Congratulations on your pursuit to open up a new business! Even if it’s a small business, that’s already a big achievement in itself as, surely, you’ve had to put in a lot of hard work to come up with your business.
But, when you’re nearing the opening day, remember that the hard work doesn’t stop there. There's still another area to focus on to ensure that your business is going to run as smoothly as possible. This has to do with payment processing.
Today, cash may still be king, but it’s not the only payment means. Especially if you have an online business, you’ve got to be ready to accept multiple payment forms to make yourself accessible to more customers.
That said, here are five payment processing tips that can come in handy. Especially for beginner business individuals, like yourself:
There are many accounting programs and software today that’ll enable you to integrate all of the payment processing systems. So, if this is available to you as an option, choose to take this route.
Having an integrated processing system will make it easier for you to process payments and finance-related matters. This way you won’t have to jump from one software to another when the time comes for accounting and bookkeeping.
Most notably, if your business uses software for sending out invoices, this is a big advantage for you to enjoy. Simply because the integrated solution will allow you to process the credit card payments directly in your system. This cuts down the need for you to manually check and mark the paid invoices. While also balancing the ledger, and collecting the payables. As a small business owner, it’s also all right to admit that you may not yet be that well-versed with the ins and outs of the financial side of running a business. So, when choosing a processing system, it doesn’t hurt to seek the advice of finance experts from Accredited Interchange and other reputable companies.
This tip applies if your business has already decided to accept credit card payments by a credit card reader app. There are many payment processors that you can choose from, and each of these has its own pros and cons. One isn’t better than the other as the choice will usually depend on your small business’s needs and preferences.
Generally, you have to factor in what you want, and then choose from among different payment processor providers. You have to factor in the rates, credit card processing fees, and even their customer service. In doing so, you’ll know that you’re also providing your customers with the best payment channel options.
Mobile payment apps are also a hit in today’s time. Many shoppers are also completing their purchases through mobile app platforms. When you’re offering mobile app payment options, you’re making yourself more accessible to a wider range of customers. Simply by giving them a fast and convenient way to complete their purchases.
For many prudent shoppers, having a mobile payment gateway is something that they’d also prefer as it gives them a higher level of security. They like being able to complete all purchases through their phones. Instead of having to swipe and carry their cards in public places, they simply input the saved cards on their phone app to complete the purchase.
As a small business, you’re still susceptible to a lot of changes as you grow. So, this is also something that you have to prepare and be ready for. As you’re still starting out, you need to have that flexibility so you can adjust to rapid changes that might happen to your business. The last thing you’ll want is to be tied up to a payment processing option that keeps you held up for so many years. Especially as it may not work effectively for your needs anymore.
Typically, a long-term contract may enable you to enjoy more generous deals and offers. But, this should never get in the way of the flexibility that you’ll need to keep up with changes.
Whatever your chosen payment processor is, it’s to your advantage if it can accept a variety of payment options. That way, you won’t have to keep signing up for a separate payment processing company for another type of payment. When you sign up only for one, it’s easier to manage all the payments coming into your business. More so is this needed as a small business, when you may not have a wide team of employees yet.
The most common payment options that your processor should accept include debit cards, credit cards, ACH payment or bank transfers, and digital wallets like mifinity, which can store a variety of currencies in a wallet accessible from anywhere on a smartphone, with the ability to send these currencies domestically or abroad with minimal processing fees to ensure that the money is under the control of the user and that the receiver retains as much of the transfer as possible.
As a small business, there’s very little room for any error. Every business resource counts, and, surely, you wouldn’t want to be wasteful of your business resources. Among all the facets you’ll set up, some of the most important are the payment portal channels. After all, how can sales be completed if your customers don’t have the means to pay for their purchases. Fortunately, with modern technology, there are now so many payment processors to choose from. And, the tips above can lead you towards the best one for your business.
