Payment Processing Tips For Online Merchants
Advise clients to choose a technically savvy and financially stable payments provider.
That said a payments provider must know ins and outs of the processing system. Due to complex requirements from one business to another these processing systems have moved from banks to technology providers. Provider must be able to process different forms of payments, be it debit card, credit card, gift card, ACH, loyalty card or any other form via different methods ie phone, web, retail store, mobile, check scanner etc.
Look to maximize sales channel opportunities
Best way to maximize opportunities for sale is to maximize the number of points of sale. Help your customer close the sale regardless of where you are for ex – over phone, on the web, a trade show or in a field. Asking customers to go to a store to make the purchase minimizes chances of sale.
Embrace credit cards
Many of the customers like to use their credit card when making a purchase. Credit cards are most of the times more expensive than cash or check payment, for a merchant. Asking a customer not to use credit card may lead to losing a repeated customer.
Integrate payments data with the accounting system
Integrating payments data into accounting system eliminates that chances of errors that happen due to manual data entry. It can also reduce days sale outstanding (DSO) and enhance chance your client audit and compliance positions.
Advise clients in establishing a check payments strategy
As e-payments replace more and more checks, don’t lose sight of the potential increased exposure with fraudulent checks. Converting paper checks electronically to ACH, checks-by-phone, Web, Check 21, and check guarantee can increase cash flow and mitigate losses.
Focus clients on becoming PCI-compliant and scanning their PCs
Payment card industry ie PCI compliance is now a requirement for all businesses that interact with credit or debit card. PCI ensures that the merchant is current with all the updates and security risks.
Understand the importance of end-to-end encryption technology
End-to-end encryption (E2EE) starts with payment capture devices, and goes all the way to the transaction’s being authorized. E2EE prevents the card account data from being stolen electronically, and lessens the cost and impact to become a PCI-compliant business.
Help your clients understand mobile payments
This involves more than just a smartphone that can accept a credit card payment, or a mobile phone that replaces a credit card in making a purchase. It’s also about delivering information and marketing activities, such as offering coupons through an array of mobile devices, that build customer loyalty.