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It’s hard navigating the responsibilities of managing a small business. Because day-to-day operations often take priority, long-term, revenue-driving decisions tend to get pushed aside. They shouldn’t. If you want your business to grow, you need to make it as easy as possible for customers to pay you. This means you need to think about how your company is processing payments. If you aren’t considering the questions below, you’re not doing all you can for your bottom line.
Do You Offer an Online Payment Option?
Online payments are one of the most convenient payment options for both you and your customers. Providing a simple-to-navigate payment portal that’s available to customers 24 hours a day allows customers to take charge and make payments on their schedule. This lets your office bring in revenue at all hours of the day and night. The best part of ‘self-cure’ online payment options for customers — you can avoid the necessity of hiring extra staff to serve higher customer volume.
How Easy Is It for Customers to Navigate Your Site?
Offering an online payment option to customers isn’t going to solve anything if your site is confusing or hard to use. Have you visited the customer-facing side of your operation? Make sure your site is easily accessible. Paying bills doesn’t require difficult logins or excessive clicking to get where you need to go.
Can Your Customers Make Payments Quickly? In Multiple Ways?
The goal when a customer is making a payment on your site is to encourage them to do so quickly and with ease. According to a recent study by the Federal Reserve, “eighty-seven percent of the U.S. adult population has a mobile phone.” The same study cites that sixty-five percent of those who use phones for mobile payments were “paying bills through a mobile phone web browser or app.” With these consumer use numbers, it’s clear that mobile-friendly payment options are an increasingly important component in paying bills online.
A good self-cure payment site will also offer the possibility to accept credit cards, debit cards and electronic checks. The more avenues you offer to accept payments, the more likely you are to maximize the money coming in to your business
Are Your Online Payment Processing Options Compliant with Regulations?
Processing payments requires you to follow many regulations in order to keep consumers safe. With credit card processing comes Payment Card Industry (PCI) regulation to safely handle sensitive credit card data. This keeps consumer credit card information out of the hands of identity thieves.
Processing ACH transactions through an online payment portal requires you to follow rules set by NACHA. For instance, you must provide appropriate proof of authorization and revocation language to consumers at the time of payment.
As a merchant, you must understand how to fulfill these regulations. It becomes easier when you can turn to a knowledgeable and experienced payment processor. Make sure your payment management system can explain where you fit into these rules, and how their product works to simplify your business.
For additional information on what to consider when shopping for payment processing services, see our Buyer’s Guide.