Starting a business means making countless decisions, and choosing your payment processor is one of the most important ones that often gets overlooked until the last minute. Here are the five key factors every small business should consider.
1. Understanding Your True Costs
Don’t just look at the advertised rate. Payment processing involves several fees that can add up quickly:
💳 Transaction Fees
Percentage rate plus fixed amount per transaction (e.g., 2.9% + $0.30)
📅 Monthly Fees
Gateway fees, statement fees, PCI compliance costs
🖥️ Hardware Costs
Card readers, terminals, tablets, and POS equipment
🔧 Setup & Exit Fees
Initial setup costs and potential cancellation penalties
2. Match the Processor to Your Business Model
Different businesses have different needs. Choose a processor that aligns with how you operate:
🏪 Retail Stores
Need reliable in-person terminals and POS integration
🛒 E-commerce
Require robust online gateways and website integration
🔧 Service Businesses
Benefit from mobile payment options and invoicing
🍽️ Restaurants
Need tip adjustment features and quick transaction processing
3. Integration Capabilities
Your payment processor should work seamlessly with your existing business tools:
🖥️ Point of Sale Systems
Seamless POS integration for inventory and sales tracking
📊 Accounting Software
Automatic sync with QuickBooks, Xero, and other platforms
🛍️ E-commerce Platforms
Easy integration with Shopify, WooCommerce, and others
📦 Inventory Management
Real-time stock updates and automated reordering
4. Support and Reliability
When payments go wrong, you need help immediately:
🆘 24/7 Customer Support
Round-the-clock availability when issues arise
📞 Phone Support
Direct phone access vs. email-only support
⚡ Response Times
How quickly technical issues get resolved
🛡️ Chargeback Assistance
Help with dispute resolution and fraud protection
5. Growth and Scalability
Choose a processor that can grow with your business:
📈 Volume Discounts
Lower rates as your processing volume increases
🏢 Multi-location Support
Manage multiple stores or locations from one account
🌍 International Payments
Accept payments from customers worldwide
📊 Advanced Reporting
Detailed analytics and business intelligence tools
Getting Started
Ready to find the right processor for your business?
Use our payment processor finder tool to get personalized recommendations based on your specific needs and business model.
The right choice now can save you thousands of dollars and countless headaches as your business grows.