At this point, it may be redundant to explain why allowing customers to pay online through a customer payment portal is so valuable. There are articles all over the internet explaining why companies should give up the paper check. However, despite all these astounding numbers, like businesses using paper checks spend about $7.78 for every one they send, businesses just don’t want to give up their tried and true paper checks. Most of this fear from moving on simply comes from a lack of understand about the customer payment portal.
Common misconceptions about the customer payment portal is that it is going to end up costing more money or that it is difficult to set up. However, these are simply not true and if businesses better understood how it worked, we would likely see the end of the use of paper checks in the future. Here is a brief overview of making the switch to using a customer payment portal.
Working with a Merchant Service Provider
The first step in being able to take credit cards at your business, and through a customer payment portal, is by establishing an account with a merchant service provider. You want to find a merchant service provider that has a large array of gateway providers and that has an A+ rating from the Better Business Bureau. It can be difficult sometimes to find one with the best rates for you, which is why we suggest Solupay. Customers using Solupay save in average of $10,000 in credit card fees.
Merchant service providers will have to assess your business to understand what sort of risk your company and products entail when it comes to the potential of fraud or buyer debt. Merchant service providers will look at aspects of the business such as past issues with payment, whether the transaction will take place face-to-face and how large the transactions are. Business to business or business to government companies typically have larger transactions, and therefore could qualify for level three transaction rate benefits. Qualifying for level three rates could help to save .80% to 1.5% off credit card transactions.
PCI is the Payment Card Industry, which has set for requirements when it comes to the security of information on credit cards. It is an independent entity created by the major credit card players like Visa, Mastercard, Discover and American Express. PCI requirements vary depending on certain factors, such as the volume of transactions taking place on your customer payment portal. This ensures that the security of the cardholder is never at risk. Using a merchant service provider can take some of the compliance worry off your plate by ensuring that you’re adhering to requirements.
Accounts Receivable Software
A lot of these requirements, searches for merchant service providers, and getting a good rate can be simplified by using an accounts receivable software. Some offer an integrated customer payment portal, where payments can also be sent to your ERP accounting. The software should have document integration where the customer can view and pay their invoice online. Further, the software should offer support and maintenance to help you set-up the customer payment portal and continue to use it.
If understanding the credit card process a little better hasn’t convinced you from stopping the use of paper checks, what about the fact that using a customer payment portal can save you five times more. Using a customer payment portal simply makes more sense than worrying about customers filling out, sending in and possibly losing your hard earned money in the mail.