There are over 200 million online customers in Europe alone, so the number of people using credit cards for the transaction is really high and as they are comfortable with the usage of the card the proportion is continuously increasing. As a result, merchant often appoints a processor to handle transactions of credit cards for merchant acquiring the bank.
As business depends on credit card processor to handle all the detail related to credit card it becomes very difficult to categorize processor but, some of the criteria which help to define the quality of credit card processing are:-
Speed of transaction – As customers love to pay from their cards and even a short delay can create a big problem so, it is always suggested to the provider in order to make the customer happy they should always increase the speed of transaction.
Security of transaction – Speed is one of the important criteria but not the only criteria along with speed customer wants the security of the transaction and provider should try their best to make a customer feel secure about the transactions.
Strong uptime record – Credit card outage makes a business untrustworthy and inconvenient. However, credit card processing outages are rare, but all complicated interdependent system is vulnerable to downtime.
Transparent rate structure – Though rate and fees vary with the category applicable to business but processor must make sure they have quoted and charged appropriately without tricking the customers as it is unethical.
Customer support – In today’s era of online payment customers are king of the market and in order to stay for longer period in the market, the processor must try to win the heart of customer by providing best after service to the customer because happy customer makes a business happy.
Choosing the right card processing service is the most difficult task but merchant should not go with the flow rather than they should try to evaluate offers of every processor and should choose the processor who offers maximum service in minimum price.
Author Bio – Patrick Daniel writes this article, Managing director at Radiant Payment Gateway Solutions. A passionate person towards work and follow perfection what he was doing. Hold Expertise knowledge in payment processing industry.