Where to Spend Your Precious Payment Processing Dollars

Which one should I get?

So you finally received the go-ahead to buy yourself a brand-spankin’ new payment processing system.

There are quite a few options. Mobile payments. Online payments. Debt collection. Check verification. Fraud protection. Batch processing. Which one(s) you ultimately pick depends on your business, your needs, and your customers.

Let’s go ahead and take price out of the equation. A payment processing system company worth its salt should not be charging you start-up fees (we definitely don’t.) The question of “How much does it cost?” really turns into “What will give me the greatest return for my dollars?” To answer this question, consider these items:

Payment Processing

Who are your customers?

Sit down with all of the stakeholders at your company and talk about who your customers are and what they would want.

  1. What feedback have they given you on their payment preferences?
  2. Demographic? Would they be more comfortable with paying by phone or via a mobile app?
  3. What percentage of customers don’t pay their bills on time?
  4. What are the barriers to them paying their bills on time?
  5. How can you overcome those barriers?

Where do you need to take the pressure off?

  1. Is your customer service team getting slammed with phone calls about taking payments at the expense of solving more complex problems?
  2. Is your accounting team wasting time taking trips to the bank when they could be creating a future budget strategy?
  3. Does your team in the field need a way to process payments on their phone?
  4.  Where do you need to see the biggest change and which team would benefit from it the most?

If your customer service team is wasting time fielding payments, an online system will go a long way. If you need to increase efficiency for your accounting team, a payment compilation software might be what you need. Mobile apps are perfect for teams outside of the office. Make sure you are solving a pain point for your internal team. This will help you get buy-in for future improvements to your payment process once everyone sees how you made life better for your coworkers.

What do you need to improve regarding safety?

PCI and NACHA compliance are no joke. The threat of payment fraud is incredibly real and should definitely be considered when making your decision about payments.

  1. How many transactions do you process annually?
  2. What PCI Compliance level are you?
  3. Do you have the resources internally to handle compliance?
  4. How is your customer data being stored?

Consider all these items, and you will be in the perfect place to get exactly what you need from your payment collection budget.