Avoid Payment Processing Problems with an Integrated Payment Platform
Managing the transactions of a small business is not an easy task. From taking care of your credit card payment processing to keeping your books in line, everything can present its own set of challenges. As such, it is important to know how to maximize your payment processing platform’s existing features or choose a better option in order to effectively manage your transactions.
To help you promote efficiency when processing credit cards, here is a list of 5 of the most common challenges you can face while processing your payments.
Platform Information Security
With the current increase in information theft, one of the biggest challenges in payment processing is information security. Without the proper systems in place, you can put your customers at risk and make them prone to fraudulent credit card processing transactions.
You are protecting your customers when you also make sure that your payment processing services adhere to payment card industry (PCI) data security standard (DSS) compliance. Remember that it saves your customers from a world of risk and protects you from any liability.
Lack of Integration
In some cases, employees may be updating transaction records into your books manually, especially if you do not use a modern payment platform. This work is tedious and tiresome after processing a transaction. Not only that, but it also exposes your business to various risks such as information loss, wasted resources, and duplicated data.
By turning to an integrated payment platform, you can save time and reduce errors by having transaction records updated automatically and in real-time. This also boosts your processing efficiency while allowing you to have more time to focus on other business needs.
High Processing Fee
How good is your modern point of sale (POS) to you if you have to transfer a large portion of your profits to its provider every single day? Not much, you say? Thankfully, you can steer clear of high processing fees and additional costs by comparing credit card companies.
Remember to compare and contrast the costs offered by different yet reliable credit card processing providers. By finding a payment processor that strikes a perfect balance between affordability and reliability, you can optimize your costs by a large margin.
Multi-Channel Payments
If your payment processing service only supports a select card reading and payment processing features, this might hinder efficiencies. You might find yourself using one vendor for POS payment processing, another for online payments, and an entirely different processor for on-site deliveries.
Using multiple vendors means varied and multiple solutions that increase complexity and costs. Fortunately, there’s an easy solution in the form of a multi-channel, integrated payment platform. By consolidating all your payment processing types under one unified platform, you can ensure a faster, simpler, and a more affordable payment processing experience.
Lack of Support
When you have a payment processor that doesn’t operate after regular business hours, this can make it pretty challenging to find support if you run into any outages or issues after hours.
This is why you must find a payment vendor who not only offers reliable uptime for credit card processing but it is also available around the clock with reliable support. This ensures that you and your customers are supportive of one another in the instance of an unpredictable situation.
At Stax, our state-of-the-art integrated payment processing services are designed with security, technology, and customer service in mind. Whether you are looking for multi-channel support or advanced payment solutions, Stax fulfills all of your business needs.
FAQs about Payment Processing Challenges
Q: What are the main challenges faced by small businesses during payment processing?
Small businesses face several challenges in payment processing, including platform information security, lack of system integration, high processing fees, limitations with multi-channel payments, and lack of support from vendors.
Q: Why is the security of the payment platform crucial for small businesses?
It is paramount to ensure that the payment processing services adhere to the payment card industry (PCI) data security standard (DSS) compliance. It minimizes the risk of information theft and fraudulent activities, thus safeguarding both the business and its customers.
Q: How can a lack of integration in payment systems affect small businesses?
Without an integrated payment platform, employees have to manually update transaction records, which is tedious and prone to errors. It might lead to information loss, wasted resources, and duplicated data.
Q: How do high processing fees impact small businesses?
High processing fees can turn a useful point-of-sale system into a financial drain. These expenses detract from the business’s profits, putting a strain on the company’s resources.
Q: What are multi-channel payments, and why are they significant?
Multi-channel payments refer to the ability to accept payments through various methods, like POS payment processing, online payments, and on-site deliveries. Having a unified platform that supports all these methods can improve processing efficiency and save costs.
Q: Why is support an important factor when choosing a payment processor for small businesses?
Small businesses require round-the-clock support to promptly address issues or outages that may arise after regular business hours. Good vendor support ensures that services operate smoothly, boosting customer satisfaction.
Q: How can small businesses overcome the challenges associated with payment processing?
Businesses can overcome these challenges by utilizing an integrated payment platform that guarantees information security, offers reasonable processing fees, supports multi-channel payments, and provides reliable support – like the services offered by Stax.
Q: What are the benefits of using an integrated payment platform like Stax?
Stax offers advanced payment solutions designed with security, technology, and customer service in mind. It provides multi-channel support, ensuring a faster and more streamlined payment processing experience for small businesses.
