Quick, efficient payment options benefit both small business owners and their customers. Consumers are used to flexibility when buying from large retailers – so if you’re a cash-only operation, consider how many sales you may be losing and how your business would grow if customers could pay by debit or credit card. And if selling online is one of your goals, an easy-to-use payment processing system is a must. Here are the most important features to look for.
1. Cost considerations
Cash flow is one of the biggest concerns for small business owners, so return on investment is key. Look at the transaction rates and fee structures of the options available. If you already use online accounting software, start by checking whether an affordable payment add-on exists – it often makes the most sense, since payment processing, invoicing, customer data and reporting all sit in one integrated system.
2. Mobile compatibility
Forget bulky card-reader machines. A system that syncs with your tablet or smartphone is a great fit for small business owners – especially when selling on the go at trade shows or while travelling for business.
3. Security concerns
When you’re handling customers’ card data, you want certainty that their information is kept safe. Ask how any solution you’re considering protects sensitive client data – some use tokenisation so you can accept card payments without storing the data in your own system.
4. Try it for free
Many providers offer a free trial. Research a handful of the best solutions and give them a test drive before deciding. Shortlist a few contenders, ask colleagues what they use, read online reviews for unbiased opinions, and investigate whether an add-on is available for your accounting software or which third-party apps integrate with it.