People start businesses for many reasons, but largely the biggest reason is to make money. It’s so easy to get caught up in all the other aspects of managing a business that, ironically, how you collect your money can sometimes be an afterthought.
Leaving payments as an afterthought can prove to be a critical mistake in the long run, particularly if your payment provider isn’t a good match for your business in terms of technology, customer service and security.
Bad Customer Service
Can you get someone on the phone 24/7? If not, it might be time to think again. When systems are down and customers want to pay, it’s important to have access to a support team with your business as a priority. Aside from troubleshooting, customer service teams should be proactive, reaching out occasionally to touch base, upgrade old products, help with PCI compliance and other housekeeping items.
Today’s average consumer is looking for one thing above all: convenience. Convenience is the new king and in order for a business to stay on top of the game, it has to offer convenient payment options to its customers. A good payment provider should be able to provide you with a variety of products to keep your business at the cutting edge of payments. Areas covered should be everything from online payments/ecommerce, mobile payments, NFC to EMV compatible hardware – all with integrated reporting and remote access.
Security is Not a Priority
Every day we hear news of major big box retailers and restaurants being breached, card data compromised… Hackers are working full-time to breach businesses of all sizes.
Your Guide to Switching Payment SystemsLearn More
According to a recent Forbes article, “The number of U.S. data breaches tracked through June hit a half-year record high of 791, up 29% from the same period in 2016, claims the Identity Theft Resource Center.” The identity theft resource center publishes weekly reports on data breaches in the U.S., visitors can view a summary by industry – numbers are eye opening. Hackers are not just targeting large businesses, every business is at risk.
The responsibility to protect businesses should be a joint effort between a business and its payment provider. A responsible payment provider is regularly educating its customers on security best practices, tokenization, encryption and PCI Compliance as well as offering proactive support to help keep their businesses secure.
Most business owners are so overwhelmed by payments jargon they choose the first option presented to them without shopping vendors and end up with a less than compatible payments provider. Take the time, do the research and get to know the company handling your businesses’ hard earned money.