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5 Tips for Choosing the Right Payment Processor for Your B2B Business

When selecting a payment processor for your B2B business, it’s important to ensure you’re getting the best value and service while ensuring you are not missing important key features such as encryption and various security measures. In this article, we’ll highlight the top 5 MUSTS for selecting a payment processor. Let’s get started! 

1. Customer Service

The first component to selecting a payment processor should start with customer service research. It’s important to ensure that you’re going to be taken care of in a timely manner and treated with care and respect. Remember, this is your money, the people helping you have to be trusted, so be sure you find a level of trust while shopping for a B2B focused payment processor. 

At PayHawk, customer service is our #1 priority and we ensure that we are always going above and beyond for each of our customers. Want to learn more about why customer service is important when shopping for a B2B payment processor? Reach out to PayHawk and we’ll be happy to share more information with you.

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2. Industry Knowledge

The second thing you should consider is the payment processor’s knowledge of your industries. While this is not “required” to deal with fund processing, it does make your life a lot easier and oftentimes just provides you with a more fun experience.

Let’s say for example, that you run Joshua & CBD Co and your CBD products are sold exclusively to science research centers for medical related affairs. Most payment processors would simply kick you to the curb for selling CBD and working within “pharma”. In this case, it would have been a better idea to find a payment processor that deals extensively with CBD payment processing, medical or even pharma.

Another example would be enterprise businesses that have obscure contracts with varying amounts on invoices – while dealing with any payment processor will work, not ALL will be able to accommodate any custom requests you may need such as specifically time settlements, or really, well, anything you need.

Are you in an obscure B2B industry and struggle to find a payment processing company that has experience with your industry? Reach out to PayHawk and tell us about your company! We’d love to take the time to get to know you, and your business in order to serve you or industries like yours in the future. 

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3. Fee Schedule

For many, fees are one of the most important things to consider when finding a B2B payment processor. Fees tend to vary from processor to processor, however, when dealing with B2B businesses, it can tend to get a little muddier in the fee rates, as some companies might have higher fees, contract rates, management fees and much more. 

It’s important that you find a payment processor that charges flat fees without any extra or hidden contractual fees. Simply put, if asked to sign a contract for a timely commitment, don’t do it. Simply process with any company that does NOT have long-term contracts with commitments. 

One of the most common complaints we’ve heard about B2B focused payment processors has always been hidden fees and extensive contracts with minimum transaction requirements. If you are having a hard time finding a payment processor, we’re here to help you, even if you don’t choose PayHawk, we’re glad to point you in the right direction! 

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4. Security

Some payment processors out there offer open APIs meaning, you configure everything yourself from scratch, including security, these are mostly referred to as payment gateways, but typically are offered by merchant service providers. This is important to know because if you do not have a strong programming background, you may struggle to setup your payment gateway with payment processing, and most importantly, may struggle setting up PCI and other security related vices.

Instead of API-based processors and gateways, do your research on companies that offer PCI compliance audits, PCI penetration testing and multi-layered security protocols such as SSL.

For more information on PCI please reference our “What is PCI Compliance?” guide.

5. Integrations

Lastly, one of the most important components to payment processing in the B2B space is ensuring that you find a payment processing company that integrates with your existing systems and workflows.

Many payment processing companies only integrate with WordPress or other CMS, or even exclusively only through a physical credit card processing terminal but tend to forget that you also need data quickly (and automatically) inserted into your accounting software, if this is your company, you need to do research into flexible payment processors that offer secure APIs, or easy integration components.

PayHawk uses Elavon and a powersuite of the latest technology stacks, to ensure your integration works anywhere you need it to. Simply paste the HTML, and you’ve got a payment gateway, configure the API and you’ve got a fully robust end-to-end integration machine.

Process with PayHawk Today! Save on Fees!

Ready to get started with your B2B payment processing ventures? Fill out the form below, and receive a free statement analysis! Or, simply reach out to us by clicking the button below, and we’ll be in touch within 24/hrs.

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