As a small business owner, finding ways to optimize your business is critical to the success of your operations. Having the ability to accept payments in a fast and efficient manner is at the core of running a successful business. That said, it is extremely critical to invest in a payment processing tool that allows you to maintain optimal efficiency while saving you time and money. Here’s what you should look for in your payment processing platform in 2021:
When it comes to payment processing there can be quite a bit of uncertainty when it comes to pricing. Many processors have hidden fees and charge for additional line items not initially disclosed to the business. When deciding what payment processing platform would be best suited for your business make sure to do your homework. Find out if the company charges different pricing tiers for different card types. With a tiered pricing model, similar transactions are grouped and categorized into tiers, each tier is then charged a different rate. Depending on the types of transactions, you could be paying upwards of 4% in processing. When thinking of tiered pricing think – your hard-earned money down the drain.
As a general rule of thumb, try to steer clear of pricing models that seem “too complicated” and opt-in for a flat fee or subscription pricing whenever possible. Subscription pricing removes the uncertainty that often plagues business owners thanks to its fixed monthly rate. Businesses know exactly what they’re paying for each month and save a great deal on processing.
As the adage goes, time is money. And this remains true when selecting a payment processing solution. Not only is it important to pick a platform with transparent pricing that saves money, it’s also important to choose a technology-forward solution that allows you to operate your business smarter. Your business needs an all-in-one platform that equips you to operate at peak efficiency. With that in mind, here are some features you may consider when selecting a payment processing solution:
What business tools do you use most often? Do you use Quickbooks for your accounting? Do you use shopping carts for your website? Be sure to find technology-forward solutions that allow you to integrate with your top-level business needs. For example, Fattmerchant provides you with direct integration into QuickBooks Online. This integration syncs information in two ways, changing the way you manage your payments.
Dashboard and Analytics
Business owners need access to data to make profitable business decisions. That’s why features that allow you to get a full-throttle view of your data are critical. When possible opt-in for a payments solution powered by data and analytics. Features like a high-level summary, that shows sales trends in a simple view, allows you to be aware of growth or areas of concern for your business. A heatmap highlights your busiest times of day (and slowest) helping you make smarter staffing decisions and more impactful offers and promotions. Find solutions that make running your business simpler and comprehensive.
When things go wrong, businesses need to know that they are taken care of and will be able to resolve their queries quickly. The lack of timely support can be detrimental to a business since it can impact your cash flow and ability to run your business effectively. This makes it increasingly important to find a processing solution that offers around-the-clock support and has systems in place to answer your queries so you can operate your business at the highest caliber. Look for companies that offer dedicated, reliable, and timely support – via chat, email, and phone. A good way to see if a company offers this is by looking at company reviews on sites like Merchant Maverick and Software Advice.
Payment processing is an important facet of your business and should not be taken lightly. Invest in a solution that offers the best savings, technology, and customer support, and run your business at peak efficiency.
Fattmerchant is a merchant services company with an innovative payment technology platform that saves its customers an average of 40% per month on their credit card processing fees with their subscription-based pricing model. With its integrated payment platform, business owners and partners have access to the card-present and card-not-present solutions they need to process payments and invoices, robust data analytics on those transactions, and advanced business tools such as their integration to QuickBooks Online. For more information on Fattmerchant + Xendoo partnership, visit Fattmerchant.com/xendoo-lp/.