The Path To Finding Better Accounts | LGW-Health

The Path To Finding Better Accounts

| Posted in Technology

What to Consider Before Selecting a Payment Service Provider

As a business owner, some of the responsibilities you have include accounts receivables, reducing debt and managing daily sales. One of the ways in which you can improve daily sales and cash flow management is by using electronic payments. This means you need to find a good payment processor. When you decide to accept credit card or echeck payments, or want a new payment provider, consider the following:

Integration of Payments
If you are using a specific accounting, customer relationship management (CRM) or enterprise resource planning (ERP) software, find out whether the payment provider supports it. With some payment processors, you can integrate ERPs and CRMs through various plugins. You will end up saving time and money when you are managing your business activities from a single interface. Moreover, the probability of double-entry errors are reduced through integration.

Better Reconciliation
Your business may accept payments for goods or services through multiple ways. To have a clear overview of the health of your business, it is important to ensure you have a robust and detailed reporting. There are a number of payment processors that will allow you to track the various transactions of your business. These processors are developed to be bother a gateway provider as well as a processor.
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When customers pay for your goods or services online, the payment gateways sends their credit card details to the payment network for processing . It is easy to see the information passed on from the customers’ credit card details if the payment processing system you are using has an application programming interface (API). Therefore, you can customize the API to see the information related to your specific needs.
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Electronic Check Payments
Like is the case with paper checks, electronic check payments transmit the customers’ checking account number or bank routing information to allow immediate transfer of funds to your business. One of the benefits of using echecks is that it simplifies your business. For example, you can use the option to allow for direct payment on mortgage, rent, loans and other bills. Businesses also use echecks to allow direct deposit options for employees.

Using echecks helps to save time and eliminate the costs related to traditional checks. Other benefits of using echecks include offer better customer service, save time and increase profits.

Fraud Management Tools
You should also consider the fraud and security tools offered by the payment processing company. When transactions are done on your website or at your store, it’s Important to ensure your customers’ credit card data will be kept safe. Look for a payment gateway with robust fraud tools to ensure the security of your customer’s information. The tools can block high risk credit card payment and hence ensure you do not become liable for transactions made using stolen credit cards.

Follow the four tips above to find the right payment processor.

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