When choosing a Payment Service Provider (PSP), there are many factors to consider. As a business in Georgia servicing other businesses, it’s crucial to ensure that your PSP is not only efficient but also secure and compliant with relevant regulations.
Here are three key factors to consider when choosing a PSP for your business.
Payment Card Industry (PCI) compliant
The first thing to consider in a PSP is whether they comply with the Payment Card Industry Data Security Standard (PCI DSS). This is a set of security standards designed to ensure that all companies that require processing of credit card information maintain a secure environment.
So, businesses that handle credit card transactions must adhere to PCI DSS. If your PSP is not PCI compliant, your business could face penalties and risk data breaches that could seriously harm your reputation and bottom line. So, it’s crucial to choose a PCI-compliant provider with robust security measures in place to protect your customers’ data.
Another critical factor to consider is the level of customer support the PSP provides. You can’t afford downtime or unresolved issues when it comes to payment processing. As such, you should look for a PSP that offers 24/7 customer support with multiple ways to get in touch, such as phone, email or live chat.
Pricing and fees
Finally, consider the PSP’s pricing and fees. These can vary widely between providers. Some providers charge a flat fee per transaction, while others charge a percentage of each transaction. There may also be monthly or setup fees and other costs to consider.
Considering this, ensure you read the fine print and ask questions to understand all the costs involved. It’s also a good idea to compare the fees and features of several PSPs before making a decision.
Keep in mind that the cheapest option isn’t always the best. It’s worth paying a bit more for a PSP offering secure protection for you and your clients and a range of features to help your business grow.
Legal online transactions
Your business operates within a complex and regulated environment. So, ensuring every part of your operations, including your choice of PSP, is legally compliant is essential. By prioritizing efficiency and compliance, you’re laying a solid foundation for your business where profitability will follow.