Cross-Border Processing

Top 10 Questions to Ask Potential Payment Processors

There is a saying that goes, ‘old ways won’t open new doors.’ That statement will never be truer for a company than the day they decide to take their business international.

Venturing beyond your comfort zone and expanding into foreign markets presents a world of new opportunities…along with new concerns to keep you up at night. Familiar processes suddenly require a careful reevaluation.

New Dangers in Cross-Border Regulations

Complex credit card response codes, cross-border eCommerce risks, and developing FinTech trends make international eCommerce extremely difficult to navigate. Before you reach for a paper bag to breathe into, though, relax and remember: good information will help you rise above these fresh anxieties.

One of the most important allies in this process will be your payment service provider. When the time comes to decide who to trust in this role, here are a few concerns that should be at the top of your list:

1. What Are Their Customer Service Hours?

The only acceptable answer here is 24/7. Opening to new markets means operating in new time zones as well. You never know when you’ll require support; that’s why your processor needs to be a phone call or live chat away any time you need them. Availability is key, and your business can’t afford to rely on service providers with irregular hours.

2. What Currencies Do They Accept?

You’re not likely to find a payment processor capable of accepting every form of currency on the planet. You’ll need a service willing to deal in the currency associated with markets you want to enter. Thus, you should plan and select a payment provider who serves the market you are currently expanding into, as well as any you may consider dealing with in the next few years.

Planning strategically as your business expands to new markets can save the hassle of going through this process all over again soon.

3. How Long Have They Been in Business?

Specifically, how long have they operated in your new target market? Remember, you are the new kid on the block here; you need to be able to rely on their experience as a resource to help your business grow. Avoid selecting an unreliable, fly-by-night operation and make sure you are dealing with a well-established company with a solid reputation.

4. Do They Have References or Testimonials?

Some business owners are apprehensive about asking for testimonials, but this is a completely reasonable request. Just as you would never simply hand your wallet over to a total stranger, you should not entrust your company’s banking information to a processor without proper vetting.

Speaking with their satisfied clients and hearing their firsthand experiences with a processor provides an excellent opportunity to learn about them from a merchant’s perspective.

5. What Fraud Protections Do They Offer?

The risk of fraud for international orders is up to three times higher than domestic eCommerce. How safe will your data be?

Ask your processor what kind of support they offer for threat sources including click fraud, affiliate fraud, and clean fraud, just to name a few. Do they offer chargeback help? Make sure you get as many details as possible about the measures they will take to secure your information. You need to know what level of fraud support to expect so you can know what other third-party services you will require.

6. What Are the Specifics of the Contract?

Think about the ramifications of every line in the processor’s service agreement before you sign-on. For example, consider how long you will be locked in. Are there penalties if you are unhappy with the service they provide and wish to terminate the business relationship early?

Dig into the fine print and make sure everyone is on the same page before you invest too much time and energy. Otherwise, you may find yourself facing an unpleasant surprise down the road.

7. Are There Any Payment Methods They Do NOT Handle?

Alternative payment methods are flourishing. Mobile ordering, bank transfers, cryptocurrencies, digital gift cards—these and more alternative payment methods are especially popular in fast-growing international markets like China, Germany, and Brazil.

It would be a major problem to find that your new international processor does not accept the most popular payment method in your target market. Research the payment methods in use there, and make your decision with that information in mind.

8. What Kind of Reporting Do They Provide?

You are a growing company, and you need to be able to monitor your progress with relative ease, even from afar.

Reporting is an extremely important mechanism for understanding and tracking your development and trajectory. You will need this data if you hope to develop an effective business strategy. Thus, establishing in advance what kind of data and statistics you can expect a processor to provide will go a long way in helping you make your decision.

9. How Involved Will the Integration Process Be?

Signing-on with any service provider will involve a setup and integration period. However, that process may take hours, days, or weeks depending on a multitude of different factors. What information and access will each candidate require during this process? How much of the integration is automated?

Be sure to get all the specifics of what you are in for before you sign that contract. Each day that you’re kept from operating at your top level of efficiency could cost you untold thousands in revenue.

10. Can You Look “Under the Hood?”

Processors and other service providers are not always able to offer a detailed tour of their company’s technologies. However, the more information you can gather, the more informed your decision will be.

Ask for a basic walkthrough of the processor’s procedures, tools, and technologies. It’s never a bad idea to get your hands on anything the company is willing to showcase. You can also request a brief demo or preview of the processor’s interface to better understand how you will interact with the company’s technologies.

Other Questions Come to Mind?

The bottom line: ask as many questions as you need to feel confident in your choice. If a payment provider cannot be bothered to answer your questions while trying to earn your business, it does not bode well for the level of attention you can expect to receive as a client.

Breaking into the international market is every bit as exhilarating as it is challenging. The stakes are high, but when all is said and done, the reward will be well-worth the effort.