There are thousands of payment providers across Europe for business companies to choose from. Traditional banks, challenger banks, neobanks, EMIs and other types of Fintech institutions – all are capable of providing payment services for business clients. However, there are things that companies should take into consideration before picking the right payment provider for their particular business. What are they?

Location. Before choosing a payment provider, a company should consider the location of the set provider. Today, when money crosses international borders faster than a car or a plane, it is still important to take into account whether or not a particular payment provider operates in the areas needed for your business. For instance, if your company conducts business in the European Union area only, choosing a payment provider from Latin America may complicate matters if that payment provider has no or limited jurisdiction to operate within the EU.

Products and services. Different payment providers have different sets of products and services available for their clients. Some can offer all financial services imaginable, whereas others have a limited cohort to pick from. Sometimes limitations in payment services can set off bigger companies, however, for small and medium-sized businesses and for those with complex business models, limited services can be a more attractive option as it might have higher quality and lower prices. 

Pricing. Cutting down on costs and expenses is an important part of any business. That’s why companies that look at ways to reduce their spending, should pick their payment provider carefully. Some have very high prices for all payment activities, whereas others have monthly and balance fees with reduced pricing for transactions. Every company is different and should choose a payment service provider in accordance with their needs and financial possibilities.

Reliability and reputation. For some businesses this part might be of lesser importance, especially if pricing, location and service criteria are met. However, it is important to note that if things start to go downward, having a payment provider with a license would guarantee bigger accountability and responsibility for the money entrusted to the provider. At the same time, in the field of finance, where competition is fierce, some reputational traits might be caused simply by a rival.

Customer support. This particular element is one of the driving forces of the Fintech sector. In comparison to traditional financial institutions, Fintechs dedicate a lot of energy, time and money to their clients and their satisfaction with the services. If a fast reaction, yes-can-do attitude and personal touch are something that your business is craving, going for a Fintech payment provider would be a smarter option.

Today, unlike in the older days when the financial industry was run by traditional financial institutions, businesses can choose from thousands of payment providers across the globe with specific features that meet their business needs, expectations and possibilities. All businesses have to do is pick the right set of features that are important to them and based on them choose the best payment services, providers.