5 Payment Processing Challenges Small Businesses Face and How To Avoid Them

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.

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