Running a business of any kind means needing to accept payments in one way or another.  All businesses depend on being able to accept payment for services rendered.  In an increasingly digital market, simply opting out of using a payment processor by having a cash-only business is virtually impossible. It’s estimated that in 2017, less than 23% of all point-of-sale purchases are being made in cash, and that number is rapidly decreasing. As cards become the go-to payment method across the board, having a processor isn’t optional—which means finding the right processor is crucial. A few weeks ago, we discussed security features you need to look for in your search for the right processor. With those features in mind, today we’re going to look at the best ways to save when deciding on a payment processor.

Look beyond the “lowest price.”

Lowest pricing is often the most enticing part of any sales technique. Everyone wants to save money…that’s one of the few universal truths across all industries and businesses. But when it comes to payment processing, lines like “lowest price” can be deceiving. When shopping for a processor, it’s important to look beyond the lowest price line and ask questions like:

• What are your non-qualified rates?
• What are your monthly fees?
• What are your monthly minimums?
• Are there contracts/cancellation fees?

All of these factors can make or break what is actually the lowest pricing option for your business.  It’s also important to keep in mind that savings don’t matter if you end up with a terrible plan.  Ultimately, it’s the best value in what you get for your money that counts. Which brings us to…

Find out what you get for your money.

Cheaper rates are great, but if there’s no support for when something goes wrong or you are unable to look at detailed reports to track your transactions, those savings are ultimately not worth the loss of functionality. This is why it’s crucial to not only find out how much processing is going to cost, but find out what you get for your money.  Is their customer service known for being easily accessible? Do you pay extra for every customer service ticket? With any kind of technology, it’s not a matter of if something goes wrong; it’s a matter of when will it go wrong. This is why customer service is a cornerstone of our business here at Pineapple. We believe in partnerships and we value our clients as partners in business, so their success is our success!

Flat Rates vs. Optimization

When looking at different payment processing options, pricing can seem complicated. Different cards come with different transaction fees and as a result more and more processors have started offering flat-rate pricing. This initially seems like a very appealing option for its simplicity. One rate, no matter what, feels clear, concise, and easy to follow. But a lot of times this means you end up paying more than necessary. For this reason, looking into what you can save with an optimized plan is crucial. At Pineapple, we offer both flat rate and interchange plans to ensure you get the most bang for your buck!

What features are offered?

Another key to saving both hassle and money is finding out if your processor has everything you need now and what you could possibly need with expansion. For example, if you need to accept payments in-store, that’s obviously a high priority when searching for a processor. But what if next year you decide to add online ordering through your webpage? Will your processor be able to do both? At the same time, it’s unnecessary to pay for features you aren’t using at the moment. Simply put, you need a processor that offers flexibility and expansion options for your business today and in the future.

Security

While we took a more in-depth look at payment security a few weeks ago, it bears repeating that security features are perhaps the most vital part of shopping for a processor. Skimping here could cost you big time; without adequate protection from fraud or identity theft you could end up costing yourself, your business, or your customers thousands. Find out what features are offered long before you decide on a processor; your business and your customers will thank you for paying close attention here!

The bottom line?

Be sure to value shop when looking into payment processors. Going for the lowest price isn’t always the answer. You need the best value for your money to ensure your business’s success. Ultimately, you need a processor with flexibility, sweet customer service, and juicy savings…all things we here at Pineapple specialize in! Want to learn about how Pineapple can sweeten up your processing? Click here!