For any online company, transaction processing is a crucial and very important factor of the company’s business.

For the mid to large-sized online company, transaction processing is even more important.

Your customers’ credit cards are the source of your revenue and also a symbol of the customer’s trust in your company. The slightest glitch on this crucial aspect of your business can have very bad consequences for your business and reputation.

How to choose the right transaction processor for YOU

One of the foremost problems with transaction processing companies is actually finding and choosing the right one.

There are so many things to consider. Choosing between the many processors can be a difficult decision because different companies excel at different things and fall short in others.

Here are a few important things you should definitely take into account when considering a transaction processor:

Does the (transaction processing) company have a spotless reputation? What kind of technology does the company use? Is its security unbreachable?

A company could have a spotless reputation and use the best technology, and yet if there is a very very small chance that its security can be breached, that small chance can have disastrous consequences for your business and reputation. You want bullet-proof 100% unbreachable security, period.

Your reputation is at stake

Another aspect to consider is “uptime”. Does your transaction processor experience any downtime at all? All over the web, you see companies boasting 99.9% uptime for different kinds of services. But what does that mean for a reputable corporation?

In today’s market, a large company must compete relentlessly in both profitability and reputation. A satisfied customer is a lifetime customer. 99.9% uptime means there will be 8 hours out of every year when your transaction processor is down. That translates to lost business and disappointed customers who will take their business elsewhere.

For a very small business, 99.9% uptime might be acceptable. But for the larger company, every small factor can influence its ultimate reputation, competitiveness and profitability, so 100% UPTIME IS AN ABSOLUTE MUST.

What about fraud and chargebacks?

Another crucial factor to consider is fraud and chargebacks. How your processor handles fraud and chargebacks can literally make or break your business. Online transactions attract a host of con artists and fraudsters, from all over the world, many from countries without stringent law enforcement.

You need a company with years of experience in this field to protect your business. AND the company should stay on the cutting edge of new developments so that it is always one step ahead of the fraudsters. Even better would be a company that is the leader in this field. You want the best.

How easy to integrate?

Consider also how easy or difficult it will be for your company to integrate with your new transaction processing service. Every company is different from another and requires a unique solution.

You should look for a company with years of experience in dealing with a wide range of clients and corporations and providing them with unique and workable solutions, quickly, simply and seamlessly. Seamlessly means you shouldn’t have to overhaul your whole company just to accommodate your transaction processor. It should be the other way round. Your transaction processor should come up with a practical solution for you.

You can tell whether a service can be integrated seamlessly into your company by the fact that it will be mentioned clearly in the transaction processor’s sales literature. This is a unique service that only the best companies can provide. If easy integration isn’t mentioned in the processor’s sales literature, you should be prepared for a whole lot of headaches from integrating with your new service.

Industry Leading Response Times

With regard to response time, there are two things you should be looking at: the processing company’s basic response time and its overall processing capacity. A company could have a fast response time and yet become congested during peak periods. This means your business might slow down just at that point where you are making the most sales.

With regard to basic response time, “fast” is a relative term. What is fast for one company is slow for another. Look for such terms as “fastest” or “industry leading” response times. Again you want the best.

The issue of price

Last but certainly not least, you need a service that is very competitively priced. A transaction processor should provide a discount rate that recognizes your substantial level of business. This means a single low fee that is geared to the larger company.

Great service is great, but if you have to pay extra for it, this will undercut your company’s profitability. Every fraction of a percent off your transaction processing fee contributes significantly to your bottom line.

An even more important thing is to look out for hidden or extra charges. Many companies offer an attractive basic price, and then go on to skin you alive through extra or hidden charges for things you shouldn’t have to pay for (e.g. statement fees, gateway fees, extra monthly charges etc. etc.)

Ultimately you want both: An exceptional service at an excellent price, preferably at a single low fee with no hidden charges. If you can find a company that provides all the of the above, you have found a winner. All that remains is to put them to the test by observing how comfortable you feel with the kind and quality of service they provide in response to your queries and questions.

A professional company will provide someone you can talk to instantly as soon as you decide to find out more, and ultimately your own personal contact at their company if and when you do enlist their service.

By far one of the best companies that meets and even surpasses all the above criteria is Surefire Premium Processing.

Click to read more about SureFire Premium Processing