Payment Processing: How to Choose the Right Platform for Your Business

Dec 14, 2022

Choosing the right payment processing platform for your business can be tricky. There are many options available, and each one has its own set of benefits and drawbacks. We are here to help in the decision-making process, not only on the platform or provider to choose, but also on what features and products should be included in your services. 

When selecting a payment processing platform, it is important to consider the cost and fees associated with the service. Processing fees can be expensive depending on the size of your business and sales volume, so it’s important to review the different processing rate structures to make sure you are getting the best deal for your company. If you are having trouble understanding exactly what your costs for processing payments would be with any given provider, and they are not helping you understand as clearly as possible, that is a red-flag indicator you may be dealing with the wrong potential partner. 

It is also important to consider the types of payments that are accepted by the platform. Different services accept different forms of payment, such as credit cards, debit cards, e-checks/ACH, digital wallets, and more. Make sure that your chosen platform supports the types of payments that you need for your business. At Payscout, we’ve got you covered with all different payment methods, and we can guide you on what options are best for your specific consumer segment. 

One of the most important factors to consider when selecting a payment processor is the banks they are accredited and partnered with. Finding the right payment processing software is one thing; making sure it aligns with your business risk and needs is another battle. If you can’t find a bank who will approve doing business with you, the right ISO or Agent Office can guide you to find one that will. 

Note: Payscout and its affiliate banks are unable to accept all industries and verticals for payment processing but can give guidance to assist you in finding a bank who can. 

Once you have narrowed down your options based on cost, fees, and accepted payment types, it’s time to start looking at the features offered by each platform. Some services offer value-added features like fee-free processing (cash discountconvenience fees, and service fees), card account updater for recurring billing, and next-day funding. Others, like Payscout, have these solutions built in. Others may offer additional services such as invoicing, reporting and analytics, and again, Payscout has those built in. Many payment processing companies will try to add them on for additional fees, but the key is to find a company that includes it. All-inclusive is ideal for resorts — and payment processing, too. 

Finally, when selecting a payment processing platform you should ensure that the  service has a good track record, is backed by a reputable company, and respected by banking and lending partners. Most of all, your platform should be fully compliant and up to date with the latest security features. When it comes to payment processing, Payscout stands out from the rest. Payscout offers competitive pricing with minimal fees, and our proprietary Paywire platform is backed by a secure network and top-of-the-line technology. Additionally, we provide customer support around the clock, so you can rest assured that your business will be supported no matter what time of day or night. 

We aren’t saying that Payscout is the right payment processing partner for everyone, because we are not right for every business. What you need to do is research potential payment partners and do plenty of due diligence, so that when you do make your decision, you go with the right partner the first time. With Payscout’s competitive pricing, reliable services, secure network and all-in-one platform, it’s the perfect option for medium-sized and enterprise businesses looking for a reliable payment processing partner. 

So, if you are in the market for a payment processing partner, we invite you to learn more about Payscout today! Contact us if you have questions or would like a FREE CONSULTATION.  We look forward to working with you!

Let’s get your payment processing on the right track.

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