Choosing a Payment Processing for Startups

Choosing a Payment Processing for Startups

Currently, there are so many options of payment processors for startups. But it’s important to get this step right. Even though it is easy to sign up for a payment provider, changing processors can be very expensive and difficult especially if you are bonded into a restrictive long-term contract.

So as a new business, what should you look for in your potential provider?

Criteria to Choose the Right Payment Processor for Your Startup:

1. Payment Expandability

Typically, you start out by accepting payments through credit cards but what if in the future your customers want to use other payment methods? What do you need to have in order to satisfy them? Make sure your payment processors have the tools and equipment as well as APIs to handle payment gateway (such as MOLPay), Bitcoin and so forth.

2. Customer Support

When you start to choose the best payment processor, getting in touch with the sales team is pretty handy. But what you really want to know is how accessible the customer support team is. Problems can crop up at any time, and you want the ability to troubleshoot those issues with knowledgeable experts.

Choose providers that offer email and phone support all the time. Customer support is very important and make sure it is available 24 hours. Respond to customers as fast as you can.

3. Payment Integration

It is very challenging to start a new business. It is not as easy as ABC. The most crucial part is to explore processors that support seamless integration and easy for your startup. That way, you won’t have to manually enter every sale into your accounting, CRM and sales software. The data will sync automatically.

4. Fees

Most startups have limited source of financing. Startups try their best to cut cost but at the same time they want to have a service at par to the market leader. Remember how cost-saving is the payment processor, try to get a payment processor that have security, expandability support and integration.

If your provider excels in these areas, it may be even worth to go for a premium plan. However, it is advisable to take the startup or lite plan or soho plan package at the beginning of your business journey. As your business grows, you can consider adding other services along the way.

MOLPay provides a startup plan for startups with minimum price. Keep us in your mind when considering for a payment processor.