The e-commerce boom is ongoing: Online sales are expected to reach well over $500 billion by 2020, says e-commerce think-tank Internet Retailer. Online businesses and startups sprout like weeds in midsummer, and all of them need payment processing solutions.
But what should an e-commerce entrepreneur look for when searching for the best credit card processors? We offer seven non-negotiable traits.
1. Live, Punctual Support
We know some companies that offer 24-hour support, but employ a call center for non-business hours. Frankly, we don’t see much good in employing glorified message takers. We are consumers as much as we are providers of a service. And we are aware that automated customer support and speaking to bots over the phone is irksome.
Instabill does not offer 24-hour live support, but we do pledge that inquiries we receive after hours will be answered the very next business day.
2. Quick, Simple Sign-Up
An extensive signup form is going to turn prospective merchants away. Therefore, keep it simple, limited to no more than six necessary fields. Anything more than six fields may appear intimidating to prospects. It lends well to our next trait.
3. Free Application
Let’s offer a scenario: You’re a merchant services provider who charges $50 for an application. The merchant gets an approval, but three months later, the bank shuts his merchant account down. Merchant feels slighted, and files a chargeback for his application fee.
Get the message? An application fee is not only a bad way to start a business relationship, it’s an invitation to a chargeback.
4. No Surprises
The best credit card processors are transparent and honest, especially when discussing merchant account fees. Merchants want to know what fees they should expect to be paying and why.
5. The Major Brands (and some minor ones too)
We’re not just talking about MasterCard, Visa and American Express, but also China UnionPay, JCB and other (smaller) brands that would help merchants expand into smaller regions and markets. Consumers and their habits vary from country to country, region to region.
For example, German consumers prefer direct debit transactions. Central and South American consumers are faithful to local banks and payment schemes. The most popular way to pay for goods in India, interestingly enough, is cash on delivery.
6. The Best Credit Card Processors Have History
History is important: The longer the history, the more experience and likelihood of more, diverse payment solutions. If a company’s history can’t be located, a Whois.com search of when the website was created is worthwhile.
So give us a call…
Instabill offers all of the above with its high-to-low risk domestic and international solutions. Our merchant account managers don’t just help you launch your business, we remain on hand as your consultant for the life of the merchant account. Talk to us at 800-530-2444 to see why we’re among the best credit card processors for your business.