How to find the Right Payments Solution For New Business

A considerable part of any small business’s lifecycle. Choosing a payment gateway for your small business is the same as picking up the grow-with-me pants for the child. Some payment systems may risk becoming barebones solutions that could struggle if your small business scales in an attempt at simplicity. Make sure to focus on the following factors while choosing the best online payment gateways for small businesses that can grow together with your small business and ensure your customers’ data security.

  1. Grow-with-me principle
  Is the payment gateway flexible enough to scale as your business grows?

  2. Pricing
  Does it require the setup and monthly fees? What about the transaction fee?

  3. Supported payment methods
  Will your customers have a good checkout experience and? If so, they will be back!
 
  4. Customer service
  If something goes wrong, will you get help instantly?

  5. Security standards
  Will your customers trust your business? Can you ensure that their card data is in safe hands?
  6. Integration simplicity
  How much effort will you need to put into the payment gateway integration?

Know Completely Enterprise Payment Processing Solutions
Payment processing companies provide the complete service to allow merchants to accept credit cards or debit cards. Some advanced payment processing companies authorize processing with multiple currencies, cryptocurrencies, PayPal, and other progressive payment methods.

Payment Processing Solutions For Startup in the Value Chain
There are many names that payment processors are sometimes called generically, such as acquirers, aggregators, merchant service providers, processors, payment providers, and several others. Payment processors are generally thought of as the service provider, depicted next to the merchant below. Payment processors are the ones that work directly with the merchant to set up their payment processing account. The service provides the sales and support of all software and hardware needed for payment processing.

Merchant Account for Enterprise Payment Processing Solutions
Technically, the acquirer takes on the risk for a merchant account, but the service provider is the one who interacts with the merchant. The acquirer may be both the service provider and the acquirer. In this case, the merchant interacts with the acquirer. The level of service should not be impacted if the service provider and acquirer are combined. The types of payments that people use have continually been evolving. Current prices have evolved significantly over the past 20 years. The increase in credit card adoption is one of the biggest trends in the past couple of decades. People have been trending to use credit cards in favor of cash and cheques.

The Declining Use of Cash
The amount that people use cash to make payments is dropping drastically. In 2009, money was used in around 55% of transactions. In 2019, 10 years later, approximately 25% of transactions used cash. Cheques are declining even faster. There are many reasons why cash is dropping. The primary reason is convenience. It is not easy for consumers to use some money. Although cash has been used for thousands of years, its time has come. In today’s digital age, people are using electronic forms of payments.

Growing Use of Electronic Payments in Enterprise Payments Solutions
Most transactions in North America are now done by credit card or debit card. The overall trend is that payments are going digital. People like the convenience of carrying a card or simply using your mobile phone with tap-to-pay. The fact that 80% of people take a mobile phone and most phone support payments are crucial to using electronic payments. The rewards programs that credit cards offer are another attraction. People convince themselves that it’s free money to use a credit card as long as they pay their credit card on time.

The list of benefits for using credit cards is growing strong:
There’s an opportunity for consumers to build credit and earn rewards such as cashback or miles points. It also offers protection against credit card fraud. We’ve observed Increased purchasing power because consumers borrow money due to the convenience of automatic recurring payments.

Debit cards do not have all the conveniences above, but they make payments much more attractive than using cash.

International Payments Processing Solution
Consumers will drive which payments a business should accept when it comes down to it. If a consumer spends more at your business using a particular payment type, companies will shift in that direction.

The most important forms of payment for businesses are credit cards and debit cards. That will cover more than 70% of your customers. When you dig into the types of credit cards, Visa and MasterCard cover 80% of the market.

Depending on the type of business, cash could be significant. For example, quick-serve companies with high volume but low-value transactions will have a more increased need for money. However, we can’t hide from the numbers. People are still favoring credit cards and debit cards, and their popularity is only growing stronger. Connect to MSK Payment Solutions today