How to Find the Best Payment Processing Solution for your Business

Modern payment processing software needs to be able to accommodate modern scale and features.

A seamless payment processing fit can completely elevate the potential of any business. Knowing exactly what to look for in a payment processing partner lets you hit the ground running one the way to running a business as efficiently as possible.

Unfortunately, it’s easier said than done. Sifting through payment solution options in the marketplace, weighing functionality and features, stressing over price points — it can be a lot to consider. Overwhelmed merchants may be tempted to quickly settle for the first major legacy solution they recognize.

This hastiness is understandable. After all, legacy behemoths often market themselves as the ideal, all-in-one payment solutions fit for small and large businesses alike. But that catch-all framework is a little disingenuous, often relying on the promise of upfront convenience to mask the future reality of fluctuating fees, limits on growth potential, and inconsistent customer support.

So how should you approach making the best payment solution decision for your business? Let’s take a look at some key factors to prioritize, as well as a few others to avoid:

Better Technology Calls for Better Options

When choosing the payment solution that is right for you, one of the first factors to consider is whether a solution is built with the payments landscape of both today and tomorrow in mind. Modern payment processing software needs to be able to handle modern scale and features.

Many legacy payment processors still depend on outdated technology to run their platforms, utilizing software that is unable to take full advantage of modern features in the same way that software built with those features in mind can. This runs counter to the omnichannel state of the payments marketplace: E-commerce is dominating, and consumer desire for limitless flexibility is clear. A legacy platform that cannot properly leverage the modern features that it wants to integrate may be unable to keep up with a rapidly shifting marketplace.

Ultimately, a software that is limited by design will struggle to cater to consumers (and merchants) that want the ability to operate without limits. Choosing a modern payment processing partner that is built to be agile and future-ready should be a clear choice for any business.

What Are Some Characteristics to Look Out for with Your Software Provider

Your first instinct as a merchant should not be to pursue the idea of the “best” payment processing solution. With so many options available, strengths and weakness will vary considerably. Instead, you should prioritize how much a particular payment processor fits in with the identity and future needs of your business. How well a payment processing solution can fit into both the short-term and long-term business strategy of any given business will determine just how high that business is able to climb.

However, there a few qualities that any business should want in their solution’s arsenal:

Easy Integration

A scalable payment processing solution with a true comprehensive set of APIs that can be easily integrated into your system adds a crucial amount of value to your business. The incorporation of an expansive set of slick features that your business can offer is one of the easiest ways to become future-ready and meet consumers where they are.

The ability to support increasingly appealing features within the booming payments marketplace can give merchants a notable competitive advantage. Offerings like recurring payments, chargeback support, split billing and mobile wallets offers consumers the optionality and flexibility they crave, and more modern software that offers security features like tokenization should also be considered when selecting your payment solution. Opt for developers that design with the future needs of your business in mind, helping your business stay ahead of the curve.

However, keep in mind that the integration process can be a headache for merchants that aren’t prepared for it. Some payment processors will not assist merchants with this at all, leaving the complicated and expensive process entirely to a third-party. That’s why it is important to choose a solution that will walk you through the integration process every step of the way, getting you set up and ready to go in a quick and efficient manner.

Transparency and Flexibility

Choose a payment processor that is as transparent about their pricing and business model as possible. Legacy players and even well-known up-and-comers in the payments industry can sometimes operate with a lack of transparency, which can confuse merchants and lead to poor decision-making.

For example, smaller merchants may not need to utilize all the features that a big legacy player is pricing into their products. Conversely, smaller merchants may also have more of a need for a specific feature depending on their speciality. An industry giant that markets itself as “all-encompassing” may not be able to accommodate specific needs but still equips a fixed single pricing model with expensive hidden fees for added features that leaves merchants feeling stuck.

Many payment processors offer prices and packages that seem appealing and tenable to merchants on the surface but ultimately hurt them in the long run. Many of their most appealing and helpful plug-ins and premium features are expensive and there can be an initial lack of transparency on their end about these additional expenses.

That’s why merchants may want to focus on options that offer a customized merchant pricing model, which can be more convenient for a wider range of consumers.

Quality Customer Service

One of the most egregious shortcomings that bigger third-party processors are responsible for is the lack of efficient customer service options. Merchants that choose to work with major legacy players can be left searching tirelessly for reliable customer service help, often burdened with long wait times and inefficient processes.

Indeed, the quality of customer service that any given payment processor will offer varies wildly. Many of the current tech giants and up-and-comers are so busy being “all-encompassing” that they cannot be bothered to strike the necessary relationship between themselves and their merchants.

Quality customer service should be easy for merchants to access; it can be frustrating for them when that isn’t the case. But some processors do work hard to ensure that they provide the help and service necessary for their merchants to prosper.

Why Agile Financial Systems Stands Above the Competition

All merchants, regardless of size, should feel empowered to choose the payment processing solution that caters to their present and future needs. They should prioritize agile and flexible solutions that place their business in the best position to succeed.

We built our APEX platform to offer custom solutions for merchants across a multitude of demographics. The APEX platform offers innovative financial solutions that fit the payments landscapes of today and tomorrow, providing efficiency and an improved payments experience across the board.

Our U.S.-based customer service team has expertise in both technology and payments, ready to help you whenever you need it. Our flexible customized pricing and full dedication to our clients is exactly what your business needs to scale and grow to its utmost potential.

Learn more about why AFS is the best solution for you by clicking here.

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