Top 8 Key Features to Look for in a Payment Processing

Payment processing can be dull and repetitious without the right support. One thing that an individual needs to look for in a new payment processing service is its ability to integrate with other key business tools. An integrated platform makes your payment transaction faster and more efficient. But when paired with the other features on this list, it also brings a few additional benefits to the payment processing such as –

Transparent and honest

One needs to find out the right payment processor that is clear about what to expect as a user, including the capacity, product features, fees, and contractual terms. As businesses are more likely to make decisions they won’t regret when they fully understand the commitment and value being delivered to them by a product.

Look for the data analytics

Payment data analytics is yet another vital modern feature that has made its presence known in the past few years. By using this powerful system to analyze your payment, one is not able to get valuable insights into your business performance and customer perception. To make it even better, one needs to visualize the data points with the use of graphs and charts.

When paired with compatible processing services, this feature makes it simple for an individual to analyze the historical performance of your business locations. Apart from this, it also lets an individual judge the effectiveness of your specific offerings such as your loyalty programs. This can help you to make effective decisions to help you to grow your business with ease.

Time-saving

An integrated full payment processor is the solution of cutting down the time spent on your billing and payment processes. One needs to choose a payment processor that may allow your customers to get to their next appointment and pay you while on the go.

Convenience

With the rise in the acclaim of mobile devices and smartphone users across all age groups, payment processing tools have to accommodate all the methods of digital payment. Researches have shown that –

. 9/10 of customers prefer texting over the phone calls

. 92% of the US adults carry text-enabled phones to reach customers because they are more likely to receive a text than a bill sent to their email, especially if their address has changed.

. 98% of smartphone users use text regularly. Knowing this fact can reassure a business that its customers are more likely to reply if they send a text than if they try to call the customer and end up playing phone tag.

Ensure cost-effectiveness

All the payment providers may hold different charges for the credit card processing. It is always recommended to do some research to avoid overpaying for providers as you start comparing each payment processing platform. In addition to platform service cost, one needs to find out the most modern payment processing software that comes with unique cost-saving measures. 

Accept multiple debit and credit card payments

One needs to ensure that your merchant account payment provider allows each customer to use payment methods of their choice. Credit or debit card payments are a must for small businesses. Whether your customer wants to pay with American Express, Visa, Discover, or MasterCard, your business should be able to compile with the payment method.

Paperless

Reducing the amount of paper used to process the payment has advantages such as –

. Less hard cash to count at the end of a long hectic workday.

. Less opportunity to find the counting errors when balancing your accounts.

. Saving your money and time as you need to buy less stationery.

. Collecting money digitally from the outstanding client accounts.

Security

As all payment gateways are not secure, you need to be sure to purchase the payment processor that protects your client data from being at high risk and exposed to hackers. For instance, when users fill out a payment form with their card details, it is vital to have technology on your platform that keeps their data safe from fraud.

So, at PCI Merchant Services we offer secure, modern payment solutions to our clients that can be a perfect fit for your business. Whether you need a mobile payment solution or POS credit card processing, we can fulfill all your needs for payment processing.

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