Choosing Reputable Third-Party Payment Services

For merchants who opt to not get a merchant account, third-party payment services can provide reputable services that allow you to process credit card payments and other payments from customers. Here are some tips to follow to ensure you choose a highly regarded and secure payment services provider.

• Do they have a stable history and track record? Determine how long the provider has been in business and if they have a history of reliable solutions and satisfactory customer service. Check if there are any online reviews from other merchants that have used the service and see what they have to say about them. Make sure you look at multiple reviews to truly get an idea of what the general consensus regarding the provider is.
• Do they answer your questions satisfactorily? Compile a list of questions about each service you are considering and speak directly to a customer service representative. Are they prompt and respectful in answering all your questions? Are you comfortable and satisfied with the responses they provide? If not, move on to the next prospective service.
• Do they provide detailed terms of service and privacy policy? Before signing with any payment services, it is imperative that you fully understand their policies regarding your obligations once you sign a contract and how they handle sensitive payment information.
• Do they provide secure transmission of payments? When speaking with a customer service rep, ask about the provider’s security capabilities and encryption technology. The protection and security of your customer’s sensitive information should be a main priority.
• Do they offer comprehensive customer service? If something goes wrong with a payment or your website, does the provider offer 24-hour customer service? Is it via telephone or email (be wary of a payment service provider that only offers customer service at specific times during the day or via email only)?
• Do they have previous complaints or grievances? Check with the Better Business Bureau to ensure complaints against the service have not been filed by other merchants.
• Do they offer global payments worldwide? If you plan to sell your products or services internationally, look for a third-party payment service that can process international payments from the countries you plan on selling to.