It's Time to Optimize Your Online Payment System

In Neuromancer, William Gibson's iconic 1984 cyberpunk novel, the protagonists have to hack into a bank. The book imagines the internet as a three dimensional world, and the bank is protected by a thick layer of ice. It seems secure and impenetrable—and also very futuristic. 

Today, however, online banking and digital payments are part of our daily life. On the average Tuesday, you might order food, buy a new pair of jeans and deposit a check, all from your smartphone. Online payments are now so essential they barely register at all. 

For business owners, this ecosystem of online and mobile payments is vital. Your business should fit seamlessly into customers' existing shopping habits. 

And while most businesses have an online payment system of some sort, others are already falling behind. Simply accepting credit cards online no longer cuts it. Instead, your online payment system must evolve to fit into a dynamic, mobile world.

Read on to discover four tips that will help you optimize your online payment system. 

Online Payment System Tip #1: Look for Flexible Options

Your online payment system should grow with your business. After all, no one knows exactly what payment processing will look like in ten years. But some payment processors are better equipped to adapt than others.

Looking for signals that your payment processor is keeping up with the times? Keep an eye out for flexible, innovative options. Today, an omnichannel online payment system should be able to process:

• In-person payments through lightweight, affordable hardware (such as mobile scanners and tablet attachments)
• Secure website integrations that power e-commerce
• The capability to handle payments through texting (also known as SMS)

A good online payment processor will be prepared to navigate all of these options. (Plus whatever changes the future of payment processing might hold.) 

As payment trends evolve, your business will be forced to adapt, or risk obsolescence. Avoid the mistake of settling for a payment processor that won't keep up with times.

Online Payment System Tip #2: Leverage Smart Integrations

Believe it or not, some small businesses still record sales in handwritten ledgers. Not only is this error-prone, but it leaves the business's future entirely to chance. It would only take one spilled cup of coffee—or fire, or flood—for all sales records to vanish.

But if your online payment system doesn't leverage smart software integrations, it might soon seem just as antiquated. Today, there's no reason to rely on siloed systems. Doing so can lead to mistakes, oversights or inefficiency.

Instead, your online payment system should sync payments with other centralized tools. For example, why process separate scheduling and payment transactions, when you could handle it all at once? Instead, scheduling software for business allows customers to pay for appointments up front. 

These types of integrations will keep your business running—and processing payments—like a well oiled machine.

Online Payment System Tip #3: Use a Mobile App

These days, "online payment system" is a bit of a misnomer. Actually, your payment system should support both desktop and mobile transactions. 

Whether you're vending at a pop up market, making house calls or simply on the go, your business should be able to go mobile. 

Depending on your industry, it might even make sense to build an app of your own. Just look at the success Starbucks has found. Its app allows users to order their favorite drinks for pickup, through easy, instant transactions. 

But there's another way a mobile app can help your business. Some online payment systems allow your team to monitor payments through an app. This allows you to see where your money is, at a glance. In the long run, you'll be better equipped to spot problems and manage your cashflow. 

Online Payment System Tip #4: Keep Costs Low

If it's time to update your online payment system, know that great service doesn't have to come at a high cost. Today, there are plenty of affordable options that don't sacrifice essential modern features.

Before signing a contract for a new online payment system, scrutinize all the costs that come with it. Savvy business owners know that it may be possible to reduce online payment processing fees. 

For example, common ways to reduce costs include:

• Improving security to minimize the risk (and expense) of fraud
• Saying no to exploitative equipment rental agreements
• Rejecting plans with extraneous non-processing fees
• Avoiding restrictive contracts with punitive limitations
• Shopping around for the best possible rates

Finally, make sure you know exactly what your payment processor charges per transaction. For example, GoSite charges a transparent rate of contactless payment. You'll never need to worry about hidden costs or fees again.

Ready to learn more about how you can take your online payment system to the next level? Download our free payment processing eGuide today!