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What to Consider Before Selecting a Payment Service Provider As a business owner, some of the responsibilities you have include accounts receivables, reducing debt and managing daily sales. You can use electronic payments to improve cash flow and daily sales management. However, do you know how to choose the right merchant account provider? When you decide to accept credit card or echeck payments, or want a new payment provider, consider the following: Integrated Payments Check whether the payment processor you want to install can integrate with your existing accounting, enterprise resource planning (ERP) system can customer relationship management (CRM) system. Some payment processors offer plugins that can seamlessly integrate their solutions into the software you are currently using. Managing your business activities from one interface can save money and time. Moreover, the probability of double-entry errors are reduced through integration. Better Reconciliation There are multiple ways in which your business may be accepting payments. Regardless of the ways you accept payment, it’s important to have a robust and detailed reporting for your business from a centralized location. There are a number of payment processors that will allow you to track the various transactions of your business. Processors with payment gateway capabilities usually have robust reporting options.
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When customers swipe their credit cards at your shop, the information is sent to the payment gateway for processing. You can see the information passed in any transaction if your payment processor offers application programming interfaces (APIs). Therefore, you can customize the API to see the information related to your specific needs.
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Payments through EChecks Echecks work like paper checks in that they transmit the customer’s bank routing information or checking account number for processing. You can simplify your business by using echecks. For example, you can use the option to allow for direct payment on mortgage, rent, loans and other bills. Some businesses also use echecks to make direct deposits to the employees. Implementing echecks in your business helps to reduce the costs associated with processing paper checks and also saves time. Using echecks helps to increase profits, lowers costs and leads to better customer service. Fraud Prevention Tools Fraud and security matters should also be consider when looking for a payment gateways service provider. Since customers will be trusting you with their credit card data, it’s important to ensure the data will be safe. You can ensure the security of your customers’ private details by signing up with a payment processor with robust security and fraud tools. The tools can block high risk credit card payment and hence ensure you do not become liable for transactions made using stolen credit cards. Follow the four tips above to find the right payment processor.