Streamlining your business operations: How the right payment provider will make your life easier

6 October 2023 | 15 Shares

Source: PayJunction

Running a successful business involves overcoming numerous challenges, from market fluctuations to staffing woes. One survey showed that small business owners’ two most cited challenges are recruiting and retaining employees and inflation. However, the most significant concerns often revolve around maintaining profit margins, particularly when the business is just starting out. Even a minor pricing oversight can eat into profits, jeopardizing sustainability. The same survey found that 14 percent of business owners struggle with a lack of capital and cash flow. Fortunately, there are payment processing solutions available that are dedicated to making your life easier.

Evolution in payment technology

Technology is always changing, but one constant that remains is businesses ensuring that they can offer the best payment experience for both the customer and their staff. Finding a payment provider who is committed to staying at the forefront of payment technology is key and ensures your business benefits from continuous improvements. A cloud-based payment platform is also an important factor that guarantees it will always have the latest and most secure payment connection available. Automated processes and data entry also allow the business to thrive as staff are freed up to focus on customers.

Effortless payment acceptance

Each business is different and many have different payment acceptance requirements to ensure they are meeting industry best practices and customer payment preferences. For example, remote payment acceptance, securely storing cards on file for future and recurring payments, accepting contactless payments, online checkout or the option to email invoices to customers who can pay with a single click. The right payment processing solution will offer a wide variety of payment acceptance options that fit your needs, allowing your business to thrive.

Source: PayJunction

Transparent pricing plans

When there’s so much on the business owner’s plate, it can be easy to miss their payment provider’s small print. Sadly, many unethical billing practices pervade the industry and there’s an assumption among customers that pitfalls thrown at them by payment providers are just part of the deal. Business owners often come to accept that they cannot escape fake or hidden charges because they have become the standard practice and statements are too complex to spot them straight away.

Some common examples are fake credit card processing fees, where the business is charged, say, for non-compliance, for failing to complete a self-assessment questionnaire (SAQ), or to submit their revenue to the IRS. None of these are legitimate fees, but unless business decision-makers have in-depth knowledge of payment processing, most don’t know this.

Other unethical billing practices include not following the terms of the Interchange Plus rate plan that a business has signed for, by adding unnecessary charges like a non-qualified interchange fee or markups. There are also deceptive rate plans worth avoiding, like Billback, where providers charge the business for any transaction that costs more than the proposed flat rate without indicating which ones are affected.

These unethical practices can further exacerbate the profitability challenge, making it imperative for merchants to carefully scrutinize their payment processing agreements. Alternatively, businesses can choose a provider that champions transparency, like PayJunction.

PayJunction is known for its commitment to ethical billing practices, ensuring that business owners can trust it to provide clear fee structures and honest service. Among its core values is a passion for fostering long-term relationships over short-term profits by providing fair rates, quality products, and great customer service.

PayJunction also prioritizes simplicity, making its rate plans easy to understand and its products easy to install and use. This approach not only cultivates trust but also actively supports and promotes ethical payment practices.

Source: Pay Junction

Long-term relationships over short-term profits

Many payment processing providers require customers to sign long-term contracts that bind them for a specified duration. While these can offer stability and lower processing rates, they may also limit a business owner’s flexibility to switch providers if they find better alternatives.

Providers should earn their business by providing excellent products and services. PayJunction offers month-to-month contracts as well as no exit fees or startup costs, and never has in its 22 years of existence. This demonstrates its commitment to a customer-centric approach, ensuring any partnership will be built on mutual satisfaction and transparency.

See for yourself how PayJunction empowers businesses with its commitment to staying at the forefront of payment technology, effortless payment acceptance options, transparent pricing, and flexible contract services by signing up for a no-strings-attached demo today.