These days, customers enjoy making payments on the go without signing anything. Online payments are all the rage today, which is only natural. However, this absolute convenience for customers often equals distress for small business owners.
No doubt, running a business, in general, is not a walk in the park. And it can be especially challenging when you face merchant account problems. There’s a lot to take into account prior to investing in merchant gateway services for your small business. In this post, you’ll learn about the most common payment processing problems and smart ways to solve them.
The Problem. Databases get hacked and identities get stolen on a regular basis, that’s a fact. According to 2021 Cyber Security Statistics, over 60% of data leakage is caused by identity theft, almost 15% is focused on finances, and almost 20% is after access to your account(s).
The Solution. Find a reliable merchant gateway provider with solid fraud prevention policies in place. Ask their specialists to let you in on their data storage process, how their system prevents phishing, and whether their company complies with strict information security standards like PCI DSS.
The Problem. Small business owners offer mobile services, which means they may have multiple storefronts or locations. For instance, a cafe owner may have a land-based store downtown and offer catering services for various outdoor venues.
The Solution. Make sure the payment processing provider that has caught your eye offers compatibility with your gadgets. If you get a small-sized point-of-sale reader, you’ll be able to swipe cards and sort out online transactions wherever you are.
Access to Payment Records
The Problem. Accepting payments is vital, but it’s not everything. A lot of small business owners face data accessibility issues with their merchant gateway providers. Make sure you keep records of processed transactions on a daily basis, as well as have round-the-clock access to these records. This is very important, however, not all payment gateway providers seem to realize it.
The Solution. Opt for a payment processor that offers a treasure trove of data both for keeping payment records and promotion. Look for such services as income reports and automation features generating reports for you and sending them straight to your email.
Working With Multiple Payment Types
The Problem. Some payment processors only work with certain types of payments. For example, a lot of them accept credit/debit cards without offering the possibility to make contactless payments.
The Solution: Don’t neglect to do your homework and make sure the merchant gateway provider you’re about to seal the deal with accepts multiple payment types.
The Bottom Line
Online payments come with both benefits and drawbacks. If you’re a small business owner who’s shopping around for a reliable payment processing provider, make sure you consider all the aforementioned problems and their possible solutions when making your choice. And last but not least, always remember that top-level payment processing services will boost your cash flow significantly. So, be smart, research, analyze, remember the tips above, and only then take action.