Is your business working effectively when it comes to tracking payments? If you’re still juggling Excel spreadsheets and tracking your bank account to see if a payment has come in, you’re living in the past.
Smart businesses know that using a payment management system can save them time and increase efficiency.
A payment management system is software that automates sending, paying, and receiving invoices. This means you no longer need to log everything in by hand.
Want to learn more? If so, keep reading to learn how to choose the right payment management system for your business.
Think About Your Must-Have Features
Before deciding on a payment management system, sit down and brainstorm what features your new system must-have. Also list a few optional features that would be nice, but aren’t essential.
This will help you narrow down which systems might work best for your business. For example, businesses with international clients will need to consider transfer fees, multi-currency support, and 24/7 customer service, to cover multiple time zones.
One way to simplify the process is to look for payment systems specifically created for your industry like Theo Build for those in the building industry. A system created for your industry is likely to have all the features you’ll need to work effectively.
Try to compare systems until you find one that offers all the features you need—and also fits within your budget.
Will Your Customers Feel Secure Paying Online?
You need to manage payment methods with ease for the admin side of your business, but you also need to consider your customers and suppliers. When selecting a payment system, ask yourself if they’ll feel safe and secure to use it to make payments online?
Any payment management system should be packed with security features. This ensures that all of the customer’s personal and financial data is safe.
The system should also include your branding and information, so clients know it’s a genuine site. Ask potential providers what they do to prevent fraud and how they keep their system safe.
A top tip to give your customers is that they should never make secure payments via public wi-fi. It’s one of the easiest ways for thieves and hackers to steal passwords and credit card data.
Read Reviews
A payment management system is an investment for your business. So, like any large purchase, read plenty of reviews from previous customers before deciding.
While no system is likely to have 100% perfect reviews, searching online will give you a better understanding of the system’s pros and cons, helping you better understand whether it’s right for your business.
Each system is sure to have its own reviews and testimonials on its website, but also check for unbiased sources like Google reviews.
Consider Customer Service Support
Every software system needs to offer beneficial customer service, and payment management systems are no exception. Before purchasing a system, take the time to see what their customer service includes, and whether it’s comprehensive enough for your needs.
Does the company that makes the software offer live, real-time support, online or over the phone? Can you get help at any time of the day?
If you or your customers have a problem with processing a payment, it can’t wait until the next business day—you need help right away. Look for a company that offers helpful customer support, 24/7.
It’s also helpful to see what training and instructions are provided when setting up a new account. This can make things easier for both yourself and your customers.
Understand Fee Structures
Pricing can vary, depending on which system you select, so make sure you understand how the fee structures work before signing up for a new payment management system.
Businesses might pay a flat fee per month or they might pay per transaction. Or, you might be charged a fee if you don’t process enough transactions per month.
This can be costly if you don’t understand how the costs are calculated. So, take the time to be sure you’re selecting a system that aligns with your budget and business needs.
If you contact any reputable payment system company, their team should be able to talk you through their payment options and plans.
Will It Easily Integrate With Your Other Software?
Another big consideration is integration. Ideally, you want your new payment management system to easily integrate with your website, financial software, and tax documents.
This will save your staff plenty of time, as individual transactions won’t need to be manually inputted into your systems.
Integration will also make life easier for your customers. If you can integrate your payment system directly into your website, then customers won’t need to leave your website to click to a third-party website to make payments.
This is likely to give them more peace of mind and confidence when entering their banking details, since they know and trust your website already.
Use These Tips to Find the Right Payment Management System
If you’re ready to simplify your business finances, picking the right payment management system is key. Use the tips above to start researching systems and find the one that’s best for your budget, business needs, and customers.
There are plenty of fantastic systems out there for both small and large businesses, so you’re sure to find exactly what you need! The right system will save you time, make it easier to manage invoices, and will ensure you never lose track of a payment.
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