How To Choose A Payment Processing Company For Your Business

Written By Wyatt Worden

Well, we obviously know that we are a payment processing company. We also realize they we’re not for everyone. Each business has its own set of needs and therefore must choose a payment processing company based on meeting those needs. Before we jump into what TelosPay can offer your company, let's discuss how to choose the best payment processing company to serve you. 


First, a payment processor allows your business to take credit/debit cards and ACH payments. From verifying card information to processing the approval, a sound processor should ensure a smooth and safe transfer of funds between your customers and your business. 


But, as you may already know, not all processors are created equal. The trick for you as a business is to find one that meets both your needs and your budget. So, where should you start? 


Evaluate your needs 

We know money is important, but let’s not jump pricing to priority #1. Your top priority is whether or not this processing company can provide you with the features you need to properly take payments and grow your business. 


Ask yourself these questions: 


  • Do they offer the transaction types that I will need? 

In other words, how are you taking payments? Are you keying in credit card numbers over the phone, are you looking for contactless payments and mobile options, and are you customers swiping their cards via POS terminal in-store? In other words, you need to first be sure that whichever payment processor you’re considering can accommodate your business’s transaction methods. It’s much easier to choose a processor who does what you need rather than going for the cheapest option and finding out you have to completely re-vamp how you take payments. 


  • Card reader or app? Or both? 

In an increasingly digital world, paying via mobile phones/apps has become more and more popular. That being said, you may still want a card reader to take in-store transactions, which these days you can find pretty cheaply online. You can even find them on Amazon these days. Make sure your reader can take magnetic strip cards, EMV chips, and contactless payments. 


  • Point-of-sale Hardware

POS hardware is different than a card/chip reader. POS systems can not only take payments but manage cash transactions, offer accounting software, help you manage your inventory and sales, and so on. Not every processor offers chip readers or POS hardware. If this is on your list of “needs,” be sure to include that in the conversation with potential processors. If you currently use a POS system, you’ll want to make sure your processor can integrate your old system with their processing software. 


  • What kind of contracts do they require? 

We find it risky to get trapped in lengthy contracts. Month-to-month options with no cancellation fees are probably your best bet. Read the fine print, however: sometimes a “cancel anytime” doesn’t come without fees or cancellation penalties. Some processors also offer zero sign-up fees (like TelosPay 😀). 


  • Customer Support 

Customer service is important - maybe one of the most important components when it comes to any business. You want to make certain that the processor you’re choosing is available to you. While the convenience of automated responses and messages can be helpful, we lean toward a personal approach. In regard to your payment processing, it is equivalent to the electricity in your brick-and-mortar. You can’t operate if your payment processing system is down. You must be guaranteed that 24/7/365, you can reach your payment processor for help if something goes wrong. 

Lastly, but not least importantly, are their rates competitive? Don’t settle for expensive processors when you can use TelosPay! Speaking of…

What we can offer with TelosPay

  • Mobile payment processing: no app necessary! We believe simple is better. Having the option to offer contactless payment is huge for repeat customers. Their information can be saved and reused quickly the next time they purchase. 

  • Fantastic customer service! We’re available (as real people, not robots 😉) 24/7/365. 

  • Competitive rates and ZERO sign-up fees. 

  • No contract - quit anytime, no penalties. 

  • You have the option to offset 100% of your credit card fees. That’s right! Pay zero fees. 

  • We give back! .5% of every transaction goes back to a charity of the merchant’s choice. 


If you’re looking for a payment processing company, email us at [email protected] 


Wyatt Worden
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