How to Choose the Right Payment Processing Solution for Your Small Business

In today’s world, businesses of all sizes are expected to offer convenient and secure payment options to their customers. For small and medium-sized enterprises (SMEs), choosing the right payment processing solution can be a daunting task. With so many options available, it’s important to take the time to research and compare different providers to find the one that best fits your business needs.

Here are some key factors to consider when choosing a payment processing solution for your SME:

1. Fees and pricing: Payment processing providers charge different fees, including transaction fees, monthly fees, and setup fees. It’s important to understand the pricing structure of each provider and compare them to find the most affordable option for your business.
2. Security and compliance: Your customers’ payment information must be kept secure to protect them from fraud and identity theft. Look for a payment processor that is compliant with the Payment Card Industry Data Security Standard (PCI DSS) and offers features such as tokenization and encryption to protect your customers’ data.
3. Payment types and methods: Different payment processing providers offer different payment methods, including credit cards, debit cards, e-wallets, and bank transfers. Consider which payment methods are most popular among your target audience and choose a provider that offers them.
4. Integration and compatibility: Your payment processing solution should be compatible with your existing hardware and software systems, such as your point-of-sale (POS) system or e-commerce platform. Look for providers that offer easy integration with your current systems.
5. Customer support: If you have any issues with your payment processing solution, you need to be able to contact customer support for assistance. Look for providers that offer 24/7 customer support and multiple contact channels, such as phone, email, and chat.
6. Reputation and reviews: Do your research to find out what other SMEs are saying about the payment processing providers you are considering. Look for providers with a good reputation and positive reviews from other small businesses.

Examples of Payment Processing Providers

When it comes to payment processing solutions, two popular providers for SMEs are Exactly.com and Stripe.com. Each offers a range of services to help businesses accept payments from their customers, but they differ in their specific offerings and features. Let’s take a closer look at what each provider has to offer:

Exactly

Exactly.com is a payment processing provider that offers a range of services to help SMEs accept and manage payments. Some of their key offerings include:

1. Open banking: Exactly offers open banking services, which allow businesses to access their customers’ bank account data securely. This can help streamline payment processes and reduce the risk of fraud.
2. Payment gateway: Exactly provides a payment gateway that integrates with a range of payment methods, including credit and debit cards. Their payment gateway is also compatible with a range of POS systems and e-commerce platforms.
3. Payment processing: Exactly offers payment processing services that are PCI DSS compliant and include features such as tokenization and encryption to protect customer data.
4. Payment links: Exactly allows businesses to create payment links, which can be sent to customers to facilitate payments quickly and easily.

Stripe

Stripe.com is another popular payment processing provider that offers a range of services to help SMEs accept and manage payments. Some of their key offerings include:

1. Checkout: Stripe offers a customizable checkout solution that can be integrated with e-commerce platforms and mobile apps. This allows businesses to accept payments quickly and easily from their customers.
2. Billing: Stripe provides billing tools that allow businesses to create and manage invoices, subscriptions, and recurring payments. This can help streamline payment processes and reduce administrative overhead.
3. Invoicing: Stripe also offers a standalone invoicing solution, which allows businesses to create and send professional-looking invoices to their customers.
4. Payment processing: Stripe offers payment processing services that are PCI DSS compliant and include features such as tokenization and encryption to protect customer data.

In conclusion, choosing the right payment processing solution for your SME is crucial to providing your customers with a convenient and secure payment experience. By considering the factors listed above and doing your research, you can find the provider that best fits your business needs and budget.