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Payment Solution Providers: Tips to Choose the Right Service

The pandemic-induced boom in ecommerce and digital services has led to the unprecedented adoption of electronic payments. More than 78% of Americans used digital payments in 2020 ⏤ and this trend will only continue to grow as we head towards a cashless society. Processing electronic payments is no longer a novelty but a necessity in today’s digital economy.

To process electronic payments for your business, you must partner with a payment solution provider. Payment service providers like SeamlessChex are intermediaries that facilitate electronic funds transfer from a customer’s account to a merchant’s account. Choosing the right payment processor is crucial as it impacts customer experience and business profitability.

How can you choose the right payment processor for your business? Consider these important factors to pick the best online payment solution:

Onboarding Process

The onboarding process of many payment providers can be a pain. From overly complicated contracts to frustrating credit checks and a lengthy underwriting process, some payment solution providers keep merchants waiting for weeks to offer their services.

If you want to avoid tedious documentation and long wait times, look for a payment provider that offers a hassle-free signup process. Efficient payment companies such as SeamlessChex have no contracts, provide quick approval, and allow you to process electronic payments instantly.

Industries Served

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Due to regulations, high rates of chargebacks, and reputational issues, many industries are considered to be high-risk. Even if you operate in a low-risk industry, processing high-volume transactions can make you a high-risk merchant. High-risk businesses struggle with establishing and maintaining a merchant account, limiting their ability to process online card payments.

To set up and maintain a sustainable merchant account, find a payment solution provider that has experience in serving high-risk businesses. High-risk merchant service providers employ strong banking relationships and chargeback mitigation technologies to help businesses accept online credit card payments with minimal headaches or surprises.

Platform Security

Data breaches and payment fraud cause substantial financial damage, putting many merchants out of business. The security of your financial transactions is the responsibility of the online payment solution, so do your research to choose the right company.

When searching for the best payment solution provider, make sure they employ multiple security measures to safeguard your payment system. SeamlessChex does not store sensitive information, complies with the latest PCI DSS standards, verifies bank account ownership, and offers signature capture technology to prevent data theft and minimize payment fraud.

System Compatibility

 

Office employees sitting around a white desk and working on their computers

From ecommerce platforms to accounting software, modern businesses use dozens of programs and applications to run their daily operations. The best payment solution providers have compatible platforms that seamlessly sync with your existing software to prevent system integration problems.

How can you determine if a payment platform is compatible with your existing applications?
To find a payment solution that can easily integrate with your business programs, select a platform that has an API architecture. An API-driven online payment solution will seamlessly connect with all your applications, creating a fully integrated digital business ecosystem.

Payment Options

When it comes to discussing online payments, credit cards are often the first thought that comes to mind. While a popular online payment method, almost 30% of Americans still don’t have a credit card. If you want to maximize your online sales opportunities, you should offer multiple electronic payment options.

To choose the right payment solution provider, partner with a company that offers more than credit card processing. Along with processing online credit card transactions, SeamlessChex also allows merchants to accept ACH and electronic check payments. Accepting diverse forms of online payment can help businesses serve more customers.

Customer Support

 

A tech support worker sitting in a cubicle and wearing a black headset

Payment systems are software products, so technical issues are inevitable while running the platform. Having access to round-the-clock technical support is necessary to help you fix problems quickly. Many payment solution providers, however, provide inadequate customer support, leading to prolonged business downtime and significant revenue losses.

On your search for the right payment provider, find out how much assistance the company is willing to offer. Do they provide live technical support? Or expect customers to solve their problems by following manual instructions on their website? The best online payment solutions offer 24/7 technical support via phone, email, and live chat to help customers whenever needed.

Service Costs

While all the factors discussed above are important in your selection process, service costs will ultimately decide which payment solution provider is right for you. From set-up costs to monthly charges and transaction fees, processing electronic payments can be expensive. Keeping your processing fees at a minimum can improve cash flow and boost business profits.

With no set-up costs and an average of 1% to 2.75% per transaction fee, SeamlessChex offers one of the lowest-cost online payment processing services in the industry. Our alternative electronic payment options can also help you reduce costly credit card transactions, bringing more money into your coffers.

Choose SeamlessChex as Your Payment Provider

As cash and paper checks become obsolete, processing electronic payments are essential to run a viable business in this digital age. With so many options to pick from, it can be difficult to choose the right payment solution provider for your business. Choose SeamlessChex as your online payment solution to process flexible, secure, and low-cost electronic payments.

 

Right payment solution for you infographic

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