Finding the best payment service provider (PSP) for your specific needs is critical to the success of your business. You must provide your clients a secure, reliable, and appropriate payment flow and user experience. Moreover, you must trust your payment processor to deal honestly with your funds. While there will be many aspects that are specific to your business, the following are the most important questions we recommend every business ask potential payment service providers.
The Checkpoints
- In which markets is the payment service provider specialized? (High-Risk, E-commerce, startups, or big enterprises)
- What payment methods and solutions are supported? (Crypto, credit card, debit card, or pay-by-link…)
- What kind of support can you expect from your provider? (Live-Chat, contact possibilities, Average response times…)
- What risk management tools are offered? (Fraud management…)
- What are the fees and terms and conditions? (Transaction fees, chargeback, currency conversion…)
- What level of regulation and security measures can you expect? (E-Money license, Regulated provider, Bank license)
- Background check of company, owners, and managers (stay away from anonymous processors)
- Do you want your payment processor to be in particular jurisdictions? (be cautious with offshore processors)
Unfortunately, many payment providers do not provide much of this important information or hide them behind small print. That is why PayRate42 was founded.
PayRate42 Mission – Here To Guide You!
Being a cyberfinance rating agency, PayRate42‘s mission is to make the entire payment scene transparent by identifying, evaluating, and rating the payment processors. Individuals and businesses can find all the necessary information concerning payment processors on our PayRate42 platform.
PayRate42 allows customers of payment providers to submit comments, ratings, and reviews and thus have a voice in dealing with them and save potential new customers from making the same mistakes,
The PayRate42 platform also addresses payment providers, allowing them to claim their profile, list their business, or complain about profiles PayRate42 created.