In the world of business, attention to detail can be the difference between success and failure. While many factors contribute to a company's growth, one critical consideration is often overlooked - selecting the right payment processor. The decision of which payment processor to choose can make or break your business and save you from potential headaches down the road.
When people think of payment processors, they often focus on processing fees and transaction times. However, the selection process goes far beyond these basic considerations. Picking the right payment processor means unlocking growth possibilities and finding a good fit that offers flexibility and access to experts throughout your journey. Payments can be complex, so having the right people by your side is crucial.
In this article, we will break down the key questions that are often overlooked when interviewing potential payment processors. By keeping these considerations in mind, you can make an informed decision and find a payment processor that aligns with your business goals.
#1 - Can you get everything you need in one place?
Sustainable growth for any company involves minimizing the need to outsource operations. When choosing a payment processor, it is essential to understand how they operate. Are they a direct processor, or do they outsource processes to third parties?
While many processors claim to offer a full range of services, the reality is that they may be built upon external platforms. This can limit your company's payment capabilities, especially if the processor is tied down to a single bank. Additionally, consider the payment processor's competencies. Some processors excel at card processing but may lack expertise in real-time payments or other features that enhance the customer experience. Integrating with multiple payment processors, banks, and servicing providers can become a complicated process.
At Vertias, we have built a direct, all-in-one payments platform from the ground up. Our platform operates with multiple banks, providing clients with increased flexibility and access to a wide range of payment capabilities. By offering an all-in-one solution, we enable businesses to streamline their operations and reduce overhead costs.
#2 - Is your platform geared for the modern economy?
Many processors fail to address the complexities of the evolving digital economy. While they may offer payment application programming interfaces (APIs) and innovative features, their systems are often built on legacy core platforms that simply repackage traditional processes.
One significant development in the new economy is the shift from hardware-based to cloud-based systems. Cloud-based payments infrastructure offers heightened security and enhances the infrastructure of payment technologies. However, not all payment processors claiming to be cloud-based truly are. It is crucial to inquire about a potential payment processor's infrastructure to ensure they have the necessary capabilities to support your business.
Vertias is proud to be the world's first 100% cloud-based issuing processor in the payments industry. Our platform is easy to integrate into any business, providing scalability, portability, reliability, and security. With our innovative technology, we empower businesses to accept payments anytime, anywhere, and adapt to the changing landscape of the digital economy.
#3 - How flexible can your payment process be?
Efficient scalability is a top priority for any business. When selecting a payment processor, consider whether they can accommodate your business's growth and provide the flexibility you need. Choosing a processor solely based on speed to market can be short-sighted. Instead, focus on whether the platform can support your business as it navigates rapid growth.
Payment processing involves more than just transferring money. It requires comprehensive backend processes that can impact your business's success. Look for payment processors that offer increased agility and real-time access to necessary data. The ability to integrate new offerings for customers and streamline internal processes, such as payroll, is crucial in a rapidly evolving digital world.
Additionally, consider the downtime risk and computing power provided by your payment processor. The right processor should help you mitigate system downtime risks and provide the necessary computing power to handle increased sales. Flexible account structures are also essential for businesses looking to solidify their role in the future economy.
At Vertias, we understand the importance of increased agility and performance. Our robust payment processing platform ensures minimal downtime risk and allows for easy integration of new features. With our flexible account structures, we provide tailored solutions that support your business's growth and enable sustainable development.
#4 - What is the support service like?
In any business, being prepared to navigate service interruptions is crucial. When it comes to payments, processors must provide easily accessible assistance. It's not a matter of if something goes wrong; it's a matter of when and how quickly it is addressed. As a business owner, you need to have peace of mind, knowing that your payment processor will provide immediate support when problems arise.
When evaluating a payment processor, consider the ease of communication with their development and implementation teams. Smooth communication channels are essential for resolving issues promptly. Additionally, assess the caliber of support you will receive. Will you be dealing with payments experts or junior-level support specialists? Opting for a payment processor with experienced professionals can make a significant difference in finding feasible solutions when challenges arise.
Vertias was built by experts in the payments industry who understand the shortcomings of the existing market. We strive to provide businesses with a feasible and calculated way to facilitate payments. With an entirely cloud-based infrastructure, we mitigate system downtime and enhance operational performance. Our team of payments experts ensures that your business receives the support it needs, allowing you to focus on growth and success.
Conclusion
Choosing the right payment processor is a crucial decision that can significantly impact your business's growth and success. Beyond processing fees and transaction times, consider whether a payment processor offers everything you need in one place, supports the modern economy, provides flexibility, and offers excellent support services.
At Vertias, we are committed to empowering businesses with our comprehensive payments platform. Our direct, all-in-one solution enables businesses to unlock growth possibilities, adapt to the evolving digital economy, scale efficiently, and receive the support they need. With our industry expertise and innovative technology, we strive to be your trusted partner in payment processing.
Let Vertias help you navigate the complex world of payments. Contact our team of experts today to discuss how we can support your business's journey to success.
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