There are many retail payment solutions and some are suitable for specific age groups, businesses and technologies. With there so many payment solutions to choose from, it is easy to make the wrong decision on the retail payment solution for your business if you do not have the right information. A wrong choice is very expensive because of the investment in training costs, contracts, equipment or software involved.
This is why you need to make an informed decision when choosing the payment solution. The choice that you make should provide a solution for your long term needs. Choose a flexible solution that keeps up with changing technology. After you establish the type of payment that works best for your business, you can start the selection criteria.
Security of Payments
When it comes to money, security is very important. You therefore need to select a provider who provides secure data processing payment solution. If you are planning on accepting debit and credit cards, choose a solution that is PCI-compliant. The solution you choose should guarantee safety of our customer’s payment by using modern technologies in data security.
Processing Fee for Payments
As a business, you should focus on minimizing costs as much as possible. Look for payment solution that does not require you to pay a lot of money. High payments reduce your profits. Apart from nominal processing fees, payment providers make money through hidden fees. For you to get the overall amount that you need to pay, consider the amount charged on leased equipment and terminals, charges for going over the maximum monthly quotas, charges for missing the minimum monthly quotas, and charges and penalties for early terminations. The charges are not bad but you need to find out about the amounts before you commit to the retail payment solution.
Maximum and Minimum Transactions Amounts and Frequency
As you choose a payment solution, consider the amount of money that you transact in a month and the frequency. This is because payment providers have tiered pricing depending on the amount transacted and the frequency. If you fail to meet or go above the set limits, you are forced to pay unnecessary amounts. The best retail payment solutions are flexible enough to adjust to your needs as your business grows.
Ease of setup and maintenance
Choose a payment solution that enables you to start immediately. The more complicated the process of enrolment and application, the higher the chance of there being hidden costs. The costs increase your expenditure and cuts down on your profits. You should choose a solution which does not need constant troubleshooting. Any time that you spend troubleshooting the payment solution is wasted time as it is time spent away from your business.
Unfortunately, even the best payment solutions experience hitches that need expert help once in a while. Make sure that your payment solution comes with 24/7 customer support services. Switching from one payment solution to another is very expensive so make sure that you choose the right one the first time.