The options for choosing a payment system for your business are seemingly endless. A quick internet search shows results like:
- Payment System About 2,810,000,000 results
- Payment Platform About 1,070,000,000 results
- Payment Hub About 867,000,000 results
For a business, choosing one company to process your payments is daunting. Payments are mostly an unglamorous topic, even though Fintech investments are one of the hottest buys. And unless your company has the money and resources to create your own payment structure, you’ll need to choose wisely. (Read about Airbnb’s struggles on their payment journey here.)
Growing merchants need growing payment technology
Maybe you are just beginning your business or are starting to see tremendous growth. Some of the big payment giants lack any real new innovation. As you increase volume, you should be able to easily move into higher processing levels without much issue. With higher processing volumes, you can negotiate lower rates to save money.
Merchants need to protect their business from fraud
Companies with significant growth will also experience some loss due to fraud. Adding in a fraud protection plan to your payment processing shouldn’t require you to switch platforms. Your payment system should have that available to you to “add on.” Whether friendly fraud, hackers, false accounts, or chargebacks, prevention is critical to stop the threats.
Changing circumstances means changing payments
At the start of 2020, we weren’t worried about pandemics and worldwide economic changes. Businesses are making adjustments, and payment processing needs to adapt as well. Jim McCarthy, President of i2c said, “When I think about flexibility, agility, reliability, scalability – they’re all being redefined under the circumstances we’re all living in.” If your business needs to offer additional ways to pay, does your payment system accommodate that functionality? ApplePay, GooglePay, contactless payments, mobile wallets, and more are more prevalent when shopping from home and avoiding exposure. Static platforms may not have those options when you need them.
Plan a backup and redundancy plan for outages and downtime
A scalable payment system will have backup and redundancy choices for unforeseen problems or outages. Disruptions in the transaction flow, no matter how small or large, are detrimental to business. Scalable payment platforms give you options to have failovers in place for gateways, processors, and banks. Merchants need those redundancies to happen automatically, so the transaction flow is seamless.
Learn from your payment data to adapt to changes
Whether facing a pandemic or just changes in shopping behavior, using your payment data helps you understand your customers buying patterns. Your payment system needs to provide the data you need to understand the behaviors. What is the most used payment method? When do sales spike, and are they related to promotional efforts? What time of the day, month, year are sales dropping? Adaptive payment platforms have these reports in place for you to parse. Payment data is at the heart of the digital value chain.
There’s a lot of competition in the payments ecosystem, and leveraging adaptability and scalability will support your business growth. Because there are so many payment systems on the market, finding one that offers scalability will help you succeed. Use your payment platform to build relationships with your customers and continue to provide the most beneficial options to them, knowing you have the platform that allows you to do so.