Why Choosing the Right Payment Processing Partner Is Key to Success
Payment processing has become vital for all types of businesses, particularly as consumers continue to transition from cash and checks to digital payment methods. However, many merchants face common, frustrating challenges when dealing with payment processors. Choosing the right payment processing partner minimizes the time and effort that merchants spend managing the relationship, helping businesses keep payment processing costs and stress levels low.
From the time we entered the market, Platinum Relations was determined to be the best payment processor that eliminates those challenges with a trusted solution, transparency, and fairness. We’ve identified the five biggest complaints that merchants have about their payment processors and payment processing fees. A side-by-side look at Platinum Relations and other payment providers makes it clear: finding the right partner doesn’t have to be difficult.
1. They Say They're the Best—But Their Fees Tell a Different Story
Choosing the right payment processing partner takes looking behind the curtain to see what the company isn’t telling you. Once merchants receive their first statement from some of Platinum Relations’ competitors, it’s common for them to see sudden increases in payment processing fees and unanticipated costs, such as PCI compliance fees and notices of early termination fees.
Unforeseen credit card processing fees can decrease your profitability. Merchants of all sizes, from startups to large enterprises, can experience disruption in financial planning and slow business growth from credit card processing fees and other payment expenses they didn’t anticipate.
As one of the best payment processors, our approach is to ensure you never experience any surprises from rate hikes or hidden fees. We make sure our merchants always know what they’ll see on their statements. We honor the terms of our agreements throughout the contract’s life, including maintaining payment processing fees at the agreed-upon rate.
We use our TSYS bank identification number (BIN) to improve authorization rates and verify if the card is eligible for Level 2 or Level 3 processing fees. These steps in transaction authorization help keep costs low, so if there’s a surprise on your merchant statement, it’s a good one.
2. Top Payment Processors Use Misleading Sales Tactics
Pushy sales tactics and confusing promises are all too common in this industry. Instead of prioritizing your business, some sales reps care more about their commission than your long-term needs and success. Add in complicated interchange fees and a maze of account structures, and a payment processing agreement can quickly feel like it requires a translator just to understand it.
Confusion caused by misleading sales tactics not only makes it harder to choose the right payment processing partner but can also lead to costly mistakes like signing with a processor that charges above industry averages. This uncertainty can leave you doubting whether you picked the best payment processor for your business.
When you speak with a Platinum Relations sales representative, you’ll always have straightforward and honest communication, setting the stage for a partnership built on mutual respect and trust. Our goal is to educate and empower you when you’re choosing the right payment processing partner for your business. We don’t want to pressure or confuse you. We let you know that we offer the best merchant services, provide fair terms, and set clear expectations.
3. Getting Paid Quickly Shouldn’t Take This Long
When you make a sale, you need those funds to be available as quickly as possible to pay employees, cover other overhead expenses, order new inventory, or execute growth plans. However, except for the best merchant services providers, payment processors may delay payouts. Delayed payments disrupt cash flow, which can stall business growth and even threaten a business’s survival in a competitive market.
The best payment processors leverage direct bank relationships and modern technology that eliminate these delays. With fast, reliable payouts you can manage day-to-day operations, seize new opportunities and replace delayed funding stress with confidence. Choosing the right payment processing partner ensures that your funds are available when you expect them to be, enabling your business to move forward smoothly.
4. Needing Support Shouldn’t Feel Like a Gamble
When choosing the right payment processing partner, merchants can be too focused on payment methods and fees and overlook researching service and support. As a result, many merchants believe they have signed with the best payment processor for their business, but struggle to obtain the support they need after the sale.
Without responsive support, issues can escalate and even lead to downtime, lost sales, and reputational harm. Research from J.D. Power in 2024 found that overall satisfaction with merchant services ranks lowest regarding customer service.
We are committed to being one of the top payment processing companies, and we understand that this commitment means providing dedicated, always-available support. We’re here to provide technical expertise and guidance when our merchants need it. This approach ensures that our merchants’ operations run smoothly, increases merchant satisfaction, and helps us maintain our reputation as one of the best payment processors.
5. Top Payment Processors Locking You Into Rigid Contracts
Doing business today takes agility and, in some cases, the ability to pivot when a company isn’t profitable. Payment processors, however, may have iron-clad contracts that trap merchants into cancellation fees if they decide the best course of action is to use a different provider — or even if their business closes. Leaders of companies of all sizes need the freedom to make decisions without penalty, which helps them stay on track when their markets change.
We’re committed to providing the best merchant services with simple, flexible contracts that keep you in control of your business. We’re easy to work with, even if you choose that Platinum Relations is no longer the best choice for your company.
The Importance of Choosing the Right Payment Processing Partner
Savvy merchants answer the question, “How do payment processing companies work?” before they begin the process of choosing the right payment processing partner. Some charge high credit card processing fees, while others claim to offer the best merchant services, but their support and service are lacking. Some, even top payment processing companies, have sales teams with misleading practices, and when it comes time for payouts, they may delay getting funds in your account. Merchants of all sizes encounter these challenges, which make running a profitable and growing business challenging.
Platinum Relations is committed to a better way. We offer transparent pricing, stable terms, and an experienced and supportive team that’s there when you need us. And with our TSYS BIN, you won’t encounter higher-than-expected payment processing fees.
Our team is here to help you focus on business growth. We’re sure that when you’re choosing the right payment processing partner, you’ll find what you need at Platinum Relations.
Grow Faster with a Payments Partner Who Puts People First
