What are the benefits of working with a payment processor?
If you own or operate a business, one of your many roles is to evaluate the products and services your business needs to operate smoothly. Sometimes that assessment is straightforward. In other cases the costs are all too clear, while benefits can seem vague and be hard to quantify.
Evaluating payment processors is especially difficult. Quantifying costs of payment processing is as easy as opening your monthly account statements. Yet payment processor benefits are often lost in the shuffle.
If you own or operate a business and process payments, you know the costs. You should know the benefits, too. So let’s look at some of the key benefits that full-service payment processors offer.
Accept credit and debit card payments
The most prominent benefit of using a payment processor is the ability to process payments. This insight may seem obvious. But consider for a moment how your business might operate without that ability.
Reliable payment processing is essential to doing business. Payment processing is lot like a utility. Payment processing allows businesses to get paid. That’s an essential benefit.
More payment options
When it’s time to pay, your customers demand choice. Payment processors make payment choices possible.
Payments start with the major card brands such as Visa and American Express, but only get more complicated from there. From gift cards to mobile wallets like Apple Pay, from eChecks to emerging international networks like UnionPay, payment options are changing fast. Payment processors help you maintain happy customers by letting them pay the way they want.
The business world is full of specialized systems. Integrations that allow separate business systems to talk to one another are essential to develop business efficiency… and to maintain business sanity.
Payments don’t take place in a vacuum. Payment processors seamlessly integrate payments with other business workflows. Leading payment processors will help you integrate payments with accounting, billing, customer relationship management (CRM), and more.
Direct pricing, direct relationships
Value-added resellers (VARs) bundle payment processing with other business services. Independent sales organizations (ISOs) and merchant service providers (MSPs) also offer payment processing, one step removed from the source.
All of these organizations resell the services of a payment processor as part of their business services package. Direct payment processor relationships offer additional benefits when it comes to payments expertise, customer service, and troubleshooting.
Flexibility to grow with your business
Payment options are evolving fast… just like your business. Keeping up with advances in technology can be a full-time job. That’s time you definitely don’t have.
Leading payment processors keep up with rapid changes in the payment marketplace so you can focus on growing your business. Many payment facilitation (PayFac) services focus on the needs of small businesses. Full service payment processors understand the needs of businesses at every stage of growth, from start-up to global industry leader.
Even more benefits?
As you can see, payment processors offer a wealth of benefits to businesses, and these are just the beginning. Does your business need security assistance against the threats of data breaches? What about fraud detection and prevention? From short-term small business financing to point-of-sale system integrations, your payment processor is a long-term business partner offering wide-ranging benefits.
Are you still unsure about what a leading payment processor can do for you? Vantiv, now Worldpay, can help. Start a conversation with one of our payments experts today to learn about the benefits on offer for your business.