As a small- to medium-sized business owner, optimizing your payment processing strategy should be at the front of your to-do list. Without a smooth payment processing strategy, you’re susceptible to losing thousands of dollars in unnecessary fees and hundreds of hours of labor.
How you handle payments from customers sets the tone for your business, especially in the B2B space. If customers have a rough experience, they’re less likely to come back and do business with you or refer your business to others in the industry. However, if your customers have a wonderful, smooth experience, they’ll be talking about you to friends and family and leaving you generous reviews.
Here’s what business owners should consider when optimizing their payment processing strategy:
Invest in Fintech
If you own a business and have not considered investing in Fintech yet, now is the time to level up. Fintech is a great way to integrate all of your business processes into one unified system.
For example, is your accounts receivable and accounts payable system a mess? Can you not keep track of your latest invoicing and which payment needs to go where? Fintech is the perfect solution to help solve your problems. When processes are more streamlined, payments move faster, employees are more efficient, and risk management is better.
If you’re considering investing in Fintech for your small business, remember that not all Fintech is created equal. You’ll need an experienced financial consultant to help you make the right decision for your business.
Detect Fraud
One of the biggest headaches for small-business owners is chargebacks. Every time a chargeback happens, it costs significant time and money and creates a problem that could’ve been avoided.
When installing your payment processing technology, be on the lookout for key features like multi-factor authentication, CVV code requirements and IP address verification to avoid the use of stolen credit cards.
Digitize Processes
If you’re still using paper to manage payment processing, it’s time to switch to a completely digitized process. When switching to a more digitized strategy, you eliminate the risk for human error and reduce costs over time.
After all, 75% of invoices exchanged in the B2B space every year still need manual processing.
I hope these tips helped guide you in your payment processing endeavors. If you ever need one-on-one expert help, get in touch with me at my company, Richmond Financial Services. Visit my website or call 617-843-5799 to schedule a free consultation session. I look forward to getting in touch!
