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5 Tips on Choosing Payment Software for Small Businesses

by Altaf Shaikh
5 Tips on Choosing Payment Software for Small Businesses

Online sales in the second quarter of 2020 increased by more than 30% over the first quarter. This is due to COVID-19, but it shows that online shopping is the way to shop.

Your business needs to be set up to capture these shoppers. Not only do you have to drive traffic to your site, but you need to make the transaction easy.

If there are too many steps or if it’s complicated, shoppers will abandon their carts. Payment software will make the difference between a seamless transaction and a lost sale.

Read on to learn what you should consider when choosing payment software for your business.

  1. Business Needs

There are dozens of payment software options to fit a broad range of needs. You want to take a look at your business needs and find the software that is the closest match.

You’ll want your payment software to integrate with your CRM and accounting systems. It’s also important to have payment software that accepts a variety of payment forms.

Contact your bank to see if they recommend payment software. Software that integrates with your bank allows funds to be deposited right into your bank account.

  1. Cost of Software

You need to have a budget for your payment software. Some payment programs charge a monthly fee, or they charge by the transaction.

You should compare the costs of each transaction, especially if you already operate on slim margins. Giving another 1-2% to the payment processor will destroy your profits.

  1. Options for Software

Once you know your budget and your needs, you can take a look at software companies. You can read references and reviews of payment software. They usually reveal the best software for payments.

Take a close look at the different features of the software options. Look at the total costs to have payment software and the different features and match them with your needs.

Also, check to see if you’re locked into a contract. Payment options that have a contract come with cancellation fees. Know what they are before you sign up.

  1. Take a Demo or Free Trial

Many software companies offer a free demo or trial before you commit to buying. This gives you a chance to test drive the payment software and see if it fits your needs.

You don’t want to do this with every program available. It’s best to wait until you narrow down your list to the top two or three options for software.

  1. Secure Transactions

Does your payment software offer a high level of security? By accepting transactions online, your business becomes a target for hackers.

You need to know how secure the transactions are, how your customers’ information is protected, and what happens in a data breach.

Payment Software for an Efficient Business

If you want your business to remain competitive, you need to invest in payment software that lets your customers easily make purchases online.

Your business won’t lose those customers because of a complicated process. Head over to the Business section of this site for more tips to run your business.

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