would I look for in a payment service provider?’ When we were looking at the curriculum for the 2015 CNP Expo, one seminar stood out: It was entitled, Should I Go With a PSP? The seminar was moderated by Morgan Andres, Esq., the general counsel for Propel Payments Advocates while Eric Benayoun (Vice President of Product, PayItSimple), Gregory Leos (North American GM of Global Collect) and Marlen Prato (Director of E-Commerce Solution, First Data) – all pros of the payments industry – served as panelists.
8 Things Payment Service Providers Should OfferThere are a host of factors into finding the best payment service provider, but we often find one of the first questions we receive is regarding our fees, mainly our fee for each transaction. Fees alone have perhaps a dozen different factors, but a good payment service provider will explain each to you. Some other important things to consider include:
- Credit Card Brands: Offering Visa, MasterCard, American Express are a must, but China UnionPay, JCB and Discover are key as well.
- CB Management and Education: To merchants, chargebacks are the root of all evil. Choose a provider that works alongside you educates and fights to mitigate your chargebacks.
- Customer Support: Will your payment service provider be reachable at a moment’s notice? Better yet, will you work with the same representative familiar to your merchant account?
- A Variety of Banking Options: Different banks specialize in different industry types. Align with a bank – whether domestic or international – that knows your industry.
- Currencies Recognized: E-Commerce means worldwide. Matching up with a provider that recognizes the most popular currencies – Euro, Great Britain pound, Indian rupee and Chinese yuan and Japanese yen – is strongly advised. Presenting in local currency is very important to consumers and is often a deal breaker.
- Fraud Protection Measures: If you’ve read the news over the last 18 months, you understand the importance of cybersecurity. Make certain your provider facilitates 3D Secure, the best defense against card-not-present fraud.
- PCI Compliance: If the payment service provider is not PCI compliant, walk away and don’t look back.
- Company Registrations: Your online business is a huge success and now you want to plant roots in another country. Can your provider arrange this for you?
Instabill Knows Merchants and ConsumersWhen prospective entrepreneurs contact Instabill to open a merchant account, we do it one-on-one over the phone over a series of questions enabling us to get a feel for your business and which banking solution is the most suitable. More, Instabill merchant account managers serve as consultants for the life of the merchant account. Click the live chat option below to get started.
The backbone of ECS World is our PCI compliant payment gateway. Accept credit cards online, over the phone, or via mail order with our simple and easy-to-use payment processing solution. No hidden fees and no volume caps. Learn more today.
ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!