Assessing the necessary products and services for a smooth business operation is a crucial skill. While some evaluations are straightforward, others require more time. It’s easy to quantify the costs of payment processing by examining your account statement. However, the benefits offered by payment processors are often less understood, especially when third parties are involved.
Let’s explore five key advantages that payment processors offer businesses like yours:
Acceptance of credit and debit cards
The primary and most significant benefit provided by payment processors is the ability to process payments made through credit and debit cards. Although this may seem obvious, consider how your business would function without the capability to accept card payments. Reliable payment processing is essential for most businesses to operate effectively. According to Worldpay’s 2018 Global Payments Report, credit and debit cards accounted for over half (42%) of eCommerce payments and three-quarters (74%) of in-store consumer payments in the US in 2017. Therefore, accepting credit and debit cards is as crucial as having electricity for daily operations. This benefit is available whether you contract directly for payment processing or through a value-added reseller (VAR) or any other means of accessing your payment processor.
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Offering alternative payment options to customers
Customers value choice, especially when it comes to payment methods. While credit and debit cards are essential, they are not the only significant payment option. Modern consumers desire a range of alternatives, such as mobile wallet payments through smartphones. Payment processors assist businesses in determining the best mix of payment alternatives to satisfy their customers. From direct bank transfers to prepaid cards, gift cards to buy-now-pay-later options, payment processors enable you to keep your customers satisfied by allowing them to pay the way they prefer. It is important to understand the available payment alternatives before committing to a particular payment processor, whether you work directly with them or through a third party.
Integration of payments with your own systems
The business landscape consists of various specialized systems, and integrating these systems is crucial for improving business efficiency and maintaining sanity. Payments are not isolated transactions; they are connected to other business workflows like accounting, billing, customer relationship management (CRM), and more. Leading payment processors seamlessly integrate payment functions with these systems, enabling smoother operations.
Direct pricing and relationships
Payment processing services are often bundled by value-added resellers (VARs) with other business services. Independent sales organizations (ISOs), merchant service providers (MSPs), and eCommerce providers also offer payment processing, although they may be one step removed from the source. These third parties typically resell the services of a payment processor as part of their business services package. However, many businesses prefer direct relationships with payment processors. Direct relationships offer several advantages, including extensive payment expertise, superior customer service, 24/7 troubleshooting, data security assistance, fraud protection, and more. Furthermore, direct relationships can provide pricing models that result in significant cost savings.
Flexibility to accommodate business growth
Payment options are evolving rapidly, just like businesses. Leading payment processors help businesses like yours stay ahead of the rapid changes in the payment marketplace. Full-service payment processors operating at scale can partner with businesses at every stage of growth. While many third-party services that resell or bundle payment processing are designed for early-stage small businesses, top-notch payment processors can not only grow with your business but also assist you in achieving that growth.