Looking for a payment processing system but don’t know where to begin? It’s important to make sure the payment processing system you work with has the necessary features to grow with your business. The right system will increase cash flow, reduce transaction error, and create stronger payment data security.
Here are 9 features you should look for in a Payment Processing System.
A payment processing system should have the capability to accept payments and move money globally with a powerful API. Integrating a payment processing solution into your system should be easy and effortless without causing any issues. With the power of API-driven integration, you can keep your business’s data in sync, enhance productivity, and drive revenue.
Multichannel payments offer multiple ways your customers can pay. You should look for a system that can support a wide range of payment types. This will allow customers to have more flexibility when they shop and pay, which in turn will generate more cash flow. In the long run, you will want a system that can enable online payments, mobile payments, and in-store payments, so it is important you find a system that provides these options.
Mobile Payments Support
According to Statista, In 2023, it is estimated that there will be 1.31 billion mobile payment transaction users worldwide. As users move towards cashless payments now more than ever, it is necessary to support mobile payments within your payment processing solution. This creates a quicker, more user-friendly experience for your customers and helps businesses speed up transactions.
A modular solution allows you to pick and choose what features you want to be included in your offering. With the ability to customize as many features as you need to find the perfect fit for your business, your payment solution will grow as your business grows. When paired with other features on this list, the advantages are endless.
Every payment processing system should be compliant with the Payment Card Industry Data Security (PCI) Standard. Being in compliance with PCI Standard ensures that your systems are secure, and your customers can trust you with their payment card information. With these requirements in place, your customers can trust your business and will lead to repeat customers. These requirements also improve your reputation with acquirers and payment brands, which your business will need.
When using a payment processing system, it is important that you can easily onboard merchants with minimal friction involved. The right system will support fast growth while controlling risk and compliance by defining sub-merchant risk profiles. All activity from merchants should be tracked and reported on the platform.
The right payment processing system will also have a recurring billing feature. Recurring billing acts as a management tool for services where payment is made at regular intervals. A complex billing system should provide all the necessary tools you need to process payments and bill customers automatically. Your recurring billing system should also include a sophisticated decline recycle logic that reduces declines and in turn benefits your business.
Data Analytics Dashboards & Reports
Data analytics dashboards and reports is another feature that plays a large role in the ideal payment processing system. A management dashboard should provide end-to-end reporting and analysis with easy access to all payment-related data. A payment system that offers white-label support allows you to rebrand the platform so your customers see your branding instead of the payment processor’s branding. This helps boost the visibility of your brand and strengthens the loyalty of customers.
One of the most important features you should look for in a payment processing system is that it has the ability to add new services, tools, or modules to your application without resulting in complications. A seamlessly integrated payment system makes payments faster and more efficient in the long run. Payment processing activities will be easier and your payments can be completed virtually with just a few clicks.