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How Payment Processing Can Help Grow Your Small Business

Payment Processing

By Nidhi SharmaPublished 2 years ago 4 min read
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Payment Processing Can Help Grow Your Small Business

"How Payment Processing Can Help Grow Your Small Business" is originally published at GETTRX on November 22, 2021 by Mickey Khan.

As a business owner, you already know how crucial it is to provide customers with simple and fast payment processing services. This saves customers a lot of time, prevents transaction delays, and enables them to accept payments quickly.

“More payments mean more revenue, which is essential to your growth“

In reality, most entrepreneurs and small business owners do not know that payment processing is a great business development strategy that can help SMBs grow.

Here Are Some Ways that Can Boost your Small Business Growth through Payment Processing;

Choose a payment processor that specializes in small businesses

Digital Payment Methods will widen up your Customer Base

By integrating payment processing, you can drive loyalty

Take advantage of recurring billing options

Go with Integrated Payment Processing to reduce Human Error

Increase sales and improve cash flow

Zero payment processing

→ Pro-tips to Double Up the Payment Processing Benefits:

Now that you know how payment processing can help grow a small business, let’s look at the top 4 factors to consider when choosing a payment processor.

Factors to Consider When Choosing a Payment Flow for Secure Transactions:

1. Choose a Processor Gateway Appropriately:

The payment gateway you select should be able to scale along with your business as it grows. Therefore, you need to choose a payment gateway that fits your needs. Here’s what you need to do:

A site with an integrated payment form that sends information to a payment gateway. Upon submitting the form, all of your information is sent to both the payment processor and the service provider through an API call. If your site has an integrated payment gateway, your credentials will be encrypted and secure.

Redirect for payments: Integrate the redirections to ensure fast payment solutions. Direct customers to the secure, hosted payment page or have them enter their information in the embedded form.

Using Escrow: This payment gateway is often used by eCommerce platforms, which can withhold the funds before the respective person grants them. For instance, when your website works as an intermediary for trading, you might need a one-platform store where both parties’ traded funds are kept.

Ensure your platform is secure: Many big brands have raised the bar on the online marketplace by raising client expectations. So, even if you run a small business, your clients might expect a high-quality, responsive website with secure payment options and a variety of features.

Also, make sure your payment provider is certified and has accredited information security standards like PCI-DSS. PCI security standards are mandatory for card brands but are administered by the Payment Card Industry Security Standards Council.

2. Look for Pricing and Service Agreement Requirements:

Payment gateway pricing is determined by the type of transaction your business makes (online or in-person). It also depends on sales, revenue, consistency of payments, frequency of transactions, and the market your business serves.

So, it is important to compare how different business models are related to your payment provider. There might be a few services like setup fees, contracts, or any charge transaction fees.

3. Look for Easy Checkouts:

The majority of sales are now conducted through mobile devices. So when researching payment gateways, make sure you check the level of experience your provider offers. Keep in mind that the process should be smooth and the same for all devices.

4. Smooth and Easy Integration:

Online payment gateway integration is not an easy process. However, most of the providers give detailed instructions for this. The ideal solution to make things hassle-free is by choosing a gateway system that does not hinder your website’s user experience and does not slow down processing.

Conclusion

The payment processing industry has evolved beyond just payment processing; it now includes technological innovations and adaptations. Moreover, customers are likely to spend more with merchants they know and trust, and who offer advanced payment solutions.

As a business owner, you should make it your top priority to provide smooth payment solutions. Selecting an intelligent payment platform, such as GETTRX, will help you keep your business successfully running and will ensure the success of your business.

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About the Creator

Nidhi Sharma

I am passionate about helping people understand content through my easily digestible writing. My writing niche is online payment processing and solutions.

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