5 Payment Processing Solutions Every Merchant Should Consider
There are numerous payment services providers (PSPs) across the United States of America. With the FinTech industry booming, merchants and business owners have several options to choose from. Depending on customer preferences and segments, merchants can opt for physical and online payment solutions for their payment processing requirements.
The digital space has started to go hand-in-hand with the FinTech industry. Hence, merchants are resorting to a hybrid approach and adapting to both physical and digital payment processing channels. Customers expect their favorite brands, stores, and businesses to offer digitally convenient options for payments and checkouts. This includes hi-tech credit card processing as well as e-commerce payments.
For merchants, ACH payments and online payment gateway processing, among other options, have become the most secure alternatives to manage transactions. Also, the right choice depends on the nature of the business as it may have a significant impact on customer journeys and the overall cash flow of the business.
Here are 5 essential payment processing services merchants should take into consideration for their business:
1. Payment Gateway Processing for E-Commerce
Accepting payments online has become a trending affair among businesses. It not only ensures greater convenience for customers willing to shop online but also calls for a secure transactional channel.
An ideal payment gateway provider in the United States can offer you a great deal with many vital features and functionalities. Moreover, if you’re given real-time support services and anti-fraud tools along with your payment gateway processing solutions – you must go for it!
Business websites with payment gateways are surely attracting more payments than ever! With the pandemic still looming, online shopping is constantly on the rise. Here’s why your e-commerce venture should go for an online payment gateway on your website:
Receive Lightning-fast Payments from Customers
No matter when or from where the payments are made – all purchases will result in quick and easy payments directly into your merchant account.
Grow Your Customer Base with Round-the-clock & Round-the-world Access
Customers from anywhere in the world can shop at your e-store and make payments online at any hour! This means your business is up and running 24/7 – inviting greater growth opportunities. Simply put, it can help you attract more customers and record greater sales as a result.
Enable Mobile Access to Your Customers
Having a payment gateway makes it possible for your customers to shop at your e-business site using their mobile phones. This is an added advantage in terms of flexibility and customer convenience.
Curious about how a payment gateway works? READ THIS!
2. Credit Card Processing Solutions for Merchants
Do you accept debit and credit card payments? 60% of customers used a debit card for payments in 2021 while 52% made credit card payments as per Statista’s Global Survey.
A few of the best credit card processing companies for small businesses and big ventures offer a wide range of features. Credit card processing helps you cater to the fast checkout needs of your customers while ensuring secure transactions.
Today, almost every business, offline or online, accepts credit card payments. Businesses without such a facility may encounter a decrease in customer satisfaction, resulting in reduced sales. As a merchant, you should opt for affordable yet effective credit card processing solutions as it brings to the table a number of advantages.
3. ACH Payment Processing Solutions
ACH payments are electronic in nature and are known for greater reliability. As an alternative to credit card payments, ACH payments are directly carried out at much lesser charges.
Also, customers are free from writing any checks and waiting for the same to get cleared. ACH payments are quick and convenient for businesses. As a merchant, you can simply contact a payment services provider for ACH payment processing services.
4. Crypto Payment Processing Solutions
The crypto industry is flourishing with more and more users joining the community. For businesses, this means a greater number of potential customers with the ability to pay for their purchases using cryptocurrencies. Many Payment Service Providers (PSPs) are now starting to offer crypto payment processing services for merchants.
For your business, you can start accepting payments in cryptocurrencies and choose to convert them into the FIAT currency of your choice. There are many reasons why you should start accepting crypto payments, one of them being the facility of secure digital wallets.
5. High-Risk Payment Processing Solutions
If your business belongs to the high-risk category, you need to apply for the high-risk merchant account to perform business operations in the USA. For example, businesses pertaining to the gaming industry, CBD industry, and so on, must register as high-risk businesses.
Such businesses find it difficult to find a Payment Service Provider (PSP) for obvious reasons that there’s a huge risk of chargebacks. High-risk ventures are simply the ones that are considered risky by financial institutions and credit card service providers.
Hence, some high-risk merchant account providers can help you process payments without worrying about being neglected. Of course, the charges are comparatively higher than other payment processing methods due to the risk involved.
Know more about a high-risk merchant account HERE!
Choosing the Right Payment Processing Company
Yes, as much as you may think it’s a routine factor to choose a payment service provider for your business, it’s equally essential to choose the right one.
Firstly, you should assess your business needs and nature of operations to find the right payment processing option. Secondly, the service provider you contact must bring to the table cutting-edge features, facilities, and convenient charges so that it doesn’t affect your business costs.
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