The ability to accept credit cards is a must for any modern business. But franchise systems shouldn’t be afraid to expect more from their payment-processing vendor.
On its face, choosing a credit card payment processor is a simple matter of numbers. What percentage of each transaction does the processor take? What are the fees involved?
But for a growing business, choosing the right payment processor can be more of an art than a science. The factors that matter most are a little harder to quantify: customer service, tech support, and a smooth interface between the processor and the point-of-sale (POS) system that handles your transactions.
That’s especially true for franchise systems. In addition to payment processing, franchises may also need their vendor to help generate sophisticated reports or manage loyalty programs, which need to function smoothly across multiple locations.
“Processing rates and fees are all kind of similar, especially for large franchises that negotiate at scale,” says Matt Taylor, executive VP of global integrated payments and SMB eCommerce for processing company Worldpay. Finding a partner that will give you the kinds of support your business needs is more nuanced.
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