Top 3 Ways to Hold Your Payment Processor Accountable
July 16, 2019
In an era when technology is ever changing, why are we still dealing with payment processors using decades old technology? EMV came out years ago, but it was not a new technology when it was rolled out in the US. EMV was already a decade old when we adopted it here. Even when the US rolled out EMV it was slapped on top of old brittle technology. If you have a smartphone, you are more up to date than your credit card payment technology, even if you have the first generation iPhone. Here are some red flags to look out for when it comes to your payment provider.
Did you have to configure your network for the terminal to work? Set up port-forwarding? Or did your integrated point of sale provider struggle when installing the system? You might be thinking that you never want to change providers again because it was a nightmare to set up! What happens if you reset your network, replace your router, or the power goes out, or you happened to switch internet providers? Your payment processor should not be an anchor to weigh you down when it comes to your internet access. Your payment processor should automatically detect a terminal on the network and configure it for you.
Can you log into your portal and have useful tools? Do you need to have a degree to figure out how to use a payment portal and use the portal to give you what you need? Can you easily figure out your batch total? Can you easily read your statements and understand what you are paying and why? Are the tools on the portal usable to help your business? Are the numbers accurate? Can you control your terminal from the portal? If you answered no to a majority of these questions then it’s time to seek a change. A portal should be easy to use and provide tools to help you with your business so you don’t have to call anyone to get the answers you need.
Downtime got you down? How often is your payment processor down? Do they have the tools to help minimize the impact of an internet outage? If your payment processor can not run cards, why are you with them? Can they support store and forward while still keeping you out of PCI scope? Your payment processor should update without you stopping your business, without switching out terminals, and always work, period.
We’ve grown accustomed to expecting fast, intuitive, easy-to-install technology in our daily lives. Only in payments have we been conditioned to expect the worst. It doesn’t have to be this way. Now is a perfect time to start asking your processor the tough questions and demanding real answers.