Evaluation Criteria for Multi-Currency Processing
The independent authority on credit card processors, topcreditcardprocessors.com, is a research firm dedicated to identifying and ranking the best credit card processors in the United States. Through an in-depth vendor analysis, client evaluation, and the use of our proprietary evaluation criteria, we have put together a list of the top multi-currency processing services. Our analysis delves into a vendor’s business practices and compares them against industry standards to ensure that the service is quality. Often times we connect directly to the clients of a vendor and ask about their overall experience.
There are five key areas which we have identified as significant for a multi-currency processing service:
When determining competitive rates, it's important to evaluate several different companies to determine the differences from one service to the next. With a multi-currency processing company, the rates become even more important, since a business stands to lose money due to conversion rates that may not favor the merchant. By finding a company that provides the fee structure up front and making sure that statements are clear, merchants can help avoid issues.
Multi-currency processing companies must keep track of the latest conversion rates to ensure that merchants are given the correct pricing for a transaction. The software and hardware used to perform these calculations must be available full-time without latency and have constantly updated exchange rates. When the service goes down, the merchant can't process orders and may lose significant business. For this reason multi-currency processing companies must have backups in place to make sure that the services are constantly available.
How efficiently a multi-currency processing company processes transactions and keeps accurate records affects the overall evaluation. Companies that don't keep accurate records of the exchange rate used can't provide merchants with valuable information needed to adjust their prices to compensate for regional price differences. From the delivery of statements to the processing of transactions, companies need to have an efficient system for dealing with all production related elements.
One of the most important aspects of a multi-currency processing company involves the manner in which conversions take place. If the company accepts a transaction on Monday, but doesn't process the transaction until the next day, the exchange rate could drastically change. This could leave the merchant with less money in their bank accounts, especially if the merchant adjusts foreign prices on a daily basis to adjust for the daily differences in exchange rates. The multi-currency processing company must work just as hard as the merchant to make sure transactions are processed effectively.
The security of the system and the availability of customer support are two areas that must be evaluated together. When the security systems go down, customer support representatives must have the knowledge to answer any concerns prompted by the merchant. Knowledge of the security protocols, the policies for dealing with fraud, and who to contact in a security emergency are key functions of an effective customer support team. When something goes wrong, support must be available to notify the correct team needed to fix and remedy and breaches.
- How did you find your current payment processor?
- What other payment processors, if any, have you used?
- How many transactions do you process per month?
- What would be three things you would change about your experience?
- Rate your overall experience (1-10; 10 being the highest).
- In which currencies do you normally accept payment?
- How long does it take to receive funds based on the type of currency being accepted?
- What types of international payments can the service provider accept?
- How fast can the service provider produce authorizations in foreign currencies?
- How does the provider deliver reports? What types of information are made available to you?