Everything to Know about Payment Processing for Small to Medium-Sized Businesses

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Processing multiple payments every day, for many hours can be dull and monotonous without the right support. Luckily there are payment processing tools to help you get these types of business tasks done easily, just like kitchen utensils help you while cooking.

Let’s visualize the kitchen tool example for a moment. If you own a food processor you know the difference it makes when cooking.  If you don’t own one, you probably wish you did each time you have to use your bare hands and a kitchen knife to chop and slice food. Just as a food processor makes cooking easier and more enjoyable for the average cook, a payment processor simplifies the processing of financial transactions for merchants, making it easy to make and accept payments.

What is a payment processor?

A payment processor is a third-party company used by other businesses to accept credit and debit card payments from customers.  They are built to handle all or most payment situations, such as when your client is standing at your office using your POS (Point of Sale) terminal, paying online via a web browser or using their mobile app to submit the payment. Obviously payment processor capabilities vary depending on which company you use.

With so many payment processing options on the market, you may find it challenging to know which one is the best solution for your smaller sized business.

 

What features should you look for in a payment processor?

 

1.Transparent and honest

Find a payment processor that is clear about what to expect as a user, including the capacity, product features, fees, and contractual terms. Businesses are more likely to make a decision they won’t regret when they fully understand the commitment and value being delivered to them by a product.

To help businesses with their check out process and card transactions, Weave Payments exceeds customer expectations by providing two free terminals to each client. Our top-notch POS Verifone p400 terminals have advanced features like color and touch-screen capability. Another bonus is that they connect using WiFi or Ethernet. No phone lines required.

Weave Payments operates in a way that is uncomplicated and undemanding with no upfront or ongoing fees. Not only that, but it is also contract-free, offering one flat rate for card-present and card-not-present transactions (over the phone or online payments). As long as a Weave customer wants to use our POS terminals, we will meet or beat their current pricing. You can learn more about Weave’s payment options and request a quote here.

Weave payment processing options

2. Time-Saving

An integrated full payment processor is the solution to cutting down time spent on your billing and payment processes. What if your customer is in a hurry and can’t stay back to pay in your office or store? Choose a payment processor that allows your customers to get to their next appointment and pay you while on the go.

Weave Payments is part of our consolidated Weave toolbox that allows office staff to quickly send text messages to clients to pay on their device at their convenience. Our clients love this feature! One of them, an Optometry office in New York collected over $1,000 from accounts receivable with “text to pay” in just about 24 hrs!

Are you tired of logging in to multiple systems to get a task done? A full payment processor saves you time because you’ll have one less system to manage. Weave’s app is built to request payments from customers or patients, attach customized invoices and show payment analytics all in one convenient dashboard.

3. Convenience

With the rise in the popularity of mobile devices and smartphone users across all age groups, payment processing tools have had to accommodate all methods of digital payment. Research shows that:

  • 9/10 customers prefer texting over phone calls, (especially when it has to do with mundane bill collection).
  • 92% of US adults carry text-enabled phones.
    • With figures like this, we can assume that text messaging is an effective way to reach customers because they are more likely to receive a text than a bill sent via mail, especially if their address has changed.
  • 98% of smartphone users use text regularly.
    • Knowing this fact can reassure a business that its customers are more likely to reply if they are sent a text, than if they try to call the customer and end up playing phone tag.

Statistical evidence¹ shows how inseparable the smartphone and the human being have become, making processing online and mobile payments ideal for any smaller to medium-sized business.

So what better way to engage in transactions with clients! It is a win for everyone, not only for your company or practice but also for your customers or patients.

4. Simple Reporting

We talked about the benefits of integration earlier, now we’ll explain how a payment processor can help offer financial insights. Having instant, accessible, up-to-date and accurate insights on the sales of a store or company is vital in making better business decisions.

Weave Payments makes this possible with the convenient integration of Weave Customer Insights and Weave Phones that allows businesses to automatically know when a client has an outstanding balance and easily request payment using a brief personalized text message.

Since we’re on the topic of financial reporting, we must mention that any business undergoing a financial review will see how Weave Payment’s flat-rate pricing lowers costs. As a business performs more activity in a shorter amount of time using Weave Payments their payment processing prices do not increase. After all, increased productivity should be rewarded, not punished!

 

 

5. Accepts multiple debit and credit card payments

Ensure your merchant account payment provider allows each customer to use payment methods of their choice. It was proven in our client’s claim above, that doing so greatly increases payments, even same-day payments. Such flexibility also encourages customers to do future business with your company or practice.

Weave Payments accepts all card types (debit, credit, HSA/FSA), uses all payment options or technologies (Magstripe, EMV chip, NFC) and accepts most mobile wallets (including Apple Pay, Google Pay, Samsung Pay).

6. Paperless

Reducing the amount of paper used to process payments has advantages such as:

  • Less hard cash to count at the end of a long workday.
  • Less opportunity to find counting errors when balancing your accounts.
  • Saving money and time as you buy less stationery (paper).
  • Gas and time saved by not having to travel and wait in line at your merchant bank to place money in your account.
  • Collecting money digitally from outstanding client accounts equals more spending power for your business.

If you’ve imagined a payment processor that makes it unnecessary to send paper bills in the mail or make collection calls, dream no more! Get paid by your customers from their mobile phones from anywhere in the world, quickly and easily even while they are vacationing in Fiji. Weave Text to Pay enables easy payment with a mobile device just using that text link we’ve been referring to.

 

7. Reliable

Some days get busier than others and if you’re a merchant you likely have growth goals for your business. Ensure your payment processor can handle high volume usage by customers as your company or practice increases in size and reach.

A highly functioning payment processor can lead to richer customer experiences, which fosters greater customer loyalty and retention, larger profits and reduced costs. On the other hand, a terrible payment processor can have adverse effects on your business, such as customer complaints and missed business opportunities.

You may also want to look into the availability of customer support and the cost for their service if any. If you do experience any technical issues Weave has a very capable and helpful customer support team to address your questions for free.

8. Simple

We’ve all experienced leaving a product behind or avoiding a business because the check out process was ridiculously long, complicated or impossible. Having said that, do some research on how your payment processing provider will work for your customers’ needs. Choose one that is user-friendly and simple for your customers or patients, including future ones.

9. Ease of Implementation

Figure out how your payment processor would function with foreign currencies in international markets if you’re hoping to expand beyond your local brick-and-mortar store. Don’t stump your growth!

We believe in using Weave’s Smart Technology to help our clients and their customers to do more with less. You shouldn’t have to invest in another tool just because your business is growing.

10. Security

The saying, “money doesn’t grow on trees,” holds true and people will not spend money with a company or practice they don’t trust. Since, not all payment gateways are secure, be sure to purchase payment processors that protect your data clients’ data from being at risk and exposed to hackers.

For instance, when users fill out payment forms with their card details, it is important to have the technology on your platform that keeps their data safe from fraud. Weave Payments uses a highly secure online PCI-compliant payment gateway managed through Stripe Express. From the first phone call to the final payment, Weave’s unique integration of hardware and software solutions helps businesses grow, retain and communicate across the entire customer journey.

 

Conclusion

Search for a payment processor that will transform your customer service and reduce the time you spend processing transactions, giving you more hours in the day to focus on tasks that cannot be done by a machine.

Sources:

  1. https://www.pewresearch.org/fact-tank/2017/06/28/10-facts-about-smartphones/

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