If it’s taking your business too long to collect money after closing on a sale on your business site, or you’re having trouble sending invoices to your customers, not to mention you’ll have to wait for them to respond and make payments, which could take as much as 90 days, then, it may be the right time to get an all-in-one payment processor.
But, if this is new territory for you, you could feel overwhelmed by all the options on the market! How do you find the right payment processing solutions for your business? What factors do you have to consider? What features must you prioritize? Read on to find answers to such questions.
What’s A Payment Processor?
A payment processor is a service that authorizes your payments, as well as processes them for your store. Your payment processor is responsible for mapping this process properly to ensure safety.
Here are the other benefits of a payment processor:
• Makes sure credit card information is authentic
• Verifies if the account being used has sufficient funds for the transaction being attempted
• Approves and provides order approval / confirmation numbers
• Approves the transaction and makes a transfer to the relevant merchant account and, then, the bank account
Evidently, these processes are highly sensitive in nature and will need you to have a processing service that’ll not only do the job, well but also do it securely! Preferably, you must opt for something that’s been on the market long enough, like Accredited Interchange, with a good track record in all-around security.
Here are some tips for you to be able to find the most suitable payment processing solution for your small business:
1. Make Sure Your Processor Is PCI-Compliant
The payment card industry has its rules and regulations that assure quality and security in this area. Choosing a PCI Data Security Standard-compliant processor means you’ll have the confidence of knowing your processor has undergone rigorous assessment and has been found to secure your business’s data.
2. Make Sure There Are Maximum Measures To Protect Your Clients
Security is, indeed, key, so you can’t do too much due to diligence on this one. You have to do all the research you can do, especially if you’re a high-risk merchant.
To make sure your business’s data and your customers’ payment information remain safe as they transit from point A to point B during payment processing, and that it’s protected from fraud, ensure that your payment processor uses point-to-point encryption (P2PE), as well as tokenization technology.
Tokenization refers to a process wherein instead of using your client’s primary account number (PAN), a token is used. In the end, what you get to keep in your system is that token instead of the very sensitive primary account number. That way, should your systems get compromised, the level of exposure of your clients is greatly limited!
Point to point encryption is exactly what the name implies. Every movement the credit card data has to make from when it’s swiped, in transit, and when it’s authorized, it’s encrypted to prevent any tampering with and ensure the data is shielded from the enchant system’s view or reach.
If your feared processor has these two security measures in place, even your PCI costs and scope could be significantly reduced. Together, these two security measures drastically reduce your PCI compliance scope and costs.
3. Uses ECheck Payments
Now in terms of speed, ensure you can facilitate eCheck payments through your processor. An eCheck payment will send a customer’s bank routing number electronically for a quick transfer that doesn’t have to wait forever till it’s processed. This will cut the amount of time it’d usually take for your payments to be processed, and also improve your customer service and profits.
4. Good Reporting
Now, it isn't really a good processor if it doesn’t offer good reporting in a central location. However, there’s only a few payment processors that allow this important feature.
Tracking your transaction from start to finish, a payment processor with this feature lets you see everything that happens from inception until the end through a specialized API (application programming interface)
5. Offers Multiple Payment Options
The more payment options you can accept as a business, the better reach you have in terms of who’ll be able to buy from you. The last thing you want is to have a high rate of customers that bounce from your site just because you don’t offer their preferred or the most accessible payment method.
Your payment processor should be able to provide many payment options for your clients. For instance, if a customer doesn’t feel secure using their credit card, then they might be happy to find that you also have the option to do a bank transfer or use a debit card.
Conclusion
For your business to start getting those conversions you’ve been hoping for, you’ll need to make sure you’ve set in place the systems to support this. One of the things that you’ll need to find is a good payment processor. This is an aspect that’s ever-evolving, so you’ll need to be up to date with best practices and new features that’ll streamline your business's payment processes.
All your impeccable marketing and business practices will be for naught if you don’t back them all up with a secure and reliable payment processor. It's time to get paid properly!
