When choosing the credit and debit card processor, the business has to decide whether to set up a merchant account with their bank or to contract third party Credit Card processors like PayPal to process the payments. However, it is essential that anyone seeking the services of these third-party processors should choose whom to contract based on the processor’s processing fee, transaction fees, startup fees(if any), their efficiency and their general reputation in processing payments. You also need to assess the support system used by the company. With the current competition for customers in the market, no business can afford to contract a processor that frustrates customers, thus giving them negative customer experience.
Unlike in the past, the modern Credit Card Processors works under the guideline of Saas (Software as a service). This move is vital as it helps them work in the today’s environment characterized by numerous regulatory requirements from the authorities. With Saas, the credit processor offers a single electronic portal (which is also compliant of the regulatory requirements) to facilitate the merchant’s scan checks and process both the one-time payments and recurrent payments with no obligation for the merchant to store card information on their site. With this standard, it makes it safe to transact using a credit card without having to worry about someone storing your private information on the merchants’ site. With Saas, the responsibility of managing a client’s subsequent payment is made easy; the Saas processor only passes a token to the merchant to authorize the transaction. Through saas, sensitive and private information are kept out of reach of the merchant’s system to avoid a data breach, through end to end encryption.
If one chooses to go for the merchant account with their bank to be able to process credit card payments, it is essential that they ensure they have the necessary technical support needed to avoid frustrating their customers and partners. However, if they choose otherwise, then there are numerous options available to them. Currently, the market is full of credible credit card processors (vendors) that make the work of offering this service quite fast. Some of the leading credit card or payment processors account vendors include Paypal, Due, Verisign, CyberSource, and Authorize.Net.