Finance IT Forward online payment processing – SMART ONLINE BUSINESS GROWTH STARTS HERE
Let’s ask ourselves: Do you feel comfortable and assured as the owner of businesses or does your brow start to sweat uncontrollably while online payment processing?
Any business probably experiences enough stress. As a result, this stress could be jeopardizing your business’s well-being. The reasons may be different… For example, the stress can be: of keeping on top of the day-to-day management of your business, of retaining your current customers, of finding new customers, of finding, hiring, and firing employees, of finding the most suitable payment processing.
The late payment of invoices is causing owners and directors of businesses stress-related problems. But payment processing shouldn’t add anxiety to your life. Above all, it should add sales, profits, and happy customers. So, if payments make you nervous, there are ways you can increase your chances of getting paid.
So how to process payments stress-free?
It is a fact: poor planning of payment processing leads to poor performance
Firstly, planning can help you gain control of what happens next. As a result, you feel less vulnerable, more in control. By clearly setting out a day-by-day strategy your team can adopt co-ordinated and professional control procedures that could reduce the threat of stress. Think about your existing payment infrastructure and how each payment service provider will work within it. Most importantly, it can help you prioritize spending and balance competing for demands on your money.
Time to push the ‘pause button’ on worry!
Research has shown, that financial worries are related to a lack of information or wrong information or both at the same time. Systems, terms, and a huge amount of information can get overwhelming for anyone. Therefore, it is best to start by knowing some key terms before speaking to sales representatives on the phone. As a result, it will be easier for you to understand the offers and consider the most suitable option for your business.
So, let’s begin!
- Merchant services is a specific type of financial service that includes all the services and products a business needs to accept payments from your customers. This includes things like card terminals, point of sale (POS) systems, payment gateways, and merchant accounts. Certainly, any business that wishes to accept a form of payment other than cash needs a merchant services account.
- An Independent Sales Organization – more commonly known as an ISO, but also called a member service provider. This is a third-party company that is contracted by a credit card member bank to procure new merchant relationships. ISO’s also processes online credit card processing transactions for small businesses. As a result, you will experience more personalized customer support, lower rates, and more advanced technology through ISOs.
- Card Association or Card Network. These are VISA, MasterCard, Discover, and American Express. That is to say, this is an organization owned by financial institutions that licenses bank credit card programs, they are considered governing bodies, not banks. They provide a general infrastructure based on which all payments are processed. Above all, Card Network ensures that the transaction is attributable to the proper customer. At the same time, they are responsible for such things as setting interchange rates, arbitrating between issuing and acquiring banks, and maintaining and improving their card networks.
- Interchange. Card associations charge interchange in exchange for a business to be able to accept their cards. In other words, interchange fees are transaction fees that the merchant’s bank account must pay whenever a customer uses a credit/debit card to make a transaction. The purpose of this fee is to cover the risk that the issuer takes in accepting and handing overpayment. Meanwhile, it also extends to cover things like handling costs and fraud.
Choosing the best payment processing strategy for your business
So, how to choose processing providers?
Meanwhile, processing vendors charge their merchants in different ways:
- Markups. A markup is a difference between the market price by a processing vendor and the price paid by a customer. For example, markups can come in percentages or a flat rate. The concept is the same across both: you’re paying a percentage on top of the interchange. As a result, the more you process, the more you’re paying to your merchant services provider. In other words, markups are a legitimate way for processing vendors to make a profit on the transaction.
- Tiered Rate. Tiered pricing has the potential to be the most expensive of the listed here. Meanwhile, a tiered rate is currently the most common form of pricing for credit card processing services. To sum up, tiered pricing is opaque, expensive, and is the vehicle for many of the hidden fees that plague the credit card processing industry.
- Subscription. On this model, a monthly membership is paid for access to the direct cost of interchange. In other words, subscription-based processors have a similar concept to other subscription services you’re used to, such as warehouse stores like Costco. You pay a low fee to get access to warehouse pricing on goods, where you then can buy as much as you want with no cap on savings. That is to say, that there is no variation based on how much you process.
To make your decision on price alone – is a wrong way
In addition to processing transactions, also important: currency processing, transaction reporting, and security. Firstly, do payment service providers offer high standards of security for payments? Secondly, do payment service providers facilitate by processing multiple currencies? Thirdly, do they offer transaction reporting features, enabling you to reconcile transactions more effectively? All of these factors are very important when choosing a payment service provider! Payment service providers bring all financial parties together to deliver a simple payment experience for merchants and their customers by processing payments quickly and efficiently. By accepting as many payment methods as possible, you can ensure that you aren’t turning away any potential customers, and thereby boost your sales.
We are what you need
Process payments models are variable, often including both fixed and varying fees. Most payment service providers use a flat rate structure for pricing. In some cases, the prices of transactions are deducted from each transaction in a simple strategy to help small business owners manage expenses. All these aspects should be carefully studied and analyzed according to the state of things in your business and well-weight decisions are taken in the end.
Above all, Finance IT Forward helps you automate the sales process, manage the bill, adhere to market compliance, boost customer conversion and retention and so much more. With Finance it Forward you will get a great deal of customer support with online payment processing.
In conclusion, there are a number of benefits associated with Finance it Forward payments. Most importantly, we take care of the entire payment process, so you can focus on your core business without having to worry about whether you’re able to get paid. Finance it Forward platform also offers billing options, payment monitoring, debt collection notices, as well as business accounts and currency conversion management. As a result, all this makes Finance it Forward the ideal anti-stress platform for online payment processing. See our handy platform showing how a structured approach could help your business get paid more promptly.