6 Ways to Know You’ve Chosen the Right Payment Processing Service
One of the biggest decisions every new business has to make is which payment processing service to use. Especially businesses who conduct card not present transactions online, where there is a heightened risk of fraud if the poor payment processing services are used. It is recommended that small businesses use the following payment processing service guidelines for maximizing sales potential, secure payments, and reducing the risk of fraud or charge backs:
- Consolidate all of your payment vendors to a single payment processing service. Each additional payment service requires cost and time, and they all have different standards of security. Using a single, reliable payment processing service that can process all credit card payments, debit card payments, and even checks and gift certificates will ensure the same level of security for all sales, while requiring less effort from you to maintain.
- Invest in high-quality mobile payment processing software. In our current market, as many as 26% of online purchases are made from the cell phone. In addition to having a mobile-friendly website, you need to have a sleek and savvy mobile payment processing system in place for online purchases. If your mobile sales process is slow, cumbersome, or full of issues, you will rapidly lose as many as 26% of your potential customers.
- Use a payment processing service that offers maximum sales channels. If your customer has to call you in order to make a sale, they’ll be less likely to give you their money. A versatile payment processing service will be able to process payments from point-of-sale, on your website, through third-party online vendors, from a cell phone, and remotely if you’re at a trade show or in the field.
- Find a payment processing system that talks directly to your accounting system. If you have to manually enter data from you from sales, you have to extend additional effort that is unnecessary, and leave room for errors that can create big accounting issues. Meanwhile, having real time accounting data that’s fed straight to your system from your payment processing vendor gives you maximum accuracy and flexibility for decision-making.
- Use a payment processing service that has end-to-end encryption technology. On a daily basis, major retailers are experiencing client information compromises, which is detrimental to their reputation and business. Using a payment processing provider that has the utmost level of security for your customers’ information is the greatest way that you can safeguard your business from data compromises.
- Take a “what you pay for is what you get” approach to choosing a payment processing service. Choosing the lowest cost provider may result in limited payment functionality, high security risks, frequent downtime, and unavailable customer support when you experience an issue. There are many ways that your business can reduce overhead costs, making it difficult for your customers to give you money should not be one of them.
Do you have any additional tips to share with other small business owners who are choosing the best payment processing service? Please share them in the comment section below.