Credit cards are big business. Here's 4 key features that set the best credit cart processors apart.
Stop for a moment to consider this: there are currently almost 17 million credit cards in circulation in Australia alone. As a nation, we spend an average of AUD$22,857,457,567 on our credit cards per month. That breaks down to roughly $114.17 per transaction. That’s a lot of transactions! And also a lot of money.
As of June 2016, over 70% of Australians own a credit card and there’s three million more in circulation in the last 10 years alone.
We can all agree that credit cards are big business.
So for businesses everywhere, picking the right credit card processor is imperative. The processor you pick will affect how you do business with your customers and in turn will make a great difference to their payment experience. But what type of processor is right for you? Here’s our top 4 features to consider.
1. Responsive is no longer optional
There was a time way back in the dark ages (circa 2013) where responsive web pages were a ‘nice to have’ for businesses. Not so now. Customer demand for convenience has paved the way for a smooth, fully joined up, digital payment experience across desktop, mobile and tablet. We know that customers use more than one device to make a single purchase, with over 48% browsing across desktop, mobile (including apps) and tablet. And in-store certainly isn’t out of the online purchasing equation - 82% of smartphone users say they consult their phones on purchases they’re about to make in-store. Providing a consistent approach to your payments is vital so you catch channel hoppers wherever they choose to finish their purchasing journey. Our easy Checkout solution provides businesses, large and small, with smart fully responsive functionality that adapts and is consistent across all devices.
2. Say yes to a bank agnostic gateway
With Bambora, having a merchant account isn’t necessary as we work directly with banks to transfer funds over to you, and you will be fully protected under our Level 1 PCI compliance. However, depending on how you operate, using a merchant account might be preferable, or you might have an existing account set up that you’d like to continue using. Either way, setting up a merchant account can be a pain. And if you’ve done it once, you’re more than likely going to opt out of doing it again. However, some credit card processors won’t have the capability to connect to every bank and will ask you to open a new account. It’s advisable to choose a credit card processor who can integrate with your existing bank. At Bambora we are bank agnostic so we have relationships with almost every bank in Australia and New Zealand. Let us know if you need advice about merchant accounts.
3. Leave room to grow
No business intends to get smaller. If you’re a small business now, you’ll have a projected growth plan so you won’t stay small forever. As you intend to grow, it’s important that you don’t feel locked into a contract that limits your business. We understand business growth and how vital it is that your processes and operations grow and adapt with you. So we make it easy to help transition you from one business model to the next – without switching providers.
4. Choose a great support team
Our convenience-driven world, where time is a commodity, means that delays can be costly. When you need support, you’ll need it right away. After all, your competitors are just a click away. The credit card processor you choose should have a well-established customer service team who are on hand to answer your questions at any time – all hours of the day. When comparing providers, it’s a good idea to look for candidates that offer support in your time zone and region. Look also for providers you can reach across multiple channels like phone, email and live chat.
Ultimately, you need a credit card processor who will help you grow your business. One that can blend seamlessly into your operations and work beside you every step of the way. Starting with these four features will set you in good stead for the future so you can get on with running your business securely and effectively.
Want to know more about the big four? Contact one the Bambora team today.