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4 Tips to Consider When Choosing a Credit Card Payment System Managing daily sales, accounts receivables and reducing debt are some of the responsibilities you may have as a business owner. To improve cash flow and make it easy to manage daily sales, you can opt to accept electronic payments. This means you need to find a good payment processor. Here are four things to consider when looking for a credit card payment processing company. Check for Payment Integration If your business relies on applications such as enterprise resource planning (ERP), customer relationship management (CRM) or accounting software, find out whether they can be integrated with the payment processing solution. Some payment processors offer plugins that can seamlessly integrate their solutions into the software you are currently using. You will end up saving time and money when you are managing your business activities from a single interface. Other benefits of integration include reduction of double-entry errors and improvement or reconciliation processes. Better Reconciliation Your business may accept payments for goods or services through multiple ways. To have a clear overview of the health of your business, it is important to ensure you have a robust and detailed reporting. You can scout the market for payment processing solutions that provide robust reporting options. Processors with payment gateway capabilities usually have robust reporting options.
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The information on your customers’ credit cards is transmitted for processing through the payment gateway. You can see the information passed in any transaction if your payment processor offers application programming interfaces (APIs). Therefore, you can customize the API to see the information related to your specific needs.
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Electronic Check Payments When a customer submits an echeck, his or her bank routing number and checking account number are transmitted to the payment gateway for processing. One of the benefits of using echecks is that it simplifies your business. Echecks can be used to allow direct payment of loans, mortgages and other bills. Some businesses also use echecks to make direct deposits to the employees. You will save time and incur lower costs of processing checks by using echecks. Using echecks helps to increase profits, lowers costs and leads to better customer service. Robust Fraud Tools You should also consider the fraud and security tools offered by the payment processing company. Since customers will be trusting you with their credit card data, it’s important to ensure the data will be safe. You can ensure the security of your customers’ private details by signing up with a payment processor with robust security and fraud tools. The tools should prevent fraudsters from testing stolen credit cards through your business. Follow the four tips above to find the right payment processor.