Small and Medium Enterprises (SME) that want to expand and create a loyal customer base need a payment processing solution that helps these goals. For most, this will mean integrating their customer relationship management, accounting, stock control, and other applications with payment processing. This integration will aid the SME by cutting down on errors, sand saving time and money. The payment processing solution selected will need to address a number of issues – both current and potential. Here we look at the four main issues your SME will need to consider when selecting your payment processing solution.
What level of payment processing integration is needed by your SME?
It may be that your business wants a payment processing solution that offers full integration, with every method of payment included. Whatever solution is selected, the needs of the business must be put first. Ask these questions:
- What flexibility will customers expect?
- Are current in-house systems compatible?
- How quickly will the benefits be felt on the bottom line?
- What are the non-financial benefits provided by the selected payments processing solution?
What ROI will payment processing offer?
You’ll need to assess how the payment processing solution will affect your bottom line. Is your SME ready to accept all the payment types your customers want to utilise, and if so how will charges affect profits?
Good payment processing will help cash flow by speeding up the transfer of money from the customer account to the merchant account and then through to your business account.
How secure is your payment processing system?
There are a range of compliance issues which need to be addressed when conducting business online. You’ll need to adhere to all the rigours of the PCI DSS, for example. Your payment processing solution and integration with in house systems must maintain the highest standards of data protection.
Will your payment processing solution provide a future for your SME?
You’ll need to consider the needs of your SME now and in the future. Consider what your growth path is likely to be, the markets and customer types you will sell to. Selecting the payment processing solution that offers adaptability and a partnership for growth now will save time and money (and probably loyal customers) later.
Whatever the needs of your SME, now and into your profitable future, contact us to discuss your requirements. Our experienced customer service staff will be happy to help you navigate through to a perfect payment processing solution for your SME.