11 Tips for Choosing Payment Solutions for Your Business

choosing payment solutions

When it comes to choosing payment solutions for your company, here are a few things to keep in mind…

When it comes to choosing payment solutions, it can be daunting due to the sheer amount of options available. We understand that you want to make the right decision for your gym, the first time round. To help with your decision, here are a few things you should consider when choosing payment methods to make you life easier:

1. Does their plan suit your business or personal preference?

No two businesses are alike, so making sure you’ve picked the right one is crucial. Luckily the amount of options means more choices for you to choose from. Therefore there are higher chances of picking a payment plan that will 100% suit you. First and foremost, you need to make sure that their plan will benefit your business. Will it make your life easier? Do they offer a range of payment plans and types to remain accessible for all your customers? Will your business grow, benefit and increase overall revenue because of your choice in payment solution?

2. Don’t let the amount of options scare you.

Don’t be intimidated by the large range of options that are offered to you. It can be a lot to take in, but think on the bright side. At least one, if not more, of these options have to fit your business model and personal preferences. Just carefully read through the provided information and make note of what will work for your business and what won’t. In the end, see which payment solutions stand out to you.

3. How high is the collection rate?

When it comes to choosing payment solutions for your business, always do your research. Check out your potential payment solutions statistics and collection rate. The collection rate will give you an indication of how well this payment solution is going for other businesses and how efficient and effective they are at doing their job. Compare their collection rate to another one of your top contenders. Is there a big difference? Ensure that you get the best of the best. Remember, the higher the rate, the better the chance of guaranteed payments.

4. How often do they bill your customers? Daily? Weekly? Monthly? Yearly?

A great payment solution will allow you to choose the frequency of the billing day to suit your business needs and personal preference. So when choosing payment solutions, consider how much flexibility they offer you when it comes to billing, and what will work for you. But keep in mind that the more frequent the billing, the steadier the cash flow.

5. What methods do they use to bill your customers? Do they have a range of payment types?

So you’re in the process of choosing payment solutions. One tip to keep in mind when searching for the perfect one is which payment solution offers your customers a range of payment types. Your customers will value your accessibility and ease of use  when your payment solution offers a variety of methods:

  • Credit cards
  • Bank accounts
  • Online payment forms

This way they are not locked into paying via one particular method, especially if it is not their preferred one. So be more flexible and have more options for them to choose from.

6. How secure are they? All data and payment information should be efficiently locked away within their online vault.

What use is having an online account if it is not secure? Make sure that when choosing payment solutions, the one that you use has a highly secure online vault. This means that you can be totally confident that all your sensitive data and payments are safe and protected by your direct debit company. You need to be able to trust that your company will protect your data.

7. How can you access your data and information?  Is it online at any time of the day or night when you need it?

While it is great to have such a highly secure account, as the business owner, you need access to the online account as well! Being privy to the information in the secure online account is a must because, well, the online account essentially is yours!  Having access to an online account is an important element when choosing

8. How frequently is data updated? Are you able to access reports in real time?

It’s one thing to bill your customers, and there is another being given information and control with a variety of payment reports. Reports will allow you review the vital information that concerns your business so you now what is happening in all aspects of your company.

9. If a payment doesn’t go through, will you be notified immediately, and how?

Sometimes, payments fail. While this is an annoying obstacle, with the right payment solution, this can be easily rectified. Choosing payment solutions can be a hard task, but ensure that whichever one you do choose, that they will help make sure that your get your due fees paid. They can do this by helping to collect outstanding payments for you, and putting in that extra work so you have less stress.

10. Got a problem? Make sure the customer support network is available to when you need it

When choosing payment solutions for your business, make sure you pick one that has an excellent support team. This way, whenever you have questions, feedback, complaints or the system is not working the way it is supposed to, you have a team that you know you can contact any time to help you out. It’s even better when they have a variety of methods of contact, so you can choose one that suits you; online, via phone, email or fax. A good repour with the company is beneficial, especially if you are rendezvousing with the team on a regular basis. Keep this in mind when choosing payment solutions.

11. Testimonials are a good way of checking their track record. It’s also beneficial to see which other companies have chosen them also.

Every company will say that they are the best at what they do, and there is no doubt that they believe it too! But, don’t just take their word for it. Look at other client’s experiences and reviews and see what they have to say. This is such a vital step in choosing payment solutions because other customers experiences will give you an indication of what to expect for your own business.

 

Choosing payment solutions can be a difficult task. There are so many options, but there is only one payment solution right for you and your business. Shop around and take a careful look at all your options and while you’re at it, keep this list in mind. It’ll facilitate in making the right decision for your business, and will make your life a whole lot easier.

We may be a little biased, (or a lot), but here at Ezypay, we believe that we embody all of the above to ensure a smooth ride for your business and direct debit billing. We are a multi-award winning company that prides ourselves on our great facilities and values, and also have a great gym management software as well!

To find out more about our features, check out our feature page. And if you have paid attention to tip number 10, here is a link to our testimonial page so you can see for yourself what our happy and satisfied clients have to say about Ezypay.  For more information or to talk to a sales person please contact us.

Submit a Comment

Your email address will not be published. Required fields are marked *