How to Choose the Best Credit Card Processor for Your UK Business?

If you were to ask 18-year-olds about the most convenient way to perform transactions, most would say, “credit or debit card payments.”

Credit card payments have upscaled their popularity with the advent of digital commerce. They go beyond capturing the transaction and serve as the financial backbone for global businesses. 

As a result, there’s huge competition among credit card payment processing vendors in the UK.

This makes their selection trickier with so many vendors available today. In this blog, we’ll understand the benefits of enrolling in the credit card processor services and how you can choose the most result-driven credit card payment processors in the UK.

Who Are Credit Card Processors?

The best credit card processors in UK are the people or entities that help to transfer money between businesses and their clients. In other words, they are the middleperson that assists in performing seamless transactions through credit cards and debit cards between the two parties.

In today’s time, where digitisation is gripping its peak, adapting to this technology becomes challenging for non-technical people, especially the Generation Y population. As a result, the involvement of credit card processors becomes predominant.

These firms charge a small percentage of fees (commission) for every single transaction performed through their platforms. These include transaction fees, setup costs, monthly service charges, and chargeback fees.

Benefits of Hiring a Credit Card Processor

A credit card processor carries a wide range of benefits for the merchants. They make their daily transactional experience seamless through speed and security. The other benefits include:

• Improved cash flow with faster settlement of payments
• Access to advanced analytics and reporting tools for better decision-making
• Support for multiple payment methods, including contactless and mobile payments
• Reduced risk of fraud and chargebacks through secure encryption and verification systems
• Enhanced customer satisfaction by offering flexible and convenient payment options

Vital Tips to Choose the Best Credit Card Processor

Choosing the best credit card processor isn’t a hard science that requires systematic and logical steps. However, like any other profession, it does require research and practical judgment of payment patterns as well as high-risk merchant account UK. Here are the 10 tips you can follow to choose the best credit card processor for your UK business:

1. Check the Fees

Credit card processors charge various types of fees from their B2B clients. These charges can be fixed or variable, including transaction fees, monthly service fees, and chargeback fees. Every credit card processing vendor has a different fee structure, so it’s important to consult with them directly about the same. 

It’s also important to remember that not every vendor that charges low fees is unsuitable, and those who charge high fees are quality-driven vendors. Have a blend of both. Refer to different internet sources for information, like Trustpilot and NerdWallet.

2. Look at the Contract Terms

Many vendors have complex contract terms, often similar to what you cannot understand. This lack of clarity is done to confuse clients, hide hidden charges, or lock them into long-term commitments without fully understanding the implications. Such malpractices are common. 

You should read through their contract thoroughly, and don’t hesitate to connect with that vendor when in doubt.

3. Look at Customer Support

Once you get on board with a credit card processor, issues may arise at any point, from failed transactions to chargeback disputes. That’s where customer support plays a critical role. 

Before you sign up, check if the vendor offers 24/7 support and through what channels: phone, chat, or email. A responsive and knowledgeable support team can save your business a lot of stress and time.

4. Read Reviews

Online reviews are like the voice of the customer. Go through them on platforms like Google, Trustpilot, or industry-specific forums. Look out for recurring complaints or red flags, delayed credit card payment processing, poor customer service, unexpected charges, etc. 

On the flip side, if you notice consistent praise around transparency, reliability, and support, that’s usually a good sign.

5. See if It Handles Refunds Easily

Refunds are part and parcel of any business. The finest credit card processor should make the refund process smooth and quick, both for you and your customer. 

Ask the vendor about their refund policies, timelines, and any additional charges involved. A processor that delays or complicates refunds may frustrate your customers and negatively impact your reputation.

Conclusion

Credit card payment processing vendors are essential intermediaries that enable secure and seamless transactions between businesses and customers. Thus, as a merchant, you must always compare transactions, service, and chargebacks across vendors. Moreover, contract terms can hide surprises, so you must get through the fine details and ask questions of the vendor when required.

Lastly, strong customer support is non-negotiable for a quicker payment resolution. 

Don’t forget to visit the user reviews, as they reveal the truth that the general eye cannot spot, such as hidden charges or poor service.

Looking for the most reliable, affordable, secure, and best credit card processor in UK? Connect with Offshore Unipay today!