Effective ways to optimize your company’s payment processing solutions

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    If you own a business, streamlining the payment processing of your website is very important. If your customers can’t pay quickly and efficiently, they will likely move their business elsewhere. There are many online payment processing solutions out there, but unfortunately not all of them are worth your time.

    Before you implement payment processing methods on your website, you need to do extensive research, read reviews, and plan how to use them.

    This article explains different ways you can optimize your company’s payment methods and gives you the most efficient payment processing solutions:

    What is a payment processing solution?

    A payment processing solution is a system that manages your company’s purchases for you. It essentially acts as an intermediary between you and the customer, making it easy to pay for the goods and services you are offering. There are many different payment processors available online, some better than others. It is critical that you choose the right payment service provider to make transactions easier for you and your customers. An efficient payment processor improves the experience of your customers and enables you to receive payments directly into your bank account, also from international customers.

    Find a payment processor

    When setting up your website’s payment gateway, you need to find a professional, qualified and uncomplicated partner to process payments. There are plenty online. Some, like mypaymentsavvy.com, can develop custom payment processing gateways for your website. This gives you more control over your payment gateway and its functions. You can go now on their website to read what else they have to say and learn more about bespoke payment solutions. When considering a payment processing agency, make sure you read and research reviews and testimonials.

    High Risk Merchant Accounts

    If you have a business that is classified as high risk for banks, you may struggle to find a payment processing service that will work with you. Fortunately, there are some who do. Those companies that are considered high risk include [but are not limited to]:

    • Pornographic and adult services.
    • Article with age restriction [Cannabis, alcohol, and cigarettes].
    • Security deposits.
    • Deliveries, collections and removals.

    If your business operates in an industry that is considered high risk, then you need to seriously consider the payment processor you work with. Some charge higher fees from high risk companies because no one else will take care of them.

    Free credit card processing

    You’ll also want to find a payment gateway that offers free credit card processing. If you end up doing business with a gateway service that charges your customers, you will lose a lot of money on every purchase and irritate your customers. When someone makes a purchase from you, they don’t expect any additional fees for using their credit cards. This can be incredibly annoying for customers. Because of this, you need to find a service that doesn’t charge your customers for using their cards and instead processes card payments for free.

    Collection agency for dealer loans

    Some payment processors also offer Debt collection services. If you are a company that offers credit to your customers, this is very important. Unfortunately, many customers fail to honor their agreements with the companies they work with. This results in unpaid debt that accumulates interest and is out of pocket for entrepreneurs. A credit collection agency buys your debt from you and collects it itself, adding its own interest. These services allow you to reclaim lost money and make sure you never get out of your pocket.

    Effective payment gateways

    If you can find a payment processing service, they’ll provide you with a payment gateway. Your payment gateway is how you get paid – it’s the payment processing solution. These gateways are hosted by payment processing agencies. There are three main types of payment gateways:

    Redirects

    Redirects are a very common type of payment processing, especially for smaller businesses. Redirects to PayPal are particularly common. When a person is ready to pay, the payment gateway service forwards them from the merchant’s website to the payment processor’s payment processing page, where they complete their transaction. This process is referred to as «forwarding» because it is forwarded to the processor’s payment page. For small businesses, this is a very easy way to make customer payments easier. Instead of having to invest in a large payment gateway, small businesses can use redirect gateways. This is convenient and gives your customers security. By using forwarding gateways, customers are offered buyer protection for their goods which may not be the case if they use an on-site payment gateway.

    In addition, forwarding gateways make life easier for merchants. You don’t have to manage or handle any aspect of your payment gateway, it is completely off-site. That being said, adding extra steps to the payment process can be very annoying for customers.

    On-site checkout, off-site payment

    On-site checkout and off-site payment is the most practical payment gateway for medium to large companies. The front-end checkout takes place on the retailer’s website, while payment processing takes place in the processor’s backend. If you use a payment gateway that processes payments off-site, you need to make sure that they are secure, reliable, and securely process your customers’ credit card information.

    In addition, you need to ensure that your website has an SSL certificate so that your connection between your website and the processor is encrypted and secure. This type of payment processing is extremely simple and very efficient. Even so, you cannot control the entire customer experience and if the processor is slow or delayed it will affect you badly, which is why finding the perfect processor is important.

    Payments on site

    On-site payments are a very effective, very efficient, and very convenient payment processing solution. In fact, it could be argued that this is the most practical solution available. The reason for this is very simple: you can manage every single aspect of your customers’ payment process. You can avoid slow processors, delays and inconvenience that can be found on the payment gateway website.

    However, with this method you have a lot more responsibility. This means that you need to make sure that your website’s security is robust. If your customers have problems with the security or the handling of their data, it is badly affecting your business and you may be legally responsible. However, as long as you keep the security of your website under control, on-site payments are the most effective and efficient payment processing solution. They’re also much faster, which allows customers to streamline the payment processing process.

    Optimized payments

    Registrations

    If you want to streamline the checkout process, avoid it Force customers to register on your website. Some people just don’t want an account. Forcing you to create one can overcomplicate things and even prevent them from returning to your website. Instead, allow customers to pay without registering, but take their contact information with them so you can email them their receipt and tracking information. If you want to force registration, give them the option to add a password on the billing page so that they don’t have to go through the entire registration process after entering their details.

    navigation

    Another way to improve your website’s payment processing is to make your website easier for customers to use. This is especially important if you are using on-premise payment gateways. Once your customers have completed their purchase, you will take them straight to a confirmation page that they can print out. As a side note, make sure each page is consistent. Keep your fonts, logos, and color schemes, even at checkout, to build trust with your customers.

    clarity

    Make sure you make the payment process very clear. If you want to redirect your customers to another website, let them know. Don’t suddenly redirect them without notification. This can alert customers and make them less trusting your website. A great way to make it clear how you expect payment is to offer them buttons to click. Each button should have the logo of the company that processed the payment. This enables them to quickly go, research, and come back.

    Email reception

    After your customers pay, send them an email receipt. An email receipt is a great way to instill trust in your customers. You feel more trustworthy and look forward to proof of payment. This is especially important if you are using an on-site payment gateway as customers typically have buyer protection when using off-site gateways. If they are directly related to your website, they are not. Additionally, in your confirmation emails, you can send your customers promotional offers and let them know about other similar products that they may be interested in.

    Optimizing your company’s payment processing is extremely important if you want your business to be successful. An inefficient payment gateway will repel customers and make them feel like they can’t trust you. This can lead to bad reviews and you develop a bad reputation with customers.

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