Choosing the Best Small Business Payment Software

You can't expand your firm without payment processing software. These solutions are responsible for making real-time transactions between you and your customers easier – and safer.

However, selecting the best software tools for your small business might be difficult. That's why, in this post, we'll go over nine distinct variables to think about when selecting the finest payment processing software for your company.

Reliability is the first factor to consider

If you don't trust a service provider, you shouldn't use them at your small business. As a result, the first consideration you should make when selecting a payment processor system is reliability.

However, how do you assess a service provider's dependability? You can do so by looking at two factors:

If they have a high number of new consumers and a higher number of returning customers, they are doing well.

If there are any investors interested in the company, that information already offers you a solid indication of a company's trustworthiness.

Security is the second factor

Customers have high expectations when working with payment processors, even for small firms, especially in terms of security. After all, this is a case where people's money is on the line.

As a result, ensuring a secure environment for your clients' transactions is critical to your company's success. Check to see if the payment software you're using is compliant with data security and anti-fraud mechanisms.

Efficiency is the third factor

The payment stage of the client journey is critical. When a consumer reaches this point, you want to make sure they don't abandon their purchase for whatever reason, and the effectiveness of your payment processing system can make or break the experience.

Most people abandon a purchase if they are having difficulty completing it - this is true not only online but also in person. As a result, you must ensure that your small business has a reliable payment processor – both online and offline – in order to avoid losing revenue due to a bad payment experience.

Ease of implementation is the fourth factor

If you have additional systems in your small business, such as an e-commerce platform or a marketing automation tool, you may want your payment processor to be able to quickly interact with them. Choose a system that is not only helpful to business, but also makes it simple for your consumers to make payments from anywhere.

Factors to consider while selecting a payment processor

A pleasurable user experience is the fifth factor

User experience is critical in every customer-business interaction, and your payment software is no exception. When paying for a service or business, you want to make sure that the system you're employing is straightforward to use — for both you and your consumers.

Here are some things to think about while assessing software usability:

• The user interface is simple and basic.
• Communication on the following phases in the process should be clear.
• Navigation is simple.
• Design that is user-friendly

Extra services is the sixth factor

Other payment services are always crucial to offer to your clients, and not all payment processors can assist you with this.

To boost your conversion chances, find out if the system you're considering can help you with services like recurring payments, sending invoices, or accepting mobile payments.

Customer service is available 24 hours a day, seven days a week is the seventh factor

Payment issues with customers are often a touchy subject for small businesses. It is critical to have a customer support crew that is constantly available to assist you and promptly resolve concerns.

Check to see if the payment processor you're using provides technical assistance via live chat, emails, or phone calls so you can quickly handle any problems you're having with the system.

Taking a variety of payment methods is the eighth factor

Traditional credit cards such as Visa, MasterCard, and Amex are accepted by most payment software. You should, however, ensure that you cover any additional payment methods that your clients might use, such as debit cards, overseas cards, or payments in various currencies.

Examine all of the features that your payment software has to offer to see if it meets your requirements and wants.

Cost is the ninth factor

When it comes to choosing a payment processor software, the price is the most important thing to consider. After all, you can't afford to pay for a service that costs more than your monthly budget.

Find one that not only meets the projected cost-benefit for your business demands (in terms of software price and future fees), but also provides excellent customer service. Check out our list of the cheapest ways to accept credit card payments for budget-friendly solutions.

Thanks to Haiden Hibbert at Business 2 Community whose reporting provided the original basis for this story.