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4 questions to ask when choosing a card payments provider

The popularity of card and contactless payments continued to grow in 2022*. Customers now expect businesses to have in-person payment options that offer alternatives to cash transactions.

Business owners and managers are seeing the benefits too. The general increase in cashless payments has made running their business easier. Accepting card payments is more secure / safer than having to handle cash, administrative tasks are made simpler and transactions are completed more quickly.

While the advantages for businesses taking card payments are clear, it can be difficult to choose a merchant services provider that best suits your business.

We’ve detail 4 key questions you should consider if you’re new to cards or changing provider.

What card payment solution best suits my business needs?

Your profession and business environment dictates the right type of card terminal for you. Whatever business you run, there is a card terminal option to compliment your business’ setting. Be sure to check with the merchant provider that the card terminal they offer matches your business needs.

All the best card terminals are supported by full encryption of your POS card payment terminals with continuous enhancement of security technologies, and are fully compliant with PCI (a set of minimum security requirements to help handle payment information securely). This is something you should check that comes as standard.

It’s important to also ensure that the card terminal can accept all major cards including Visa, Mastercard, American Express, UPI, JCB & Discover Global Network cards and are compliant with their scheme rules, as well as being compatible for contactless and digital wallet transactions with Google Pay and Apple Pay. This opens up your business to a world of opportunity. By giving your customers additional payment options, you boost your bottom line and credibility.

What will I be charged for?

It’s important to understand the terms and conditions attached to the agreement you enter with a payment provider and seek clarification on the how they charge based on your transactions.

While BOIPA prides itself on its transparent pricing and no hidden fees approach, other providers may include additional costs on top of the fee for your card terminal and monthly transactions like PCI. Look out for joining and authentication fees, as well as a potential minimal monthly fee added to the initial price.

For new businesses or businesses new to accepting cards and unsure of what the value of their monthly card transactions will be, it can be costly to commit to inflexible contract terms that does not evolve as your business grows. Flat, pay per transaction percentage rates offered by some providers can become expensive as the volume of your card transactions increases over time. Partnering with a provider that will adapt to your business needs is crucial.

BOIPA’s Ready Made bundle option offers this flexibility to change your plan as your business grows.

BOIPA Ready Made Bundles

Does the card payments provider guarantee next day settlement?

You should ask how long it takes for your card transactions to be processed and lodged into your bank account. In some cases, this could take over 3 working days. Merchants cited cash flow and finance  as a concern for businesses in our surveys. So, having a provider who, like BOIPA, guarantees next day settlement regardless of who your bank account is with, ensures stable cash flow for your business.

What customer support do they offer?

The level of service, support, and maintenance can vary depending on your merchant services provider. BOIPA offers in-person installation and maintenance support from an experienced field engineer as well as responsive customer support. However, not all providers offer this as standard. It’s important to query, if you need assistance, what a potential provider can offer your business as in-life support.

A provider offering 24/7 support can be crucial in ensuring you can concentrate on what you do best.

With customers now expect all businesses to accept card or contactless payments, card terminals have become part of the furniture. While they offer better customer experiences, the same should be true for merchants. Asking these questions before entering an agreement with a merchant services provider will help you avoid any unnecessary surprises.

Check out how businesses are benefitting from accepting card and debit cards here.

Ready to start or switch? Put these questions to the test with our Sales Team today.

*BPFI Payments Tracker