Let’s face it: payment processing can be a tough egg to crack and there is a lot to consider when selecting a payment processing solution that’s right for your small business. But breaking through that barrier becomes much easier when business owners take the time to educate themselves. To help you navigate some of these complexities, we’ve compiled a list of common payment processing hurdles and how to overcome them.
1. Multi-Channel Support
If your merchant services provider only supports one function of your sales channels, you are probably going through the hassle of utilizing one provider for POS payment processing support, another strictly for online shopping, and one for mobile or on-the-go payments. If you’re utilizing multiple vendors, you’re only increasing complexity and cost. Thankfully, there are merchant providers that offer small businesses an integrated platform and simplified experience. By consolidating all of your payment processing functions under a single platform, you can take advantage of a faster, simpler and more cost-effective payment processing experience.
2. Lack of Support
When you have a question, you shouldn’t have to wait. To keep your business running seamlessly and accepting payments at all times, it’s critical to not only find a provider that offers support around the clock, but also offers an online knowledge bank of resources that are accessible to you anytime. This ensures that you, your employees, and your customers don’t run into unpredictable situations without having someone there to have your back.
3. Information Security
Card fraud can be extremely costly and catastrophic for your brand reputation and small business as a whole. If you do not have the proper safety mechanisms in place, you run the risk of not only putting your business on the line, but your customers, as well. In order to avoid exposing your customers to fraudulent credit card processing transactions, finding a payment processor that is adherent to payment card industry (PCI) data security standard (DSS) compliance is critical.
We recommend ensuring that your POS terminal(s) are chip-capable and that your payment processing application can accept EMV chip cards. Because EMV is not required by law, fraudsters will specifically be targeting businesses who haven’t implemented this technology, as the liability of fraud falls back onto the small business.
4. Fluctuating Processing Fees
If you are currently accepting payments via card, you’re no stranger to the unpredictability of payment processing fees and the impact they can have on your bottom line. There is a lot of variance in processing fees and how they are calculated. Whether it’s the type of card used, the method of accepting the payment, or your average transaction size, these factors probably seem everchanging for your business. With an unpredictable amount of transactions each month, you most likely never know what your bill will look like at the end of the month. The typical solution offered here is to find a provider that will sit down and explain each fee your business is penalized by every month. We believe merchants deserve more than a simple explanation of those fees, but should also receive a service that can eliminate them completely.
That’s why we developed the Cash Discount Program, providing business owners unlimited processing for one flat, low monthly fee based on the merchants monthly processing volume. The first-of-its-kind solution eliminates merchant worries about hidden fees, perpetually increasing interchange rates, and unpredictable bills. The Cash Discount Program was designed to create a transparent payments environment where business owners not only understand the fees that come with credit card acceptance, but also have the option to avoid them completely.
At VizyPay, our innovative payment technology works together seamlessly, keeping security, customer service and transparency in mind at all times. Whether your business is looking to consolidate all payment channels under one roof or simply in need of a provider that’s always in your corner ready to have your back, we can ensure to fill all your business needs.
For more information about payment processing and solutions, browse our blog!