All businesses exist to make money. Not being able to accept payments easily and safely means you are preventing that from happening. Businesses that have yet to address their payment processing issues are always going to struggle to remain productive and profitable. When consumers are limited in their payment options, they are likely to head elsewhere, to a business that lets them pay the way they want to pay. If your payment processing capabilities are restricting your business growth, then here are some key factors to consider.
1. Understand Different Payment Processing Systems
The first thing that you need to know is what your options are in terms of payment processing. Look at the available options and consider how each will be of value to you. Learn the difference between payment aggregators and dedicated payment processors, and evaluate their pros and cons in terms of your unique business model. If you already use a payment processing system, consider if it is doing all that you want it to do.
2. Learn About Fraud
All businesses need their payments to be secure, so trust is going to be a major consideration when choosing a payment processing system. If you have narrowed down your options for the most business-suitable system, check each option against their security claims regarding:
- Identity theft
- Refund fraud
- Credit card tumbling
The more secure your payment process, the more trustworthy your business. Don’t make this decision lightly.
3. Use Security Strategies
Your in-house security needs to be evaluated as well. The method of payment processing you opt for might be the safest in the world, but if you are not adding vital security elements into the business setup, you are exposing yourself to risk. Consider making use of:
- Two-factor authentication
- Card verification codes
- Establishing minimum transaction limits
- BIN/IP address verifications
- EMV chips
The options that you consider will depend on your business type. Restaurants will need a very different payment system in place than an eCommerce store being run from home.
4. Don’t Guess
When it comes to all business decisions, never resort to guesswork for the final choice. Use real-world facts and stats and analyze them closely. Remove the guesswork and you will have a better chance of choosing the payment system that offers your brand the most advantages. If you’re not sure about the best ways to analyze and use that statistical data, consider signing up for the Six Sigma Black Belt Certification. This can give you the skills to highlight the best steps for progress in all areas of your business.
5. Diversify Payment Options
The fact remains that the more payment options that you offer consumers, the more likely they will spend. Use your customer research to highlight the most popular payment choices of your core demographic, and ensure that the payment processing system that you opt for allows for more diversity of payment options. Factor in security so that your brand is not left exposed.
When it comes to building a stronger and more secure business, payment processing should be one of your first priorities. It is a practical element to business development that many entrepreneurs overlook in the frenzy of launch days. Get the payment systems right, and you can start accepting payments and building your bottom line much easier, safer and faster.