Payment processing provider choices abound, but there’s much more to the decision than qualified rates.
In today’s merchant environment, the card processing infrastructure is an absolute requirement. According to the Diary of Consumer Payment Choice, 60 percent of U.S. consumer transactions are made with a payment form other than cash. Combined, credit and debit card usage are the U.S. payment vehicle of choice, accounting for 42 percent of all consumer transactions. (1) Card payments are also still growing rapidly. According to the 2013 Retail Point of Sale Update and Forecast from Javelin Research, both credit and debit cards are expected to increase their share by 2018, to 35 percent and 32 percent respectively, at the expense of cash and checks. (2)
Consumers’ growing propensity for card payments makes the choice you make in a payment processor a critical one, because all payment solutions are not created equal. While you might be able to lock in low rates with a featureless payment service provider, there’s immense return in doing business with a payment solutions provider—one with an extended partner platform that offers a broad spectrum of features and benefits that drive loyalty and help you grow your business. In this paper, we’ll offer five key factors that should play into the payment processing platform decision.
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