Are Online Payments Solutions Right for Your Business?
Today’s shopping trends have led large businesses to accept online payments, but what about the smaller guys? We’re talking about the small- to mid-size businesses, often independently or family-owned, that make up the backbone of commerce.
These businesses may not have the same resources or skill sets to build elaborate websites that have payment capabilities. And without online payments, it’s hard to stay in competition or even get paid on time after services are rendered. Fortunately, there are ways around that roadblock.
Partnering with a payment processing provider is often a worthwhile solution for such businesses, enabling them to handle online transactions with relative ease.
Many small- to mid-size businesses don’t necessarily have the resources to create a fully operational e-commerce site on their own. Some still don’t even have credit card processing capabilities; instead, they do business using cash and paper checks.
It makes sense. Payment processing is a complex ordeal that requires specific knowledge and skills, along with the appropriate hardware. That’s not something many businesses can accomplish on their own.
Because of this, companies that specialize in offering payment processing solutions started popping up. Rather than small businesses hiring the appropriate resources and building the infrastructure from the ground up, you can simply choose a payment processor and enroll in their services.
This allows you to take advantage of the relationships that these processors have already built with banks, financial establishments, and credit card companies. Rather than setting up and managing your own accounts, you pay a small per transaction fee to your payment processor and they handle the work for you.
While these services are something you’ll need to budget for, the price is often worth the convenience of being able to set up smooth online payment solutions that your customers will enjoy using.
A variety of online payments solutions are out there for your choosing. For instance, you can offer online checkout on your website, you can provide IVR services so customers can pay by phone, and you can turn your mobile device into a payment terminal in order to accept payments anywhere. And each of these payment channels can support various payment methods, like credit/debit cards, ACH, and eWallets.
A recent study found that businesses that provide at least one payment method in addition to credit cards have a 12% higher conversion rate than those offering just one method of online payment. Offering multiple payment options provides a more flexible experience, which can lead to more online transactions.
Don’t limit your potential revenue by not offering the payment methods your customers want. Instead, you can select a payment processor that can set you up to accept a wide variety of payment types across any channel.
A payment processor worth its salt will have a qualified customer support team to help with initial integration and continuing service, questions, and concerns. This team can help qualify you as a partner, which means they first ensure that the payment solutions of your choosing are able to be integrated with your website and/or other systems. Be sure you understand what’s involved in the integration process so you’re not taken by surprise.
In fact, aligning your expectations is something a good support team should help you through. And that assistance is a valuable piece of partnering with a payment processing provider.
Like using any provider’s services, there is a cost associated with payments solutions. Most payment processors will charge transaction fees, often a small percentage. Different providers will have different pricing structures, so be sure to do your research and find out exactly what you’re expected to pay and when.
If you’re ready to take the dive into finding an online payment solution for your business, Forte Payment Solutions can help. Call our team today to find out how easy it is to get started!