1.
Cost - How does the payment provider charge for their services? Different payment providers charge differently so do your research to find one that not only fits your budget but also does not have extra hidden fees or exorbitant startup costs.
2.
History and Reputation - How long has the service been around? A payment processor with a stellar customer service record that spans years is likely to provide exemplary service and top-notch solutions.
3.
Payment Methods - What types of payment methods are offered through the service? While all payment processors can process credit cards online, if you want to offer your customers other payment methods, you'll need to find a processor who can process such payments.
This is especially important if you plan on selling online internationally.
4.
Processing Speed - How long does it take the service to process a single transaction? Slow transaction processing can deter customers from making a purchase and subsequently dwindle your sales.
Make sure any provider you are considering can process credit card transactions in less than one minute.
5.
Reporting - What types of reporting features does the payment processor offer? Some online payment processing services offer batch reporting (which provides information for a selected date range) while other provide real-time reporting (which means you can access up-to-the-minute reports on demand).
Whatever type of reporting you prefer, you should be able to quickly and easily analyze transactions and keep track of customer data through the reporting features.
6.
Trial Period - While not all trustworthy online payment processing companies offer a risk-free trial period, many of the most well-known ones do.
Similar to test driving a new car, a trial period allows you to give the service a test run for a week or two to see if it's a good fit for your business needs.
Most trials are no obligation meaning you do not have to sign a long-term contract and you are not obligated to use their service once the trial expires.