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8 key things to consider when looking to on board payments solution software for your business

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The era of paychecks and physical banking has passed as the main way we transact. With the advancement in technology, money is now more commonly exchanged for goods or services through financial institutions applications and other third-party portals. There are many payment solutions companies to choose form in the market, with many being very reliable, however there are plenty who are not.

When it comes to choosing a payment solution that accept credit card payments or perhaps provide a convenient direct debit facility, there are some key points to keep in mind to help you make the right decision for your business. It’s important to make sure that you choose a solution that will scale as your business grows, minimising the need to keep changing solutions as your business’s requirements demand more from this type of technology. Failure to understand these core elements can result in high fees and perhaps on boarding a solution that isn’t the best fit for what you’re actually after or need.

So, what you should look for when looking to on board a reputable and reliable payments solution provider for your business to help you grow and maintain a strong cash flow?

Fees

The obvious approach to online transaction fees is to choose the cheapest provider. Going down this path and ignoring all the other points below can have a serious impact on your business if things like usability, service, and security are nothing.

Security (PCI Compliance)

If you want people to buy from you online, then they have to feel that they trust you and your site. Choosing a well-established onboard payment solution provider will help create a trust item, as well as relevant security certificates displayed on your site.

Your website should also have a privacy policy that clearly states how customer data and information are used.

Payment options

The last thing you want to do is to set up barriers to getting paid when selling products online. For example, accepting both credit and debit cards is smarter than only providing one option. You want to be able to pay through your PayPal account so that you do not have to enter your card details online at check-out every time.

Ease of use

Ease of use is another important consideration when choosing an online payment provider. How easy is it to complete your customer withdrawal? Complex transactions can result in high abandonment rates and loss of sales for your company. Be sure to take a look at other websites with your preferred payment provider before participating.

Fraud prevention

As an online seller, you are responsible for all fraudulent transactions that occur on your site. For example, if you receive a suspicious order for an unusually large amount of one of your products, you must ensure that it is genuine before updating and submitting it.

Many onboard payment solution providers have created anti-fraud measures, but pay attention to warning signs for different or unusual delivery instructions, such as delivery address and billing address

Stability

Especially on the Internet, it is important to find a stable solution. There are many examples of unstable solutions that collapse, and buyers end up.

Reliability

With consistency, it is important to find a direct debit company that you can trust. This means providing good customer service and an accelerated application process to get you up and running as fast as possible.

Understand consumer psychology

In the modern market, consumption is mainly aesthetics. Consequently, companies should expect a constructive understanding of the same. Before choosing a payment provider, check your customers’ payment preferences.

When talking about customers’ preferences, focus on the target consumers to consider their preferences. Find out if a particular form of payment is profitable with your demographic. Make sure your customers are satisfied with your payment options to increase your conversion rates.                                                                               

Choosing a respectable on board payment solution provider usually provides useful resources, but you should not rely on them completely. If you send a dishonest purchase from your website, you will lose it, and you will also have to return it to the original cardholder.

About the Author
Pay Advantage is Australia’s best direct debit company for small business, offering a number of convenient and flexible payment options to small and large organisations. Whether you’re looking for a reliable direct debit company, custom virtual terminal, upgrade your billing with BPAY or ability to accept credit card payments, they can provide it all backed by their PCI compliant technology and award winning service.

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