Find the Best Payment Processing Platform
According to recent statistics, credit cards issued in the United States alone hold a value of approximately $2.92 trillion. Add that to the fact that 83 percent of Americans aged 30-49 own a credit card, and you have a customer segment with a spending power that can tangibly contribute to your business’ growth.
That’s why if you are looking to sign up with a modern payment services provider, you need to make sure your payment systems are equipped with a few essential features.
Here are seven key features you should look for in your payment processing platform.
Make Sure It’s an Integrated Payment Platform
The first thing you should look for in your new payment processing service is its ability to integrate with other key business tools. Overall, an integrated payment platform makes your payments faster and more efficient. But when paired with the other features on this list, it also brings a few additional advantages to the table.
With such a payment services system, you no longer have to do any reconciliation of invoices. You also don’t have to go through redundant data entry to receive your payment in your account.
This allows you to save time on your payment processing activities. Further, it helps you complete your payments with virtually just a few clicks.
Look for Multichannel Payments
Multichannel payments let you offer customers multiple ways to pay. Customers have more flexibility in how they shop and pay, likely leading to more revenue.
It keeps you from having to run after different payment systems to get your payments in order. It also lets you analyze the performance of different avenues quickly.
Remember that having a POS system that supports the key forms of payments that are best for your audience and able to be flexible in adding new ones later down the road goes a long way.
There are several ways to accept payments today, including but not limited to digital wallets, phone and mobile payments, and ACH payments. Your best bet is to look for a system that can support a wide variety of payment types and doesn’t limit you to using only 2-3 ways to pay. While you may not need to pay attention to all aspects of this process now, over time that could change.
Overall, this lets you broaden your horizons and expands your ability to accept all kinds of credit cards and alternative payment methods in the long run.
Also Check Out: The Mobile Payment Processing Guide for Businesses on the Move
Look for Mobile Payments Support
With the evolution of various business models and the need to go cashless for better business management, mobile payments are a necessary feature in the payments market.
To be clear, mobile payments encompass pick-up-and-go payments and allow you to tap into a broad variety of services that range from mobile card swipers to tablets and more. The idea is to have the flexibility to accept payments from anywhere in addition to accepting payments without a physical card being present.
Mobile payments work best with an integrated payment platform. Pairing up both of these features gives you a formidable payment system that can cater to all your needs.
Ensure Cost Effectiveness
All payment providers hold different charges for credit card processing. It is always important to do your research to avoid overpaying for providers as you start comparing each payment processing platform.
In addition to platform service costs, you will find that most modern payment processing software comes with unique cost-saving measures. Automated features such as tip acceptance, inventory management, and auto-syncing with accounting software such as QuickBooks Online are ways payments processing software can help save you costs day-to-day.
This is usually possible due to the way these payment processors deploy their services. But it also has much to do with their backend systems. By finding a company that offers a payment processing platform with the key features that your business can directly benefit from rather than a generic, one-size-fits-all solution, you can make the most of your platform.
Look for Data Analytics
Payment data analytics is yet another modern feature that has made its presence known in the past few years.
By using this powerful system to analyze your payments, you can get valuable insights into your business performance and customer perception. To make this even better, you can visualize data points with the use of graphs and charts.
When paired with compatible processing services, this feature makes it simple for you to analyze the historical performance of your business locations. It also lets you judge the effectiveness of your specific offerings, such as your loyalty programs. This helps you make effective decisions that help you grow your business with ease.
Check for Simplicity
You want to make sure that you use a platform that is simple and easy to use. When looking for the best payment processing system, there are a few things to consider in order to achieve the greatest simplicity. You must ensure that your adopted system is user-friendly, easy to use when accessing key features and tools, and adaptable when processing payments in various environments.
Simplicity also correlates to reliability. Having a system that is easy to navigate, makes it possible to accurately locate tools almost instantaneously, therefore decreasing the amount of time spent on insignificant tasks.
Simplicity and intuitive design are critical for sustainable long-term efforts. Consequently, working with a user complex platform will negatively impact your business’ efficiencies, revenue, and customers. As your company continues to mature and expand, it is essential to have a system that will adapt to you as well as your expected growth and changes.
Check for Digital Security Measures
Last but not least, you must check each system for compliance with key security measures.
Any payment processor worth it’s salt will ensure that you can safeguard your customers with complete compliance to the Payment Card Industry Data Security Standard (PCI DSS). This is true for all providers, whether they offer their services through conventional or integrated payment platforms.
This compliance ensures that your payments are processed via exclusive, secure channels to keep your customers’ financial data secure at all times.
With the inclusion of additional payment methods, other security features such as Transport Layer Security (TLS) and tokenization for encryption are also being used by a variety of providers.
Make sure that you take the time to discuss security with your preferred provider before you sign up for their services. This way, you can ensure to keep your business safe from any liabilities.
At Stax, we offer secure, modern payment solutions that can be a perfect fit for your business. Whether you need mobile payment solutions or POS credit card processing, we can fulfill all your needs. To learn more about our state-of-the-art payment processing solutions, or get a custom savings quote, reach out to us at Stax today.
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FAQs about Payment Processing Platform
Q: What is a payment processing platform?
A payment processing platform is a system that facilitates the exchange of funds between customers and businesses. It allows businesses to accept various forms of payment, including credit cards, digital wallets, and mobile transactions.
Q: What are the key features to look for in a payment processing platform?
The key features to look for in a payment processing platform include integration with other business tools, support for multichannel payments, mobile payment support, cost-effectiveness, data analytics capabilities, simplicity and ease of use, and robust digital security measures.
Q: Why is integration important in a payment processing platform?
Integration is crucial as it allows the payment platform to work in tandem with other key business tools, making payments faster and more efficient. It eliminates the need for invoice reconciliation and redundant data entry, saving time and improving efficiency.
Q: What are multichannel payments?
Multichannel payments enable businesses to offer customers multiple ways to pay, providing more flexibility in how they shop and pay. This can lead to increased revenue and allows businesses to analyze the performance of different avenues quickly.
Q: Why should a payment processing platform support mobile payments?
With the evolution of business models and the need to go cashless, mobile payments have become a necessary feature in the payments market. They allow businesses to accept payments from anywhere and without a physical card, enhancing flexibility and convenience.
Q: Why is cost-effectiveness important in a payment processing platform?
Different payment providers charge different fees for credit card processing. Researching and comparing these charges can prevent overpayment. Moreover, modern payment processing software often includes cost-saving measures such as automation and synchronization with accounting software.
Q: How can data analytics enhance the effectiveness of a payment processing platform?
Data analytics can provide valuable insights into business performance and customer perception, allowing businesses to make effective decisions for growth. This feature simplifies the analysis of the historical performance of business locations and the effectiveness of specific offerings like loyalty programs.
Q: How does the simplicity of a payment processing platform impact its usability?
A simple and easy-to-use platform allows for quick navigation and access to key features and tools. It also adapts well to various environments, making payment processing more seamless and efficient. A complex platform, on the other hand, can hinder efficiency and negatively impact revenue and customer satisfaction.
Q: What security measures should be in place in a payment processing platform?
A reliable payment processing platform should comply with the Payment Card Industry Data Security Standard (PCI DSS) to safeguard customers’ financial data. Other security features such as Transport Layer Security (TLS) and tokenization for encryption are also crucial, ensuring that payments are processed via secure channels.
Q: What factors should be considered when comparing different payment processing platforms?
When comparing different payment processing platforms, factors to consider include the range of features offered, the cost for services, the simplicity and usability of the platform, the integration capabilities with other business tools, the types of payments supported, and the security measures in place.
