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Tuesday, June 18, 2013

Top 5 Tips for Choosing the Best Payment Solution

/ On : 5:03 AM
If you have your own web shop then you will know how important it is to be able to offer as many different payment options to your clients as they may require. The problem is that it can actually become complicated for the web shop owner requiring them to have several accounts with different companies, which often means that they are paying more in fees than they should be. Using a company that provides payment solutions then is the answer to problems that web shop owners face, but how do you choose the right payment solution? The following list of the top 5 tips for choosing the best payment solution should help put you on the right path.


1. Companies that provide different types of payment solution will have a number of different packages. Before you contact any of these companies to find out more information or get quotes you need to consider your needs. For example do you trade solely online or do you have or plan to have a bricks and mortar store in the future; have you been asked for specific payment methods that you haven’t been able to offer; are you offering ones that are never used but are costing you money and so on.

2. Most payment solution companies include a merchant account with their packages. This means that any money that is taken through the payment solution package that you are paying for is collected and held in a specific account until you are ready to move it to your normal business account. If a payment solution company does not offer this then you should avoid them.

3. What software and hardware are being offered with the payment solution package that you are considering? Will you have a card machine that you can use to process payments and that you can take with you when you attend fairs and events and if not consider whether you think you will need one in the future. Will your computer system run the software program that they provide you with to get the package set up and running or are your operating systems not compatible? These factors can make a huge difference so spend some time researching them first.

4. You should also look at technical support that is being offered by the payment solution companies. If your payment solution package has a problem at 10pm on a Saturday and you cannot get assistance until 8am on the Monday morning then there is a lot of potential trade that is being lost. Make sure that you have access to technical support 24 hours a day 365 days a year so you can ensure the smooth running of your web shop.

5. No one can honestly say what the future will hold for their business no matter what dreams and plans they have. Choosing a payment solution company that allows you to change the package and services that you receive from them will mean that you do not have to constantly change from one company to another as your business changes and you have different requirements.

Author bio: This article was provided by Teresa Jens who is an expert in the field of finance. You can read more on this topic on Teller’s website.

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