Payment Systems – How to Choose the Right One for Your Business

payment systems

There are dozens of payment systems to consider out there. As a business owner there are a few fundamentals. You need to sell a product or service, and you need to be able to receive payment from your customers.  Each payment system available offers its own benefits and features. The decision you make can have an impact on your success. The following considerations will help you make the best choice for your customers and your business.

How Accessible is the System?

There are two basic approaches to online payments. You can set up a merchant account with a bank so that you can directly accept payment from credit and debit cards. The other option is to use a shopping cart system. Shopping cart systems offer a number of features. These features often include multiple payment options, email integration, and recurring payments.

Whichever system you choose it needs to be accessible for you and your customers and prospects. This means it needs to integrate with your existing systems. For example, if you want to be able to include a “Buy” link on your blog, then your systems need to support one another.

Payment systems should be accessible for your customers, too. Make sure it’s available in the areas where your customers live and on the devices they use.

Ease of Use

Take a look at your options and, if possible, try a demonstration of the software. Make sure using any of the payment systems is easy. Look at it from your prospect’s point of view. Are there too many steps to take? Many shopping carts are abandoned when they require too much from the user.

Fees of Payment Systems

Payment systems do charge you a fee. All of them charge a fee based on each transaction. For example, PayPal charges 2.9% + $0.30 per transaction. Some charge a lower transaction fee, but they also charge an annual fee. For example, Authorize.Net charges $0.10 per transaction, but they also charge a $99 setup fee and a $20 monthly gateway fee.

Finally, explore the customer service and reputation of the technology or service. The last thing you want is a system that fails, has technical glitches or frequent down time. You want a system that has a strong reputation for being reliable. You also want a good customer service team that can help answer your questions, get you set up, and be ready and available when there are difficulties.

Choosing your payment system is important. Establish your priorities, compare your options and choose the system that best suits your needs. Keep in mind that this is a process that can take some time, especially if you’re unfamiliar with how your various technologies need to integrate. A virtual assistant with knowledge and experience in the payment processing system can help you make the best choice and they can set it up for you.
What are your priorities for a payment processing system? What’s most important to you?