How to Determine the Right Credit Card Processing Solution for Your Business

Finding the best business payment solution for your company helps it scale and grow. Learn how to find a business payment system that works for your needs.

Finding the right business payment solution for your company’s specific needs has to be a top priority.

It all starts with having the tools and technology in place to reliably and securely accept payments from your customers. Top payment services for businesses make it easy for customers to complete a transaction. Whether it’s in person or online, using a credit card or mobile payments app, these solutions encourage sales through a positive customer experience.

However, there’s more to consider when it comes to the very best business payment solutions. Your company needs a solution that already integrates into your existing software — a solution capable of accepting all ways in which your customers would like to pay. 

You must also take payment processing rates into account. The cost of accepting payments should never be a burden. A merchant services fee expert can negotiate to eliminate most fees associated with accepting payments.

Finding the best possible payment solution can be a complex and highly involved process. It can easily take several months from initial research to finalizing setup, depending on business size.

Swipesum supports your business with provider-agnostic consultants with deep industry knowledge and experience. We use our resources to deliver in-depth research and the best possible solution. When you partner with us, you can count on a customized payment consulting approach that puts your needs first, from integrations to competitive rates.

Business Payment Solutions: Where to Start

In the big picture, there are 5 steps to finding the very best business payment processing solutions:

  1. Discover the payment processing solutions that integrated into your existing business softwares
  2. Negotiate rates, fees, and the agreement
  3. Implement the solution into existing software. Technical integrations might be necessary
  4. Plan for how you will support monthly statement audits and customer support
  5. Start accepting payments

Rates and fees are a crucial consideration when it comes to payment processing. Credit card processing fees range from roughly 1.5-3.5% of each transaction, Reuters reports. Paying more than you need to is clearly not a good business decision.

That said, we think it’s more important to start with finding the best and most relevant enterprise business payment solutions — or payment solutions for small businesses, depending on the size of your company. Then, you can focus on rates and fees.

In our experience as independent payment consultants, we’ve found rates are more flexible than the features and functionality needed to support a successful payments ecosystem. Service providers can and will make adjustments.

While not all fees and rates are negotiable, many are. There are many options to potentially cut down on fees. They range from negotiations to following best practices for processing payments.

The features and functionality of payment solutions tend to be less flexible. If a provider doesn’t offer strong support for point-of-sale transactions and your business relies on them, there’s no fast and easy fix. You often can’t negotiate for more relevant or complete service in the same way you can for better rates.

Don’t Fall Into the Price-First Dissatisfaction Cycle

The other major issue with focusing on costs first is the overall quality of the solution your business selects, purchases, and implements. That can leave you dissatisfied and eventually lead to another search for a provider.

If that next search also centers only on cost, it’s all too easy to fall into a cycle of perpetual dissatisfaction. By focusing on the overall suitability of a payments solution, your company is in a better position to realize these benefits the first time around:

  • Highly positive customer experience
  • Increased revenues
  • Offering new and convenient payment options
  • Straightforward and effective integration with existing and new software
A customer makes an online payment on a computer using a credit card.

How to Determine Your Business Payment Needs

A survey of your current software and the types of payment regularly used by your customers is the first step to finding the most relevant provider. Which parts of your software suite need credit card processing integrations?

The needs of a digital-only retailer will differ significantly from those of a multi-location business driven by brick-and-mortar sales, or a company that has strong online and in-person sales. Do you only need a solution to support online payments for small businesses, or is a more robust approach required?

Some key questions to ask during this process include:

  • Does your CRM have an invoicing feature? If so, will that provide a good customer experience? 
  • Do you have a point of sale to integrate? 
  • What about eCommerce or website payments? 
  • Do you need hardware for your physical locations? 
  • Do all of your locations have the same software setup? Or is each location somewhat different from the next?

When you find a consistent payment gateway or merchant services provider that integrates into all necessary software, you’ve found a business payment solution that’s definitely worth investigating further. And, with more than 5,000 available options for credit card processing solutions, as listed by Visa, there’s probably one out there that can create an omnichannel payments experience.

Bigger can Mean Better With Business Payment Solutions

It’s always important to do your research when it comes to business payment solutions, or to have an independent payment consultant evaluate your options. 

That said, your best rates and solutions will often come from the largest acquirers. Examples include:

  • Fiserv
  • FIS
  • Elavon
  • Chase Paymentech
  • Global Payments

Don’t pass these industry leaders over during your research only because of their size and reach. There are good reasons why so many businesses choose to work with them.

Guidance for Businesses Using SaaS

If your business uses SaaS-integrated solutions, your SaaS provider may steer you toward a certain solution. In some cases, that’s because that merchant services provider offers competitive fees, and its capabilities strongly align with the software. In other instances, it’s because the SaaS company receives a commission.

Don’t discount the suggestions of your SaaS provider. However, be sure the payment solution actually makes sense for your business before moving forward.

We Help You Find the Best Possible Business Payment Solution

Researching potential solutions, negotiating rates, and setting up the necessary hardware and software is a months-long project. We normally see timelines of about three months for small businesses. For a midsize business, switching merchant services providers can easily take nine months or more.

At Swipesum, we help all types of businesses find the best payment solutions — and we complete the process in about a week. We’ll be there to provide relevant and effective suggestions, negotiate rates, help with setup, and optimize your payment solutions going forward.

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