Payment processing has gone through constant change over the years, and it’s now more sophisticated than ever before with far more payment collection methods to choose from.
From POS systems to mobile payments and digital wallets, the merchant has numerous ways of collecting money from their customers and enhancing the entire customer experience. However, no matter the system you invest in, is essential that you get the most out of it by getting the best value for money and streamlining the way your business works.
If you’re investing in a new payment processing system, considering an upgrade, or just looking for tips to optimize the performance of your current processing tools, the following tips are aimed at helping you to maximize the effectiveness of your payment processing system.
Will the System Serve You Well Into the Future?
To get the ultimate value out of your payment processing system ask yourself what its features and functions can offer you in the long term. This way, you will get more longevity out of your system and better value for your money. If you’re looking for a new terminal or device, ask yourself:
- How will the system aid your business success in the future?
- Does it provide a means of recording valuable data so you can make better business decisions?
- Does it suit your business needs as you start out and as your business develops?
- Can you upgrade if you need to?
Also, will it help you cater for new payment trends and business demands? For instance, contactless payments are growing in popularity and an EMV compliant system can lower your risk of chargebacks in some cases.
If you’re upgrading or purchasing a payment processing system for the first time, ensure it has the latest features to get the best value.
Does It Offer Solutions to Your Business’s Problems?
Every merchant will experience their own problem areas. Can you use your payment processing system to address these concerns? This is something you should consider before purchase, however, the more familiar you are with your system, the more you’ll come to understand how it can best serve your business needs.
For example, a POS system can save you significant money by enabling you to better manage your stock control, bolster your customer service by speeding delivery times and it can also maximize your income by allowing you to identify sales trends.
Does It Provide Answers to Your Customers’ Problems?
According to experts, there are three main pain points that will be experienced by retailers in 2017; this includes the competition from direct to consumer sales and of course the continuing success of e-commerce.
However, consumers face their own problems or pain points too. Among the most common are a lack of available time, but long queues and a lack of personalization are also common bugbears of today’s consumer; the right payment processing system for your business can help address these problems. For example, mobile POS systems can allow you to accept payments on the move and table ordering can also reduce queues.
Does It Offer Good, Various Levels of Customer Support?
If you’re struggling with a problem and you can’t resolve it yourself, then usually the next step is to contact the payment processor who provided the machine. However, this isn’t helpful if you have limited access to customer support and the company proves hard to get hold of when you need them the most.
But when you chose a reputable company and has the expertise and experience to guide you through some of the most common problems, you’ll have a support team in place to offer you the backup and support you need to overcome any issues that might occur.
As a problem can occur at any time of night or day, ensure that your payment processor offers 24/7 support.
Learning About the System
If you’re searching for a new system or recently invested in one, learn as much as you can about it so you can optimize its use.
As well as garnering information from the manufacturers, payment processors and the information booklets that come with your system, do some online search and find out everything you can about it; it is easy to pick up time-saving shortcuts and quick tips from other users by looking on forums are actively asking questions.
In addition, train your staff well so they know everything they need to about the system. Every staff member should be educated as to how the system can save them time and improve the service they offer customers so they can truly understand the purpose.
Getting, Making the Most Out of Data
Even smaller companies can benefit from the amount of data payment processing systems provide. For instance, data can enable you to:
- More competitive
- Spot trends that can maximize your takings.
- Reorganize staff rotas so you can get the best out of them.
- Identify slow selling items and other problem areas.
However, not all companies take advantage of the amount of data they have access to, but the ones that do gain distinct advantages. Research from BARC, which was published back in 2015, showed that more than 40 percent of businesses were benefiting from ‘big data’ analysis in the form of cost reductions, making better strategic decisions, improved operational processes and understanding their customers.
A payment processing system isn’t just about the price you pay. An effective system is one that will serve both your business in the long term and help inform the business decisions you make through effective data analysis.
And to get the most from any system every merchant must ensure that it is tailored to their specific needs and offers the answers to the most common problems their customers have.
Merchants also need to be certain that they are going to get the ongoing support they need should anything go wrong, and to have confidence that they are working alongside a reputable payment processor is dedicated to customer service.