Searching for a business payment solution is no easy task; each company is unique with different structures, sizes and processes. In today’s tech world, collaboration goes hand-in-hand with innovation, so it’s crucial to choose a payments partner that is going to complement your existing services, boost your existing offering and expand your reach to deliver something valuable to the market.
Service providers each offer different payment methods, features and services with different pricing structures.
To find the right business payment solution, you’ll need to do your research and assess a range of criteria. To make things easier, we’ve listed a few important things to consider.
Study the contract terms
You’ll need to know your industry-specific environmental factors or potential disruptions to determine 1. the probability of this occurring, and 2. viability of exiting your contract early, should the worst case scenario arise.
It’s important to know the risks associated with your contract; some providers offer relatively flexible contracts, while others will seek to lock you in long-term. As a business, look for a payment partner who offers a simple, flexible fee structure, and crucially, look for payment solutions who offer a comprehensive customer support team.
Take a look at the provider’s exit fees and penalties before signing, and weigh up the costs of having that provider on board – value-adding to your own business – versus the costs if the worst was to happen and you needed to opt-out.
Take a close look at the technology… Is your payment partner in the cloud?
Technology is evolving by the microsecond, and you’ll need a provider who’s technologically ahead of the curve, while having the vision, drive and innovation internally themselves to be looking out for the next piece of technology to harness and integrate with your company.
One of the first things to ensure is that your payment processing partner uses cloud technology.
Putting aside the affordability, productivity and performance benefits of this platform, the ability to access up to date services from a variety of locations (while on the go) is a strong drawcard of using cloud-based technology, plus greater cash flow management, improved reliability the and stronger financial security that comes hand in hand with this option.
Something many people don’t realise is that there are different forms of the cloud. In its most advanced form, the cloud provider takes care of all aspects of the processing of the data on behalf of the client, apart from the raw data inputted by individual users. The cloud organisation thus provides the physical infrastructure in a datacentre (the operating system to run the necessary software) and the software needed to process the data itself.
Moving to the cloud is also a great way to speed up your PCI-compliance as this takes away the responsibility for managing and processing credit card data by being managed by a secure vault-like service.
If cloud security is still a concern, rest assured that the Central Intelligence Agency (CIA’s) Chief Information Officer recently announced the organisation’s internal data has been moved to cloud-based platforms.
Assess the company’s data protection
Data protection means different things to different companies, so it’s imperative to understand exactly what your payment partner does to ensure data safeguarding.
To ensure your information is under the security of trained and qualified professionals, check that your payment partner is PCI-compliant and undergoes independent auditing, in addition to holding an Australian Financial Services licence.
If you’re directly handling customers’ payment data, your company needs to be PCI compliant – preferably PCI DSS Level 1 (the highest level attainable).
Above all: Make sure your provider meets the security requirements.
Do they cover all payment bases?
The point of a payments partner is to make payments simpler, and streamline all of your payment processing needs; customers love a wide range of payment options, and businesses love payment solutions.
Look for a partner that offers the full spectrum of payment options including BPay, Visa, MasterCard and Direct Debit, plus the ability to accept one-off, recurring and subscription payments securely with packages available for the business of your size; the best payment partners offer customised packages to suit a variety of business sizes to address different processing needs.
Choosing an 100 per cent Australian-owned and operated payments partner to deliver payments solutions is optimal; by choosing a partner with an Australian financial services license, this means a company’s operations is backed by national standards, and additionally means the company’s customer service is easily accessible should you need to speak to someone.
This means a team of Australians is always there to support your business, consult on your plans, and help you find answers.
Flexible pricing structures
Make sure you select a payments partner who can treat each of your clients individually to tailor-make their pricing package.
The more flexible the contract options, the more safe and secure you’ll feel if you need amendments to pricing structure as their business grows. As above, if you select a business that is Australian owned and operated, contacting your payments partner will be simple and quick, letting you get on with business operations faster.
Own your information
Regulated industries such as financial services has strict national regulations around data storage, and whenever a customer’s debit or credit card information is touched by a payments partner, the payment is subject to the finance industry’s Payment Card Industry (PCI) Data Security Standards (DSS). This means that your data is not only secure, but it also remains your own.
Look for companies like IntegraPay who have achieved PCI Level 1 – the highest level attainable. This means that any customer’s personal banking information is guarded by the tightest possible security; payment partners like IntegraPay will never keep customer data hostage.
Your Business Payment Solution
For a safe, secure and trusted payments partner, get started now at IntegraPay.