Here you will learn how to improve the payment process and get tips on picking the best payments solution to sell online.
Step Number One: Getting To Know The Basics.
Payment Method vs. Payment Provider
A payment method is a way customers pay for your products or services. There are many types of payment methods like credit cards, digital wallets, bank transfers, and more. You can and should add more than one payment method, so your customers can choose their preferred way to pay at checkout.
Millions of safe credit card transactions occur each day around the world. More than 60 thousand per second. You, your bank, your customer, your customer’s bank, and the entry connecting them are the main players here. Authorization happens first when the customer pays in many ways like ApplePay, credit card, bank transfer, etc. The payment solution verifies whether the customer has enough funds for the transaction. Once verified, a hold is placed on funds.
This is called Capture. This way, you are confident your goods or services will get paid. Moreover, additional safety measures are being taken to prove the transaction’s legitimacy. It happens almost immediately, and by the time you are saying thank you to your customers, the transaction will already be verified. Finally, the Settlement stage is when the customer’s money arrives in your bank account.
What is a payment provider (PP), and why do you need one? The provider processes every transaction for your business, like payments you receive from customers. The PP then transfers funds to your bank account so you can get paid. These are called payouts. Your provider also handles transactions like refunds and chargebacks. Finally, payment providers can make use of BIN analytics to help gain insights into your customers and keep security tight. However, you may be wondering what a BIN is. It stands for Bank Identification Number and is the first 4-6 numbers on a customer’s bank card. Payment providers can use it to improve your company’s performances, as it is a helpful tool in various aspects.
Payment providers operate in different countries and can offer multiple payment methods. Note that available payment methods depend on your location. You need to choose the one that best fits your business and location among the global network of payment providers.
Solidgate is an online payment solution for your business that allows you to manage all your transactions and payouts from a single integrated dashboard. Users enjoy comfort and effortlessness.
Step Number Two: Investigating.
Top Factors To Keep In Mind
- Does the provider support your company type?
Review the provider’s policy rules. Make sure your products are not in their banned things or restrictions checklists.
- Where is your office located?
Your PP is powerless if not linked to your bank and should support your currency.
- Which payment method does the PP offer?
Think about the most popular ways your customers would prefer to pay for your goods.
- Decide on the payout cycles.
Every day, every week, or every month? To keep track of your business’s cash flow, research this issue. How often will your provider transfer money to your bank? How often will you get paid?
- Do you agree with the processing fees?
Most of the processing rates are based on the percentage of the transaction value plus a fixed amount. Some providers charge additional fees like transaction fees, monthly fees, etc.
To improve payment solutions, think about the points that matter to you most, and pick the option that suits you best.
Sell More And Lose Less
A good online payment processing solution from the fintech partner you chose will impress you with what modern technology can do. New features will be adopted seamlessly, potential risks and fraud attempts managed easily, and new payment methods adopted so your business keeps growing and entering new markets.
Besides, the support of fintech experts is always with you to make the most of improving the efficiency and accomplishments of your payment. They will lead you in the field of legal regulations and assist in switching to new business models with comfort.
A new solution will help you become more self-sufficient in the process. You actually supervise your payments plan to empower local acquiring to a worldwide extent. You get the best outcomes at the lowest investment costs.
Step Number Three: Find Out What Matters Most.
Advantages Of Adopting A New Solution
The following list will ensure you that choosing an advanced solution has many advantages to improving your company’s payment process.
Ease and comfort
Payments are processed with ease and convenience both for merchants and their customers. This explains the recent popularity of payment processing solutions. Users enjoy buying products or services with no fuss, no pressure, and at their own convenience. Merchants get their earnings fast and steady as soon as the invoice has been allowed by the bank. There is no problem with money storage here, and the access is quick anytime you need to deal with your funds.
Budget Benefits
There are many budget-friendly payment processing solutions for small businesses, and the demand keeps growing daily. All the costs connected to this type of money processing are attractively low, making it possible to avoid unnecessary expenses.
Supportable and renewable
These epithets are probably the most suitable here. It is an open pathway to your business growth and is also environment-friendly. No physical investigations, no paper used on unnecessary procedures, and no other wasted resources connected to money transferring and monitoring. Our environment is grateful for that.
Reversible
One more excellent feature is the ability to change, cancel and reverse transactions. Unfortunately, it is often needed in case of fraud or some human errors connected to shipping, etc. This feature empowers your business with utter client trust as they know if something goes wrong, the bank cancels transfers and makes refunds.
The Verdict
Say Yes! Add a new option to your payment options and policies list. Your business needs an extended, faster, and more effective way to sell online. Consider Solidgate as an online payment provider for your business. Take good care!
