Online Payment Processing for Small Business: Essential Guide
Running a small business comes with all sorts of challenges that you need to overcome. One in particular is keeping up with the modern-day payment trends.
Contactless payments, biometric authentication, AI-powered payments – it all sounds like too much for a small business to handle…
Yet, it is a super important aspect if you want to keep your business up and running, along with satisfied customers and optimized processes.
Today, we are going to dive into the world of online payment processing for small business, while taking a look at all the essential information you need to know.
What Are the Benefits of Online Payment Processing for Small Businesses?
- More Sales
- Higher Customer Satisfaction
- Better Security
- Optimized Operations
- Customer Insights
1. More Sales
Online payment solutions, especially for small businesses, provide companies tons of flexibility regarding their clients, which respectively, often leads to more sales.
First of all, businesses are introduced to a wider market where they can accept more than just cash and credit/debit cards. Moreover, they are given the opportunity to reach customers beyond their local geographical location.
Another benefit is being able to sell 24/7, no matter if the physical location is open or closed. For example, an independent bookstore might see significant growth in late-night purchases from customers browsing their online catalog after hours or from a very different time zone altogether.
The same goes for other eCommerce businesses. The takeaway point here is that the shopping behavior of consumers has changed, and businesses that fail to adjust their operations accordingly will be left behind.
2. Higher Customer Satisfaction
Implementing online payments to small businesses has been shown to greatly increase customer satisfaction. This is due to a more efficient checkout process, which also decreases cart abandonment rates.
On top of that, customers’ trust is higher because companies simply will look more professional and credible.
Did you know that there have been cases where businesses gain new customers just because they have started accepting online payments through a reputable processor?
3. Better Security
Secure online payment processing for small business means high security standards are mandatory. You must make everything you can to ensure that sensitive customer data is safe. This means that the most advanced encryption and security protocols are met.
As Jane Doe, Payment Security Expert, says:
“Secure payment gateways are crucial for protecting both businesses and customers from fraudulent transactions.”
Keep in mind that using a trusted payment processor already ensures that your business complies with the Payment Card Industry Data Security Standard (PCI DSS), which is vital for handling card transactions safely.
4. Optimized Operations
Dealing with online transactions will also help streamline operations, making them more efficient. For instance, automating repetitive tasks, will minimize human error and save time for more important tasks.
Additionally, more often than not, payment processors can be integrated with accounting software, which makes financial tracking and auditing a lot simpler.
5. Customer Insights
Every business needs to know as much about its customers as possible, so they can better personalize offers as well as, understand their buying habits.
With the help of online payment solutions for small businesses, you can do just that. By learning about customer behavior, and sales trends, companies can offer personalized promotions and discounts.
Best Online Payment Processing for Small Business: How to Choose the Right One for Your Needs
There are so many online payment processors available that it’s easy to become overwhelmed trying to choose the right one for your business.
Here are a couple of must-have features that you should consider:
- Security. Probably the most important element you need to pay attention to is security. A security breach could mean losing the trust of your customers, and that’s something awfully hard to regain.
- Integrations. The ability to integrate your online payment processing with existing software is a must. Be it accounting software, eCommerce platforms, PoS software, etc., all of your operations should align and work as one.
- Fees and Pricing Structure. Small businesses often struggle to properly handle their cash flow, including monthly expenses. Therefore, it is of utmost importance to carefully consider the pricing structure of your payment processor, as well as, any additional monthly and/or hidden fees.
- Customer Support. Last but not least, do not underestimate the value of good customer service. Customer support can make or break an entire experience. 24/7 support, in particular, is important it guarantees that everything will be running smoothly, no matter what difficulties a customer may encounter, and when.
Electronic Transfer: The Perfect Online Payment Processor for Your Small Business
At Electronic Transfer, we take pride in our 30+ years of experience, and having successfully worked with more than 50,000 merchants, helping them with their online payment processing.
We specialize in website payment processing, mobile payment systems, phone orders, and retail points of sale, but we also have a number of other services, including shopping cart solutions, ALT-ACH processing, and high risk credit card processing.
Choosing us as your partner, you get transparency and competitive pricing – no hidden fees, no sign-up fee, no monthly minimum, and no cancellation fees.
On top of that, we offer the best customer service in the industry, and use the latest technology to ensure we meet your highest standards.
But don’t take our word for it – take a look at what our clients have to say on TrustPilot, where we score 4.8/5 from 85 reviews.
Don’t hesitate to contact us right away by dialing 800-757-5453 or sending us a message at sales@electronictransfer.com.