Everything You Need To Know About Selecting a Payment Processor

payment processor

77% of adult customers in the US own credit cards, and your business can accept all of them with the right payment processor.

When starting a business, selecting the right payment processor won’t be the first thing you think of. However, it’s necessary if you want to accept payments and receive funds from transactions.

Here at Trinity Payments, we assist all kinds of businesses with payment processing. No matter what kind of business you have, you can take advantage of our services.

But how do you select the right payment processor?

Read on for all the information you need.

What Is a Payment Processor?

A payment processor is a company that provides several transaction-related services to other companies and individuals. It essentially acts as a middleman between customers and merchants, allowing both parties to securely manage online transactions.

While many merchants use payment processors for e-commerce, some also use them in physical stores.

The Role of a Payment Processor

When a customer makes a purchase online or in a store, the payment processor receives the data. It then sends the information to the appropriate financial institution to authorize the transfer of funds to the merchant.

Depending on the payment method a customer uses, the merchant can receive the funds instantly. However, some payment processors charge additional fees for instant transfers.

How Processors Differ from Gateways

Both payment processors and payment gateways are similar in that they involve transactions. However, they function differently and can often confuse new business owners who want to implement them on their platforms.

Payment gateways are visual areas of a website or application in which a customer enters their payment details. For example, when a customer sees a prompt to enter their credit card information, that’s a payment gateway.

After submitting the information, the payment gateway will encrypt it and send it to the payment processor. The processor will then communicate with the financial institution and notify the gateway of the payment’s approval or decline.

Payment processors do not require payment gateways to facilitate transactions through a POS (point-of-sale) system. However, most transactions that don’t involve a physical payment method require a payment gateway.

Types of Payment Processors

When seeking payment processing services, you will find various types of processors that all function differently. Some are platforms that allow individuals to transfer money to others, and others act like accounts for merchants to receive money.

Here are some of the most common:

Merchant Accounts

A merchant account is essentially a bank account that holds money when a transaction occurs. After a transaction is approved, funds settle in the merchant account and can be transferred to another bank account.

Some payment processors provide merchant accounts to prevent businesses from having to use a variety of services. Depending on the processor you work with, you may get lower set-up or monthly fees by using their merchant account services.

Payment Aggregators

Payment aggregators are third-party services that allow businesses to accept and receive payments without opening a merchant account. Unlike merchant accounts, aggregator accounts are quick to set up, but they have limiting policies that prevent businesses from controlling processing.

Aggregator accounts also tend to have transaction limits. Because of this, a business that expects to have a lot of volume wouldn’t benefit from using an aggregator.

Online Platforms

Most of the payment processors that individuals and small businesses are familiar with are online platforms. Companies like PayPal, Stripe, Skrill, and Payoneer are all popular examples.

This type of payment processor allows a business to receive money directly into its account. After receiving the funds, they can then choose where to transfer the money.

For example, when receiving money on PayPal, a merchant can transfer the money to a debit card or bank account.

However, the fee structure of many online platforms involves charging money for both transactions and transfers. Because of this, they only really benefit independent contractors and those with side hustles due to their ease of use.

Mobile Payment Processors

Mobile payment processors benefit businesses that don’t want to invest in POS systems. These processors come in various forms, but the most common is a mobile card reader.

Mobile card readers attach to phones and allow customers to swipe their cards during transactions. Customers can also make contactless payments without physical cards by putting their phones near the device.

Using a digital wallet, a merchant can view whether the transaction was approved. Some card readers also allow merchants to print receipts on the spot.

Top Things to Consider

Now that you know about the most common types of payment processors, you should know what to consider before choosing one. Like any investment, it’s best to take your time to avoid spending money on something that doesn’t provide much value.

Regardless of the size of your business, here’s what to consider:


Your business budget will be one of the most important things to consider when choosing a payment processor. It will not only determine what you can afford, but it’ll also prevent you from overspending.

Setting a budget for a payment processor can be tricky unless you know how much they often charge. However, you should set an amount that you feel comfortable with and move on from there.

Keep in mind that if you have a tight budget, your options will be extremely limited. Because of this, try to be flexible so you don’t pass up on any good opportunities.

Fee Structure

The next thing to consider is the fee structure, which varies depending on the services you use.

Many payment processors charge monthly fees, one-time fees, or nothing. Some also charge transaction fees when using their payment gateways.

The best way to learn about a payment processing company’s fee structure is to contact them. After describing what your goals are, they can give you a quote.

Business Goals

Speaking of goals, you should clearly define what you expect to get from a payment processor before working with one. You should also know how many sales you expect to make.

You can discuss these goals with a payment processor to find out whether their solution is a good match for you.

When starting a new business, sales will likely be low until you spread brand awareness. To ensure you achieve your goals, you can start with a cheaper payment processor and work with a new one later as your business expands. This may also be necessary if a certain processor has a volume limit.

Supported Payment Methods

The payment methods a payment processor accepts should also be considered. However, most payment processors accept a variety of similar methods to ensure they can expand their audience.

When looking for a payment processor, you will want to find one that accepts as many things as possible. Even if you intend to use one payment method, having more options will make it easier to pay on time.

Customer Support

The last thing to consider is customer support, which is something that many businesses overlook.

You will quickly discover whether a payment processor has good customer support by contacting them. Some of the main signs of good customer support are quick responses and thorough answers. A good payment processor will also ensure you’re satisfied with their assistance.

Yet, customer support shouldn’t be the only thing you base your decision on. Despite having stellar customer support, a payment process may offer lackluster services. This is why you must actively research a company before working with them.

Aside from contacting them, you can also learn about a company’s customer support by reading online reviews. If most other businesses enjoy a processor’s services, you likely will.

How to Find the Right Payment Processor

After considering several things, it’s time to start searching for the right payment processor. Fortunately, you can find a variety on Google, but you shouldn’t invest in the first one you see. Instead, you should work with Trinity Payments, which serves a variety of businesses

If you want to see what other payment processors look like, you can go through these steps:

Research Online

Go to Google and search for “payment processing.” Some of the results you will find are both payment processors and pages that outline what payment processing is.

Enter a few of these websites and learn about the services they offer. If a payment processor offers a variety of things, like Trinity Payments, it may be a good investment.

When visiting these sites, pay attention to how they work. If you notice a site is built poorly, consider looking elsewhere. If a B2B company has poor presentation, the likelihood of its services and software being poor is higher.

Contact Several Processors

When you’ve visited a few websites, you should contact the processors that interest you. Calling is the quickest way to get information, but some processors may require you to exchange emails.

After the first few calls and emails with processors, you should have most of the information you need to decide which one suits you.

To get better results, you should ask some of these questions:

  • What are your rates?
  • How can you help me?
  • What businesses do you serve?
  • How many solutions do you have?

Getting more information will make narrowing down your choices much easier.

Learn About Software Integration

Software integration is crucial in payment processing because, without it, you can’t seamlessly use other programs. Due to this, it should be an entire point of discussion when contacting payment processors.

If a payment processor doesn’t enable software integration with the likes of QuickBooks and other accounting software, it can’t provide the best services.

Fortunately, Trinity Payments can help you get paid faster with various integration options.

What Makes Trinity Payments the Best

No matter how many payment processors you find online, none will match the services that Trinity Payments provides. With extremely affordable rates and a plethora of services, you can get everything you need in one place without breaking the bank.

Unlike many other payment processors, Trinity Payments supports both large and small businesses in various industries. Whether your business is physical or online, you can benefit from our payment processing.

Trinity Payments also allows you to reduce processing fees, ensuring your business has more money to invest in itself. This allows you to accept more payment methods, thus making it easier to grow.

We further help you save money by providing your business with the POS systems it needs to start accepting payments. Unlike other payment processing companies, we don’t charge additional fees for this.

Use Our Payment Processor Services Now

As you can see, there’s a lot of information to take in surrounding payment processing. However, every business must think about this at some point, especially if they want to grow.

If you haven’t started your business yet, think about the type of payment processor you will use. Remember, you must consider various things before selecting one, as no payment processor is equal. You can also change your payment processor at any time, but avoid wasting your money on one that doesn’t help you.

To truly give your business the financial boost it needs, start working with Trinity Payments as soon as possible. Even in the early stages of your business, using our solutions will ensure you maximize both profits and growth.

Contact us today to find out how our payment processing solutions can help your business. Together, we can ensure your business increases sales and satisfies customers.

Get Started Today!

If you’re in the market for a new payments partner, want to upgrade your systems, or just need to ask a few questions, our dedicated team is here to help. Try us on for size.