When you run a business, you can’t grow without payment processing software. These tools are responsible for making real-time transactions between you and your customers easier – and more secure.
But choosing the best software tools for your small business can be difficult. That’s why, in this article, we’ll walk you through 9 different factors you need to consider when choosing the best payment processing software for your business.
Factor # 1: Reliability
You shouldn’t use a service provider in your small business if you don’t trust them. That is why reliability is the first factor to consider when choosing a payment processing system.
But how do you measure the reliability of a service provider? You can do this by analyzing two factors:
- If they have a high number of new customers and an increased number of loyal customers
- If they have investors interested in the business
This information already gives you a good signal about the reliability of a business.
Factor # 2: Safety
Even for small businesses, customer expectations are high when dealing with payment processors, especially when it comes to security. After all, people’s money is at stake in this situation.
Thus, providing a secure environment for your customers’ transactions is crucial for the success of your business. Make sure the payment software you use is certified to comply with information security standards and anti-fraud systems.
Factor # 3: Effectiveness
The payment stage is a crucial stage in the customer journey. When a customer reaches this point, you want to make sure that they won’t abandon a purchase for any reason – and the efficiency of a payment processing system can make or break the experience.
Most people abandon a purchase if they have a hard time completing it – and this happens not only in the online environment, but in person as well. For this reason, you want to make sure that your small business has an efficient payment processor – both online and offline – to avoid losing sales due to a bad payment experience.
Factor # 4: Easy integration
If your small business has other systems, like an ecommerce platform or a marketing automation tool, you might want your payment processor to integrate easily with them. Select a system that not only benefits you, but also makes it easy for your customers to make payments wherever they are.
Image name: payment processing software
Alt Tag: Factors When Choosing A Payment Processor
Factor # 5: Good user experience
User experience is essential for any customer-business relationship, and it also applies to your payment software. You want to make sure that the system you are using is simple to use – for you and your customers – when paying for a service or business.
Here are some ideas of what to consider when evaluating the usability of software:
- Clean and simple interface
- Clear communication on next action steps
- Simplified navigation
- User-friendly design
Factor # 6: Additional services
It is always important to offer other payment services to your customers, and not all payment processors can help you.
So, to increase your conversion possibilities, it’s a good idea to know if the system you choose can help you with services like recurring payments, sending invoices, or providing mobile payments.
Factor # 7: 24/7 customer support
Customer issues regarding payments are always a sensitive issue for small businesses. It is essential to have a customer support team always available to help you and resolve issues quickly.
Check to see if the payment processor you are using offers technical support through live chat, emails, and phone calls so that you can effectively resolve any issues you may have with this system.
Factor # 8: accept various payment methods
Most payment software accepts traditional credit card payments like Visa, MasterCard, and Amex. However, you want to make sure that you cover other potential payment methods that your customers might be using, such as debit cards, international cards, or paying in different currencies.
Explore all the possibilities that your payment software can offer you to see if the service matches your requirements and needs.
Factor # 9: Cost
Cost is the most crucial factor you need to consider when making a final decision about your payment processor software. After all, you can’t afford to pay for a service that goes over your budget for that type of service.
Find the one that matches the expected cost-benefit ratio for your business needs (in terms of software price and potential costs), but will also ensure you have an exceptional customer experience and service. For budget options, check out this list of the cheapest ways to accept credit card payments.