Choosing the Right Small Business Software for Collecting Payments

When running a business, you can’t grow without a payment processing software. These tools are responsible for making it easier – and safer – for real-time transactions to happen between you and your customers.

But choosing the best software tools for your small business can be a challenging endeavor. That is why, in this article, we’ll take you through 9 different factors you must consider when choosing the best payment processing software for your business.

Factor #1: Reliability

You shouldn’t use a service provider at your small business if you don’t trust it. That is why reliability is the first factor you should consider when choosing a payment processor system.

But how do you measure a service provider’s reliability? You can do that by analyzing two factors:

  • If they have a high number of new customers and an increased number of returning clients
  • If they have investors interested in the business

That information already gives you a good signal about how reliable a company is.

Factor #2: Security

Even for small businesses, customers’ expectations are high when dealing with payment processors, especially regarding security. After all, people’s money is at stake in this situation.

So, providing a safe environment for your customers’ transactions is crucial for your business’s success. Ensure that the payment software you are using is certified with information security standards and anti-fraud systems.

Factor #3: Efficiency

The payment stage is a crucial step of the customer journey. When a customer reaches this stage, you want to make sure that they won’t give up on a purchase for any reason – and the efficiency of a payment processing system can make or break the experience.

Most users abandon a purchase if they have some trouble completing it – and this happens not only in the online environment but also in person. Because of that, you want to make sure that your small business has an efficient payment processor – both online and offline – to avoid losing sales due to a poor payment experience.

Factor #4: Easy Integration

If your small business has other systems – like an e-commerce platform or a marketing automation tool – you may want your payment processor to easily integrate with them. Select not only a system that is beneficial for you, but that also makes it easy for your customers to make payments wherever they are.

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Factor #5: Good User Experience

User experience is essential for any customer-business relationship, and this also relates to your payment software. You want to ensure that the system you are using is simple to use – for you and your customers – when paying for a service or business.

Here are some ideas of what to consider when evaluating software usability:

  • Clean and straightforward interface
  • Clear communication about next action steps
  • Simple navigation
  • Friendly design

Factor #6: Extra Services

It is always important to offer other payment services to your customers, and not all payment processors can help you with that.

So, to increase your conversion possibilities, it is a good idea to find out if the system you are choosing can assist you with services like recurring payments, sending invoices, or providing mobile payments.

Factor #7: 24/7 Customer Support

Customer problems regarding payments are always a sensitive issue for small businesses. It is vital to have a customer support team always available to support you and solve issues quickly.

Check if the payment processor you are using offers technical support through live chat, emails, and phone calls so you can efficiently resolve any issue you might have with this system.

Factor #8: Accepting various payment methods

Most payment software accepts traditional credit card payments like Visa, MasterCard, and Amex. However, you want to make sure that you cover other potential payment methods your clients might use, such as debit cards, international cards, or payment in different currencies.

Explore all possibilities your payment software can offer you to see if the service matches your requirements and needs.

Factor #9: Cost

The cost is the most crucial factor you must consider when making a final decision about your payment processor software. After all, you can’t afford to pay for a service that crosses your budget line for this kind of service.

Find the one that matches the cost-benefit expected for your business needs (in terms of software price and potential fees), but that also will assure you a great customer experience and service. For budget-friendly options, check out this list of the cheapest ways to accept credit card payments.


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