As an ecommerce merchant, you know that customers want—and need—alternatives to the traditional credit card payment option. So if you want their business, you need to partner with an alternative payment processor who offers the right blend of expertise and easy-to-integrate technology. But before you sign on the dotted line, here are a few questions to ask the third party payment processor:

1. What is the deposit process? Cash flow is the lifeblood of any business—so be sure to understand how long it will take to deposit money into your account. Also find out if there are any situations that would delay a deposit.
2. Will a member of the payment processing team explain the statement to you? As a business owner, you deserve to know exactly where your dollars and cents are going. Be sure the prospective alternative payment partner is willing to familiarize you with how to read and understand statements.
3. If you dispute a fee, how will it be handled? If you see a fee that doesn’t look right, it’s important to know how the payment processor deals with merchant disputes. Find out what the dispute process entails as well as who makes the final verdict regarding refunds or waived fees.
4. Who’s your go-to person? No doubt, your initial contact was someone on the third party processor’s sales team. You’ll also want a list of additional contacts to have on speed-dial, such as the technical support team.

Adding alternative payment methods to checkout is a savvy way to boost revenue and control costs. But as with any other business deal, be sure to read and fully understand the terms and conditions of the contract—this is critically important when it comes to the complexities of payment processing.

What additional tips can you share with fellow merchants who might be on the verge of signing a contract with a third party payment processor?