Payment Processing Tools
Payment processing tools are third-party applications that can be used to streamline checkout payments of a website and increase utility for consumers. Without an effective, efficient and reliable checkout process, the consumer experience is highly damaged and you may fail to turn shoppers into buyers.
Why are payment processing tools so important?Providing positive consumer experiences is key to turning that customer into a client and making sure that he or she will choose to buy through your website again. To make the experience seamless, you need to pay special attention to every single detail.
From design to functionality, every single step along the user's path needs to be thought about. You need to provide a user-friendly interface, with clear, easy-to-follow steps.
Many websites fail to factor in the checkout experience. Although it is the last step of the sale process, it definitely is one of the most important, not only for you to make a profit but for the customer to decide to shop again at your store. Should there be any errors, delays or technical difficulties in this step, the whole experience will be ruined and your sale will not be finalized.
Positive word of mouth marketing can prove to be a highly beneficial factor and can work wonders for your website. The more a consumer enjoys the experience at your website, the more likely he or she will recommend it to others. This can significantly increase the number of sales.
Choosing the Right Payment Processing Tool
Consider the Payment MethodThere are several different ways users can pay for products or services online, but the most popular today are credit cards, PayPal and debit cards. Any payment processor today is capable of handling these types of payment.
However, other popular payment methods in the U.S. include wire transfer, check, e-wallets (Amazon Pay, Google Pay, Apple Pay) and cash on delivery. If there is any specific method that may be very popular among your customers, make sure you find a processor that accepts those payment methods.
Look for Easy IntegrationA payment processor may look good on paper, but having skilled, reliable technical support is key to ensure the software can be easily integrated into your site and not have any complications.
Pay Special Attention to SecuritySmall businesses are the target of a large percentage of cyberattacks, and protecting the data from your clients should be your no. 1 priority. Nothing scares customers away from your store more than data being stolen from your servers.
Consider Carefully Fees and Additional ChargesMake sure you check that you are getting a good rate, yes, but that there are no hidden fees or additional charges you weren't informed of. The regular fee is for "qualified rate" which only accounts for some specific credit cards that are swiped physically through a terminal. However, "non-qualified rates" refer to online transactions, so make sure you consider this rate and not the one previously mentioned.
Have More than One Payment OptionHaving more than one option makes customers feel safer while purchasing at your store, and keep in mind that the more payment methods you offer, the bigger the group of customers you can appeal to.
According to FuturePay, top online retailers offer 6 to 8 different payment methods. If you have to choose, consider which are the most popular payment methods mentioned above. Getting a payment processor will involve signing a contract, so before you do, make sure you read the fine print