Before your SaaS application decides on a Payment Processing Partner, it’s important for you to understand exactly what your business needs. Since the “right” partner should help grow your business, your needs will likely change along with your growth.
This article will detail the 4 most important questions to ask a potential payment processing partner to find your ideal fit:
- How Long Do Funds Take to Deposit?
- What Support Am I Offered?
- Are There Hidden Fees?
- How is PCI Compliance Handled?
How Long Does it Take Funds to Deposit?
Funds typically take two business days to be deposited after the transaction is made (e.g. a transaction taken on Sunday would be deposited on Wednesday).
What Support Am I Offered?
A payment processor that doesn’t offer adequate support could leave you and your business in a bind.
The best payment processors offer free 24/7 support, and are ALWAYS available when you need them.
Are There Hidden Fees?
Make sure to fully understand your payment processor’s fee structure, as “hidden fees” are quite common. Sometimes a seemingly low rate might be deceiving because transactions fall under different categories, with some being more expensive than others.
How is PCI Compliance Handled?
The Payment Card Industry Security Standard Council (PCI SSC) provides a set of standards that payment processors must comply with. PCI compliance is an absolute necessity for payment processors, as there are severe penalties for non compliance.
Conclusion
Don’t commit to a payment processing provider before asking the important questions:
- How Long Do Funds Take to Deposit?
- What Support Am I Offered?
- Are There Hidden Fees?
- How is PCI Compliance Handled?