This guide goes into every detail you need to know about choosing the right payment processing platform for your business.
Here in this guide, we will look at key issues, including the best practices for migrating to a new system.
Why Is the Right Payment Processor Important?
For any business, the process of making and receiving payments should be frictionless and cost-effective. Quality payment processing software can make transactions smoother enhance the customer experience and make financial operations easy.
Look Out for When Selecting
- Compatibility and Integration: The payment processing platform should be integrated with your current hardware, software, and business management tools.
- User Experience and Interface: Ensure it is user-friendly; less technical expertise is expected from the users.
- Customer Experience: The customer interfaces need to be intuitive and easy, so that, in effect, satisfaction at the customer level is improved. 59% of merchants say payments are critical to the customer experience.
- Reporting: Find a provider that streamlines reconciliations and other even more time-consuming tasks.
- Scaleability and Flexibility: Choose a provider that can grow with your business and one that offers customization to how you do business.
- Supported Payment Methods and Options: Offer a variety of options, including digital wallets, mobile payments, and cost-saving for the customer who pays the fee-based options.
- Transaction Fees and Pricing Structure: For merchants, the transaction fees might be the second most costly thing after labor. Investigate the fee model and avoid unexpected fees. Interchange-plus pricing models are less expensive than flat-rate models.
- Security Features: Make sure your provider is PCI-DSS compliant and has tighter security to protect your business and customers.
- Customer Support and Service: Make sure the provider you opt for has dependable U.S.-based customer support options like phone, email, and live chat.
- Merchant Account: Ensure that your payment processor allows you to use a merchant account and never a sub-account to the processor’s account so you stay in full control.
Best Practices for Migrating to a New System
- Review your existing environment: Know what you want to accomplish and what your particular needs are from the new platform.
- Know your contract: Know your termination provisions and work with your current partner to develop a safe handover.
- Backup Data: Protect vital customer and transaction information using safe backups.
- Sharpen your contingency plan: Minimize disruption by incorporating an overlap period with your system.
- Warn Your Bank: Make your bank aware of the planned migration so there will be no service disruption.
- Migration: After doing the above thing, you can start migrating your data into the new platform.
- Definitive Testing: Before launching the system do definitive testing to check if everything is working as it should be.
- Monitor Customer Experience: Now give proper care to customer experience once you have rolled out your new system.
- Monitor Performance: Monitor the data to analyze and notice areas of improvement.
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