We are in an age where technology is forcing change across every single aspect of our lives. The new way of socializing, shopping, traveling, sporting, and even eating has gone through a remarkable evolution. Lately, merchant processing companies harbor a heavy responsibility for this change centered around payments. If your payment processor only gives you authorizations and deposits, you are underserved as a customer.
Elliott Forman, the US-Navy veteran and founder of Bonita Payments, says that due to the speed of payments tech and the hyper-competitive nature between merchant service providers, “there was damage to the industry of merchant services” says Forman. For years, a few payment companies abused the merchants and provided low-value solutions at extremely high costs.
“There are more payment processors and merchant service providers today than ever before, which is a great thing since business owners all have different needs,” says Forman while sharing his views about the increase in merchant service providers. He, however, believes that while having plenty of options is a good thing, how would a new business know who to choose or which provider is right for them?
“With plentiful options, it becomes challenging for a business owner to find the right payment partner. If you consider the contracts, training costs, and software or hardware associated with changing payment service providers, you don’t want to make the wrong decision,” he says.
Here are a few questions to help you choose a potential payment partner. Forman emphasizes asking any combination of the following questions will help tremendously.
- What kind of customer service do they offer?
- Do they provide onsite installation?
- What is the cost of ownership?
- Are they certified?
- Do they provide training?
- What are the support hours?
- Do they have contracts and cancellation fees?
“These are simple questions that anyone should ask before making a match, and answering them will lead owners to a better payments relationship,” believes Elliott. In addition, he says that businesses vary in their operations, and so do payment partners. Therefore, cost, safety, consistency, and reliability should be all factors in your decision.
Elliott is mindful of the risks involved in online transactions versus in-person cards, and the costs of those types are very different. So your payments partner needs to have a plan a,b, and c for all of the above. Knowing your fixed costs for all transaction types and that you have security against fraud are merchant concerns #1,” says Mr. Forman; if it’s not the case, better keep looking.
Furthermore, when dealing with a processing company, be mindful of all the costs attached to their products. Watch out for additional expenses around products and services your business does not use or need, Elliott suggests.
“These are the many factors you must consider when choosing a payment processing partner,” says Elliott, who moves on to present a one-time solution for all your business needs. We have a bundled offering at Bonita. We provide payment processing and the client success process to give you a toolset that helps answer the much-needed questions about a startup or enterprise business looking for a payments provider. We white glove deliver, train, and support you in all facets of payments and sales across our platform.
“I am proud that Bonita Payments is a five-star provider that brands on high customer standards. At Bonita, we work intentionally to develop the solutions and support your business needs to help you reach your full potential.
Bonita Payments is already an established merchant services provider in Southeast Louisiana, but we expect nothing but exceptionalism from this company and its future.
Elliott Forman and Bonita Payments can be reached at:
844-650-1883 / P