As your business grows, the need to develop efficient payment processing systems will become even more apparent. With more employees, suppliers, and other business partners relying on your business, it will be absolutely crucial to make sure all payments are correctly processed and delivered to where they need to be on time.
At first, many business owners will believe that they can handle all payment processes on their own. However, eventually, these tasks will become either too complicated or time consuming. In order to turn their attention back to their core business, managers everywhere will make the choice to outsource their payment processing.
With a reliable payment processing partner working by your side, your business will be able to operate more efficiently and increase its operating value. Currently, there are countless payment processing firms available to choose from.
In this article, we will discuss eight features to look for when comparing payment processing firms. By keeping an eye out for the features that can add the most value to your business, you’ll be in a position to make the choice that’s right for you.
1. Quality Online Client Portal
Your portal is where your business will be able to access important financial information and directly manage your accounts payable. With a complete portal, you will be able to keep track of all outstanding payments, generate reports, and also plan for your business’ future. Naturally, a user-friendly portal is one of the first things your business should inquire about. Without a quality portal, having direct input into your business’ payment process will be significantly more difficult.
2. Available Support
While many payment processing platforms are somewhat self-sustaining, it will still be crucial to choose a payment processing partner that offers direct support. Ideally, you will be able to ask questions on their website throughout the course of doing business. If your problem is exceptionally complicated—suppose your portal crashes—it will also beneficial to have a phone line that connects you with a real person.
3. Compliance with Regulations
You’ll find regulations in seemingly every part of the business world, but regulations are even more common in sectors that deal with personal information and financial information. Unsurprisingly, the way that payments are made and recorded will be subject to various different regulations. If your business operates in the medical industry (directly or indirectly), you will need to choose a firm that is HIPAA compliant. HIPAA contains a set of regulations governing the way health information is handled by third parties.
4. Paper and Electronic Options
In the modern era, many businesses have chosen to distribute and process their payments electronically, rather than using traditional paper materials. Electronic payment processing can help reduce costs and also reduce the amount of time it takes for a payment to be processed. However, it may also be beneficial to have paper payment options available as well. By choosing a firm that offers both an electronic platform and various printing and mailing needs, your firm will find itself in a much more flexible position.
5. Added Security Features
Security will be one of the most important components of the payment process. If your accounts are unsecure, your payments may be compromised (or even worse, the entire system will be compromised). When speaking with potential payment processing firms, be sure to ask about the security features that are available. Both their online platform and paper checks should include measures that’ll ensure all payments remain protected. You may also want to inquire about a practice known as positive pay—this helps prevent any accounts being drawn from without the consent of the account holder.
6. Scalable Solutions
Though you may have goals and projections, it is impossible to know where, exactly, your business will be ten years down the line. In fact, it is not unusual for business owners to find themselves quickly overwhelmed with new work and new business. When this is the case, your business is clearly moving in the right direction—the last thing you’d want to do is find a new payment processing partner. By working with a firm that offers scalable (and cost-adjusted) solutions, your business will always be able to say yes to new growth opportunities. You’ll find payment processing firms that work with both sole entrepreneurs and Fortune 500 companies alike.
7. Experience and Reviews
When you choose a payment processing partner, you’re going to want to choose a firm that you can trust for many years to come. While each firm you are considering will certainly have plenty of good things to say about themselves, you’ll still want to investigate further and see if the firm is able to live up to its claims. Many of the best payment processing firms will be able to show you case studies which illustrate ways they have helped businesses in the past. Look for things such as how businesses saved money and how their operations improved. You may also want to dedicate some time to reading reviews from other customers.
8. Supplementary Services
While the need for payment processes is universal, many of today’s top choices don’t just focus on making payments: they will also offer supplementary services as well. For example, your business may need help with payment processing, invoice printing and mailing services, and also cleansing your address book. There is no longer a need to find a different company to take care of each of these tasks. The best firms will allow you to build a customized service package that can meet each of your business’ current needs.
With the end of the fiscal year gradually closing in on us, many businesses are reevaluating the way they’re getting things done. Payment processing is likely one of the most essential processes that your business can begin to improve. By considering each of these eight things while you are comparing payment processing firms, you’ll be able to make the right decision on your very first try.