Whether your business is large or small, a sound payment processing strategy is one of the central elements to achieving profitability, longevity, and overall success. Too often, businesses struggle to meet their monthly goals due to an ineffective transaction processing system or a lack of understanding when it comes to how payment processing.
What does it take to optimize your approach to payment processing? Luckily, getting your payment processing strategy right isn’t as hard as it used to be.
Here are some best practices for smarter payment processing your business should be taking advantage of:
1. LEARN ABOUT AVAILABLE PAYMENT PROCESSING SYSTEMS
The best way to improve your payment processing strategy starts with the basics. Start by talking with your processing team to review what kind of payment processing solutions are available and how they can work for your business.
We offer dedicated payment processing. Dedicated payment processors are closely tailored to the needs of our individual merchants and will allow your business to use its own merchant account to process transactions.
2. GET INFORMED ON DIFFERENT TYPES OF CREDIT CARD FRAUD
Selecting the right payment processor for your business many times comes down to understanding your company’s security needs.
You’ll need to choose a trusted partner that offers a wide variety of fraud protection features. Depending on your business model, some fraud risks will be more prevalent than others. The most common threats include identity theft, credit card tumbling and refund fraud.
If you want your business to be seen as trustworthy by your customers, you should take these common fraud schemes seriously. With a payment processing strategy that is security-focused, you’ll build long-lasting, profitable relationships with clients.
3. SELECT A PROFICIENT PAYMENT PROCESSING SYSTEM
In selecting the right payment processor for your business, you’ll also want to ensure you have great core features & capabilities. Your transaction processing system should be:
- Intuitive. Internally, you want your payment processing system to be easy-to-use for your staff members and require minimal training to master.
- Customizable. Ensure your system gives team members the ability to customize how you process payments and engage with customers.
- Portable. Find a payment processor that gives your business the capability to process transactions from wherever your customers already are—on the web and in person.
4. ENABLE A WIDE VARIETY OF PAYMENT METHODS
Over the past several years, the way that businesses accept payments from customers has evolved over leaps and bounds. Be sure your solution includes these essential payment methods:
- Credit/debit. These are the baseline payment methods that your system should offer regardless of whether or not you conduct transactions primarily in person or online.
- EMV chips. Short for EuroPay, MasterCard, and Visa, these chips are now standard on new payment cards and require EMV chip reader technology to function.
- Contactless payment. This payment method uses near-field communication (NFC) to read payment cards without the customer swiping or “dipping” their card.
Taking charge of your business’ payment processing strategy should be at the top of your list when finding ways to strengthen your business model. Get started conducting smarter transactions with Altor Processing today!
