Small to mid-sized businesses in Australia have a range of payment processing options to meet their needs. Depending on the type of business, size and operating environment, different solutions may be more suitable than others. Here are some things to consider when selecting an SMB payment processing solution:
1. Payment Security – Make sure that any payment processor you use is PCI-compliant and follows the latest security protocols to protect your customers’ data. You should also check for any additional safety measures taken by the payment processing provider, such as encryption or tokenisation practices.
2. Fees – Most payment processors charge fees and commissions on every transaction. It’s important to compare different fee structures from different providers to get the best deal. Consider any additional costs too, such as setup fees or maintenance costs.
3. Payment Methods – You should also consider what payment methods are supported by the processor. Does it support credit and debit cards? What about payments from digital wallets or alternative payment sources? Make sure that all relevant payment options are available to you to maximise your sales potential.
4. Ease of Use – Next, think about how easy it is to use the service. How simple or complex is the setup process? Is there an online portal that provides detailed reporting and analytics, or are you reliant on manual data entry? Consider how quickly transactions can be completed, as well as any additional features that might save time.
5. Integration – Does the processor offer APIs or other integrations? If you have an existing eCommerce platform, make sure that it is compatible with your payment processor. Otherwise, you could be spending a lot of time and money on integration tasks.
6. Support – It’s important to have access to customer service when you need it. Check the processor’s support channels, such as email and phone, to see if they are available and how responsive they are.
EFTPOS Terminals – The Game-Changers
In recent times, one of the most revolutionary developments in payment processing technology has been the rise of EFTPOS terminals. By allowing customers to use their debit or credit cards to pay for goods and services directly, EFTPOS terminals have revolutionised the payment processing industry. Not only do they provide a convenient way for customers to pay for their purchases, but EFTPOS terminals are also more secure than traditional payment methods and require less paperwork.
Why are they perfect for small and medium-sized businesses? Small and medium-sized businesses can benefit from the use of EFTPOS terminals in several ways. Firstly, they are more cost-effective than traditional payment methods such as cash and cheques. By using EFTPOS terminals, businesses can avoid the cost of processing costs associated with cash and cheques.
Furthermore, EFTPOS terminals provide businesses with more control over their finances. They allow businesses to track customer payments, monitor spending and better manage their cash flow. This helps them to better understand customer behaviour and make informed decisions about how to allocate their resources.
EFTPOS terminals also offer faster transactions than traditional payment methods. Customers can pay for goods and services in seconds, allowing for a smoother and quicker checkout process that improves customer satisfaction.
SMBs have the option of using a physical EFTPOS terminal or virtual terminals, which can be used from any smartphone or computer. Virtual terminals are becoming increasingly popular, as they allow businesses to process payments from anywhere at any time. Some of the best EFTPOS features to look out for are contactless payments, multi-currency support, and 24/7 customer service.