Nowadays, more and more people prefer to use their credit or debit cards to buy products or services online rather than to go to a brick and mortar point of sale. For this reason, entrepreneurs develop numerous businesses on the internet and accept payments by card, e-wallet, or even cryptocurrencies. As fast and convenient as this is, it also creates some dangers associated with fraud and cyber attacks.
Therefore, if you are selling goods online, you should definitely get a trusted payment processing software. It is a kind of middleman between the merchant and the bank involved in the financial transaction. It can check the safety and legitimacy of the online payment so that you can be sure you get your money safely and on time. We have prepared a list of the most significant advantages of this solution for you. Keep on reading to expand your knowledge in this matter!
Payment processing software allows you to follow modern business trends, and as it can be updated and modified along the way, it can grow together with your company. Full-service solutions operate at scale and partner with enterprises at every phase of their growth.
There are numerous third-party services that either resell or bundle solutions dedicated to companies at their early stage. What is more, you can also easily find free online payment processing software that will not harm your limited budget in any way.
Easy Credit and Debit Card Payment
Thanks to payment processing software, your customers will be able to pay with their debit or credit card easily. With so many businesses in the same industry, every detail matters to attract a client more effectively than your competition. Therefore, they should never encounter any difficulties with online payment because if they do, most likely, they will just close your website and go to another one. Of course, in some cases, people will try to reach your support team and solve the problem, but it does not make a good impression on them anyway.
One of the important pros of payment processing software is the simplicity of setting it up. If you choose a recommended and user-friendly tool, you will be able to do this without any difficulty. Creating a merchant account can be annoying and time-consuming, and it demands a lot of paperwork and official verification before it can be used. On the other hand, payment processing is easy and intuitive, so you will be able to concentrate on developing your business.
No Monthly Minimums
Bear in mind that in the case of a merchant account, you would have to register a certain number of transactions to keep it and contain your costs. When you go for a third-party processing software, there will be no such requirements which can be hard to meet, especially for small businesses. In this way, no matter how many card payments your clients will make online in a particular month, your business will be able to function normally and continue to accept transactions.
In order to process payments made by clients, you need to be absolutely sure their money and personal data are perfectly safe from cyber attacks. If anything would ever go wrong in this area, your business will be heavily damaged and may never be able to regain customer’s trust entirely. For this reason, it is advisable to enrich online payment protection with an additional layer. Thanks to this software, you can set flags for activities on your account, establish limits, and in some cases, even add a time frame to recall payments.
With software for payments, you will be able to keep the records of all your transactions and easily access them if necessary. Therefore, if anything suspicious ever happens to your virtual point of sale, you will be able to check all the data and make it easier for you to identify the fraud or malfunction. Nowadays, the best payment software can be used not only on computers but also on mobile devices, so you can always be in control of your business no matter where you are.
The Bottom Line
In a nutshell, to make sure that every payment in your online shop is as convenient and secure as possible, you should enable your business with proper software for processing them. It is a tool adapted to the ever-changing business world, so you can start with a simple one and then, if necessary, improve it as your company grows.
Small businesses can go for a free solution to process payments by debit and credit cards and do not take any more financial obligations while improving their clients’ safety and user experience. It is simple and efficient, so try it on your own!