Choosing payment processing software for your business is crucial to its growth and stability as well as the relationships with your business clients. Today, the preferred method of utilizing payment software is via the software as a service (SaaS) model, which means that the software is licensed and accessed online via a central server. This eliminates the need for installing it on the business’ internal server, where the business is responsible for software updates and maintenance.
The licensed SaaS model means that your business has reliable access and use of consistently updated payment software for a regular monthly fee. While all of these features are highly desirable for businesses, not all payment processing software solution providers are created equal.
The longevity of the company and the robustness of the features and options are just two areas where payment software providers can differ. With such sensitive information and the processing of electronic funds, it is imperative that the company behind the software be highly stable and reputable. This is because when a charge is made, the transaction must be posted both to your account and to the customer's.
If a transmission gets lost or garbled, or if a computer somewhere along the way crashes, the system needs to be able to overcome this, and make sure that everything still balances at the end of the day. You also need secure access to your merchant account, so that you can check balances and enter transactions manually if necessary.
In addition, banks are selective about which software companies they will work with. Many businesses will consult with their bank to determine a short list of potential payment software companies to explore in order to assess which is right for your business.
Although the back end of payment software is complex, it should be highly transparent and intuitive for the user on the side of the business and its clients. The ability for the software to integrate with other software is also an important consideration. In addition, utilizing it in practice should be a simple matter of incorporating the appropriate API code into your forms.
Another decision you need to make is whether or not you need real-time authorization. Businesses that deliver products or services online such as online content that requires paid registration, or software that is distributed by download will need immediate authorization for clients that expect prompt service.
These are just a few of the considerations when choosing payment software, so it is important that businesses do their homework into providers and their payment solutions to match their needs to the right solution that can best serve the business and its clients.
To learn how Billing Tree can help you integrate payment services and solutions into your industry that are simple, reliable and effective, contact us today.