Running a business is a challenging but rewarding experience. One of the keys to business success is, of course, getting paid for the services you deliver and the products you sell, and you know that means you need an effective payment processing solution.
Perhaps you’re implementing your first solution, or maybe you’re reviewing your current service provider against the needs of your growing business. This quick guide will take you through a few of the basics of payment processing solutions.
Different Solutions for Different Businesses
You already know your business is unique, and that means you need a payment processing solution that caters to your specific needs. You’ll also need a different solution depending on the type of business you have and the industry you’re in. If you do most of your business online, you will need a very different solution from a restaurant that closes all of its sales in a brick-and-mortar location.
The first thing to consider about payment processing solutions is what kind of solution you need. Do you need physical card readers and terminals for point-of-sale interactions, or will an e-commerce solution work better for your business? Perhaps you need a solution that combines e-commerce with mobile payments that allows your in-field reps to make sales on the go.
The Optional Features
Like cars, payment processing solutions have a host of options that allow you to customize your selection. You can create a unique solution tailor-made for your business. That allows you to serve your customers better by catering to their preferences.
Maybe you need to accept credit card payments because your customers prefer this option to money-moving apps. Or maybe your customers are on the go and like the convenience of shopping from mobile devices; a simple and easy checkout process is vital for these customers. Maybe you know you have clientele from all across the globe; you might want to consider accepting multiple currencies to entice these shoppers to stick with your business.
Knowing your clientele helps you determine which payment processing solutions you require.
Security Is Key
When the word “security” comes up, most people think about staying secure from online security breaches and hackers. After all, millions of identities are jeopardized each and every year when businesses suffer security breaches.
Security is important for all payment processing solutions, however. Even businesses that do point-of-sale transactions in brick-and-mortar stores aren’t entirely safe from attack: Their information can be stolen from terminals or wherever else it may be stored. That’s why your firm needs to be sure the payment processing solutions you have under consideration offer you exceptional security.
The Price Tag
Last but certainly not least, you’ll need to consider the price of any payment processing solution you adopt for your business. Price, of course, should not be the only thing you consider; features such as security are often just as important, if not more so. A payment solution that has a nice price tag might skimp on other features, offering you less flexibility or putting your business at higher risk for cyberattack.
You should also consider the fees the provider is proposing. You’ll need to consider set-up fees, along with service fees and annual fees. You also need to think about whether you will need to lease or buy equipment, such as processing terminals. You should also ask any provider about the structure of transaction fees, especially those associated with credit card processing.
Chances are you’ll pay two fees: a percentage of the transaction and a set fee per transaction. Depending on your business’s sales, you may want to focus on minimizing one of these fees over the other. A good payment processing provider can help you find a flexible solution that meets your business needs—and your budget.