4 Ways Payment Processing Services Make Collection More Efficient

woman in red blazer paying using her iphone

Small businesses should streamline the processes involved in receiving and disbursing funds.  The reason why many companies fail is simply because of unsustainable cash flow, therefore it is important that customers make their payments on time.

Late payments can prevent a company from carrying out a variety of actions, such as hiring new employees, paying salaries, investing in equipment, or providing a marketing budget for the month. Failure to pay any of these expenses can hinder the growth of a small company.

Fortunately, as a business owner, you can make the payment process more accessible to clients. Some clients are put off by convoluted systems, and it can help to make the process of paying easier for them. Finding the right payment system for your business is about knowing what options are available. Here are 4 things you should ask when considering payment processing services for your business.

1. Does it allow integration with existing platforms?

A number of payment processors team up with other companies to deliver their service. For example, Amazon Payments is a good option for small businesses. It integrates into your website and uses the payment information in customers’ Amazon.com accounts. This makes the process quicker from your customers’ point of view.

If your business uses Apple devices as a point-of-sale (POS) machine, you can use Apple Pay to accept payments from customers. This app uses touch ID confirmation, which makes transactions secure. It makes payments easier for people who use Apple devices to buy items online. Apple Pay also lets you transfer the funds to your bank account or make purchases for your business.

Google has its own payment service, Google Pay. It allows money transfers through a customer’s smartphone, through their browser or Gmail account. Google Pay does not share customer data with its partners; all information stays with Google and is protected with multiple layers of security. Considering a platform that already has existing integrations with other platforms can save you time, and it will make your customer’s buying experience much smoother and more convenient.

2. Does it offer customization options?

If you are after customizing the look and feel of your payment form, it’s important that a payment system can be designed so that it looks like a natural extension of your website. You should be able to customize things like checkout forms, confirmation emails, credit card statements, and other messages. Look for options like enabling in-app purchases, which will make mobile fulfillment services on your site effortless.

3. Does it need a merchant account?

For some business owners, especially those that are just starting, PayPal can be a safe option. It allows owners to accept payments without a merchant account, as well as generate and track invoices. Brick-and-mortar businesses can accept in-store payments and still have their transactions processed through PayPal. PayPal doesn’t require a business account, and you can accept payments as an individual.

4. Can it handle streamlined invoicing?

Beyond making payments more convenient, you can also generate invoices faster. Intuit partnered with QuickBooks, and allows you to get paid online from invoices generated through a number of ways.

Your customers can receive their billing through mail, e-mail, print-out, or fax, and pay through your merchant of choice. They can also view their billing history through a secure 24/7 Customer Account Center.

Key Takeaways

Making payments convenient will help you meet your internal financial deadlines while keeping your customers satisfied. Consider these service providers when deciding how to get payments for your goods and services. Even combining them into one Payment Page can be a great idea because you give your customers all the flexibility they need while organizing all your payment options into one website page.

For more information on how to build an efficient payment page, as well as insights on different online payment methods, visit Payment Page. All you need is one of the payment gateways or providers above and you can have a page set up for your business, giving you a seamless checkout experience for your customers.