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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

How to Evaluate Online Payment Options

Written By: Catherine Morgan | Comments Off on How to Evaluate Online Payment Options

Do you want your clients to pay you? Of course you do! Well, the easier you make it for them to pay, the faster they will pay (hopefully).

Many businesses need to get paid online, and if you’re in the process of evaluating services, you’ll definitely want to check out Carol’s latest post on MasterCard Biz, “Electronic Payments: 5 Things to Consider When Evaluating Your Options.” Carol begins:

“Accepting electronic payments can make it easier for customers to pay you. However, since there are so many payment processing platform providers, how do you pick the right one for your business?

One solution is MasterCard’s Simplify Commerce, a platform that makes it easy for your business to accept payments securely — online, in app, and in person.

Here are five points you will want to consider as you’re evaluating payment processing solutions for your small business.

Ensure pricing is apples to apples

When certain components of the overall pricing are bundled together, it’s hard to make an apples to apples comparison.

Katya Siddall, co-founder of Syndio explains, “When you’re processing a card, you’re paying interchange (the fee to run the card that goes to the card provider) plus the fee your processor is charging for their services. Interchange is the same for EVERY processor and only varies based on customer card type. You can negotiate with your processor on their fee for interchange-plus pricing. If they charge you a flat rate, you won’t see these separated out. Try to get interchange-plus pricing so you can to compare apples to apples and increase transparency.

Shop around for more than just rate

Everybody thinks about rates, but it’s the whole solution – software, processing fees, and support – that makes the difference for your small business.”

You can read the rest of the post here.

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.