As a small business, payment processing can be an arduous task. With an increasing number of small businesses adopting payment processing, you sure do not want to lose out. But it can be confusing to figure out given the sheer number of vendors or options laid in front of you. At the end of the day, it all boils down to finding the right payment system for your business needs, but the crucial decision to be made is how you select them. On top of that, it is vital to optimize the features of your payment processing platform to effectively manage and value add to your business. Here are some challenges you might face and how you can circumvent them!
Susceptibility to Fraud
Information theft is rampant in today’s world. With technology developing and cybercriminals becoming more well-versed in covering their tracks, it continues to be an ongoing problem. And this is why you must be on your guard! Without proper systems in place, this can result in your customers’ confidential data being stolen for fraudulent credit card transactions. The impacts can be disastrous. It can result in the loss of your legitimacy, spending a hefty amount of money on lawsuits, and may ultimately result in the demise of your business. It is important to protect your customers and yourself by ensuring that your payment processors adhere to the PCI (Payment Card Industry) data security standards (DSS). It would be even better if they had extra security features such as end-to-end encryption or data tokenization to provide the highest level of protection and minimize the possibility of unauthorized access.
Lack of Integration between Systems
In small businesses, employees may be manually updating transaction amounts into your accounting books. This gives rise to a possibility of human error as well as a lack of efficiency with wasted time, resources, and possible information loss that might occur. With the right payment provider, this would no longer be an issue. Transactions are electronically processed and updated in real-time, with factors such as human error eliminated. The entire process can run smoothly and seamlessly with fully integrated systems that can improve your customer service, boost efficiency and push you to adopt the right business direction. For instance, fully integrated payment gateways can help in your other business aspects. Such examples include staff management and integration with your accounting systems or other CRM systems.
High Processing Fees
As a small business, there may be hidden costs that are not revealed to you until only later on, for services that are almost certainly required. This is common in the payment processing industry and would be a costly mistake, particularly for small businesses! Sit down with your payment processor to discuss the full breakdown of the prices and ensure that it has no hidden fees.
Turn to Millennium Payment Systems
Get yourself a reliable, secure payment processor with competitive rates, absolutely no hidden costs, and fully integrated payment gateways. Optimize your business and reach your highest potential with us today.