It is tough to determine the best payment processor. All merchants want the best and the best really depends on your business. We believe the main criteria to determine the best merchant services provider (payment processor) are the following.
Customer support: At some point, you’ll need to call customer support, they need to be available, responsive, and payment experts.
Pricing: The best processors have pricing is transparent, consistent, fair, negotiable, and no cancellation fees.
Hardware and software: The last thing you want to do is spent a ton of time learning how to use a system or constantly train your employees to use the system. Payment processor tools (reporting, billing, terminals, etc) need to be super simple.
Security: You cannot be a good processor without being secure with advance fraud detection and systems in place to help you as a merchant stay safe.
These are the four criteria you should use to select the best payment processor. If you have one that scores great at each, you’re likely golden.
One thing you’ll notice is that size does not matter. Size very rarely has anything to do with how good they are. Sometimes, actually many times, size really decreases the score, particularly in areas like customer support.
You can also check out a guide of some of the best payment processors in Canada.