Posted by Sarah Jordan

What to look for in a payment processing system for your business. If you’ve been looking, or are just starting to look for something to simplify your accounts receivable processes, then you’ve probably noticed the wide variety of systems out there. From check printing to ACH automatic debits, it’s important to be an informed consumer about the different types of processing as well as the different systems available. Here are a few key areas to pay attention to:

Pricing: Payment processing can be a “get what you pay for industry.” When comparison shopping, picking the cheapest price could mean you’re picking a…well, you get the idea. Also, a seemingly cheap price to start out can lead to hidden costs down the road. Read the find print or anything with an “*” next to it in the pricing agreements.

Customer Service: Many companies charge a fee each time you call in to customer service. Trying to avoid a fee, you can end up with an even bigger problem than what you started with. Call in to the customer service line before purchasing to see what kind of service you actually get.

Features: Always take advantage of demos or free trial periods to investigate the capabilities and feature of the system. While shopping, you should ask questions about your business. Where does your business plan to expand later on? Will you be able to accept payment off the web? Does this system support new technologies or outdated ones?

These categories are broad, but there are quite a few details within each one. See our comparison charts for detailed examples: PaySimple competitor comparison, Cash Disbursement. Taking the time to investigate your options for a payment processing system will help you choose the system that best suits your business-and its growth.

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