When customers buy your products or services, they expect a smooth, seamless process that gets the money from their bank to your business as quickly and securely as possible. When that fails, it can lead to frustration and lost sales. That’s why it’s important to choose the right payment solution for your business. Look for one that offers features that fit your needs, fees that work with your budget and customer support to provide peace of mind for both you and your customers.
Payment solutions for business are available in many forms, ranging from full-stack systems that can handle all of your transaction and reconciliation needs to point-of-sale (POS) systems, mobile payments, and more. The type of payment system you need depends on your business model and how you sell. For example, online subscription services need a solution that handles recurring charges; while brick-and-mortar businesses like bakeries will need a POS system to accept credit or debit card payments, as well as an online solution for their website and a way for delivery drivers to take payments on the go.
Regardless of which kind of payment solution you need, you’ll also want to consider how easy it is to integrate with your other technology. You can choose a hosted solution, which redirects your customers to another site (like PayPal) to complete their payment information, or an integrated solution that connects to your e-commerce platform through APIs. The latter will give you more control over the checkout experience and won’t require your customers to leave your brand site.
If you need to send B2B payments, you’ll want to look for a mass payment program that can automatically schedule thousands of transactions at once using different methods. For instance, Tipalti allows you to pay suppliers in 196 countries in 120 unique currencies. And all payments are made with mass transfers backed by money transmitter licenses, which helps you avoid the time and expense of individual payments to each supplier.
You’ll also want to find a payment solution that can easily connect to your accounting software or enterprise resource planning (ERP) system. This will enable you to share data and automate processes. For example, some systems can scan checks and deposit them into your bank account, eliminating the need for human intervention and reducing risk of fraud.
A full-stack payment solution can offer unparalleled scalability, as you’ll only need to integrate it once. Then, as your company grows, you can simply add on more modules to meet your transaction volume requirements.
There are dozens of payment processing solutions on the market, so do your research to make sure you choose the best one for your business. Look for a provider that offers competitive rates, security and integration options, and a reputation for excellent customer service. If you’re unsure where to start, try reading reviews of other users to get a sense of what their experiences have been like. You can also ask other business owners for recommendations if you’re having trouble narrowing down your options. Payment solutions for business