Determining a Payment Platform

By | June 18, 2018

When businesses begin to explore their options for payments, they look at the percentages companies take out for using their services. This is mostly true for when businesses take credit cards. There is a processing fee involved and some charge higher fees than others. American Express is often one of the highest fees to process if that form of payment is accepted. In order to determine what payment platform to go with, it is important to analyze these few things listed below?

Is the business e-commerce or storefront?

A storefront business most likely will need to purchase additional equipment to run payments through. This could be a chip that plugs into a register, tablet, or smartphone to swipe a credit card or the computer scanner and register. In an e-commerce environment, everything is processed online through a payment system. It still allows for different methods of payments but additional equipment is not needed.

Will credit cards be accepted?

Credit cards are the most used payment form for any shopper today. They are secure and if a data breach should occur or fraudulent activity, most credit card companies will alert the cardholders and offer identity protection. Suspected fraudulent activity has to be reported before any reimbursement can be offered by the company. An investigation also will be done with the charges claiming the be fraudulent. This often takes anywhere from 30-120 days to process and complete.

What payment processing companies have the best reviews?

SOme processing companies are known for their outstanding service and reasonable rates. When doing business with a payment processing company, it is important to see what others have said about them. This is a good way to know what you are getting. By reading a BlueSnap Review online, this may influence a person to go with this company over others.

Many companies are going to online methods of payments even if they do have a storefront. Often times, they use devices such as tablets or smartphones to carry around and process payments. All of these are considered online methods of payments and still must go through a payment processing company. The most experienced companies allow a subscription renewal, invoicing, and virtual terminals in addition to the normal online checkout.