Solupay Blog

Own a Startup? Don't get Fooled by Costly Payment Processing

Posted by Jayme Moss on Oct 23, 2017 2:00:00 PM

payment processing Now that the economy is rebounding, and a greater sense of security has hit the markets, we are seeing startups on the rise again. In the world of new businesses, achieving success is a goal that can be fleeting and often hard to realize let alone evaluate. Too often owners, anxious to take their product or service to market, turn to payment processing options that are easy to get going, but in the end can be costly and prohibitive. Having the ability to charge and receive payments promptly, accurately, and efficiently and maintaining a steady cash flow is crucial to the survival of your new business. Rather than jumping to the quick fix, take a few minutes to research options and partner with a company that can provide a variety of payment solutions, simplified for ease of use and convenient in order to appeal to all of your customers. Being able to collect on your receivables, manage your business and capitalize on your revenue are important factors in the success of your new endeavor. 

Having the correct infrastructure in place from the beginning is important, and will keep you better positioned for future growth. Choose a company to work with that is willing to take time to customize a plan that best fits your business profile. The infrastructure should have the ability to integrate with your management and inventory software and be able to support a variety of payment and financial applications. It should also take into consideration the best payment methods for your business 

  • Is your company internet based or do you require support at the POS or the terminal? 
  • What recurring billing solutions do you need to have in place for subscriptions? 
  • Do you have the security in place on your site to accept payments without unnecessary friction that can lead to cart abandonment? 
  • Would your ticket items benefit from having financing solutions customers can quickly apply for?  

Putting the best options and low-cost tools in place is one way to help you save money, especially in the tricky beginning stages of your start-up.

There are many payment options to consider, the most likely will be of the credit and debit variety, but there are others to consider as well.  Especially in this mobile and electronically connected day in age. Being able to offer secure electronic payment methods at POS such as Apply Pay, Android Pay and pin-less debit will attract more clients, facilitate faster payments, and make both you and your customers happy. Alternately, being able to offer the convenience of automated payments and secure online billing from home for your subscription customers might be equally as important.

Be sure to choose a company that understands your needs and has the ability to deliver. They should work with you to formulate a plan that complements your business type and helps you navigate the payment portion of your ‘behind the scenes’ transactions. Research and carefully consider the answers to these questions. The company you ultimately chose to partner with should provide viable solutions to help you get your business on the road to success.

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Topics: Interchange