By Zach Gregersen - SVP, Head of Global Sales
Ongoing developments in technology and the events of the last few years have forced businesses of all shapes and sizes to adapt to survive. For businesses that make and accept payments, the sudden need for payment process optimization and acceleration, as well as changing consumer habits, has created the need for more reliable payment solutions. More businesses are asking whether their online payment solution provider is still right for them, and they’re making the switch to solutions that are a better fit for their needs.
However, there are numerous factors to bear in mind when adapting your payment systems and transitioning your online payment solution provider. In this article, we outline 9 of these considerations to ensure merchants get the most out of their payments processes.
The importance of a reliable online payment solution
A reliable online payment solution is critical for your business because it directly impacts your revenue as well as your customer experience. A seamless and secure payment process can help increase sales and customer retention, reduce the risk of fraud and chargebacks, and enable smart transaction insights into overall payment process improvements that can support your business expansion.
Working with a provider who can help you get going with a reliable payment solution means you can improve your payment process efficiency, meet changing customer needs, and leverage modern payment technology for growth-enabling business intelligence.
9 reasons to modernize your online payment solution provider
To help guide your decision when looking for the right payment partner for your needs, we’ve outlined 9 reasons why you should consider ConnexPay, including the benefits ConnexPay can bring to your business to ease payments challenges, improve cashflow, and boost your bottom line.
1. To reduce payment processing fees
Merchant processing fees can be complex to understand, and many payment processors tend to hide or inflate fees for processing payments. Does your online payment solution provider offer flat-rate pricing or tiered pricing? Does your pricing model account for interchange fees? What about cross-border and FX fees? These are all important fee-related questions you should be asking to get an accurate understanding of what your payment processing fees look like, and whether you’re overpaying on them or not.
ConnexPay uses the interchange-plus pricing structure.This means our clients have visibility into every single fee, including interchange fees, card brand fees, and processor markup, for complete transparency; there are no hidden fees like with flat-rate or tiered pricing models.
2. To better meet your customers’ needs
In today's digital landscape, customer payment behaviors have shifted drastically and continue to do so as payment technology evolves. As such, offering multiple payment options and a smooth and secure checkout process has become a necessity for businesses to build trust and credibility with customers as well as to streamline the overall payment process.
Sophisticated online payment solution providers, like ConnexPay, offer comprehensive payment processing capabilities that let you take control of the customer payment experience, including:
- Real-time payment acceptance
- Instant access to customer funds
- Support for virtual card, credit card, card-not-present and ACH payments, as well as alternative payment methods like Google Pay and Apple Pay
3. To bolster compliance capabilities and reduce risks
Processing payments comes with considerable risk for merchants, such as non-compliance, security breaches, and mounting fraud and chargeback activity. Left unchecked, these risks can have a substantial impact on your business, so optimal risk management is a must for merchants.
As an online payment solution provider that brings payment acceptance and payment issuance together inside one platform, ConnexPay fundamentally de-risks the payment process for merchants. Our solution also offers merchants a proprietary Chargeback Management System — built specifically for our customers based on their needs — that’s easy to use and completely digital.
Additionally, ConnexPay’s platform is seamlessly integrated with state-of-the-art fraud prevention technology powered by Kount, an Equifax company. Both of these risk-combatting features come at no extra cost to you. We are also PCI compliant and remain committed to card payment security.
4. To get dedicated customer support
Many payment service providers neglect to offer merchants ongoing support once their payment system has been set up, but this support is often still needed long after the system has been implemented. Without dedicated customer support, you’re left to deal with issues yourself, which can be onerous, frustrating, and time-consuming — not to mention the potential revenue loss payment issues can cause.
At ConnexPay, we provide high-touch customer service to each of our clients, and we are passionate about ensuring our clients feel supported 24/7/365. Whether reaching out directly over the phone or using our ticketing system, our white-glove approach means we are here for you and available to help, even outside of business hours.
5. To improve cash flow and boost revenue
Many things can affect a business’s cash flow, but your payment system shouldn’t be one of them. Despite this, many businesses struggle with cash flow challenges that are compounded by inefficient payment processes and systems causing unnecessary payment delays. This is particularly true of disparate payment systems, where accepting payments and making payments are handled by different siloed tools with disjointed reporting and reconciliation..
Your online payment solution provider should be able to help ease cash flow problems with their solutions. For example, with ConnexPay, you have immediate access to incoming customer funds so that you can make necessary supplier payments without delay; there’s no waiting for funds to settle before you can use the money. Our technology also lets you instantly create, manage, and distribute virtual cards, making for a quicker, safer, and more efficient payment issuing process. These capabilities paired with our industry-leading card rebates boost revenues and increase cash flow to support your overall business.
6. To simplify accounting and streamline processes
Without optimal functionality, your payment system can put unnecessary strain on your accounting team, leading to valuable time and resources being spent on just ensuring your books are in order. This burden can be aggravated by different payment systems being used within your business, where reconciliation of incoming and outgoing payments is disjointed and difficult to manage.
ConnexPay’s solution takes the hassle out of your accounting processes by seamlessly connecting incoming and outgoing payments together, including any credits or refunds, all inside a single platform, and all tied to the same transaction. Our automated reconciliation simplifies your accounting, ultimately helping you to stay on top of your payments with minimal time and effort.
7. To enhance reporting/analytics capabilities
With intelligent and detailed data insights, you can make more informed decisions about your business, customer experience, finances, and future goals. However, when it comes to payment data, many solutions are limited in the level of data they can provide. And limited data means limited oversight of what is or isn’t working in your payment processing, which has the potential to negatively impact your bottom line.
Modern online payment solution providers offer more extensive analytics and reporting capabilities, helping you to get the most out of your payments data. ConnexPay’s robust reporting and analytics enable more accurate insights by giving a comprehensive view of your:
- Sales and purchases, including full transaction details
- Customers and suppliers
- Cash balance
- Available funds
- Customer insights
With these easily accessible and easy-to-understand insights, you can save time gathering data and creating reports, while still improving your business decision-making.
8. To have an all-in-one payment solution
There is a growing need for businesses to have a complete, end-to-end payments solution that unifies incoming and outgoing payment processes within a single platform. This full-spectrum approach streamlines payments for businesses, saving them time and increasing efficiency while eradicating payment headaches that typically come with having two (or more) disconnected payment systems.
ConnexPay facilitates the full payment lifecycle by letting businesses seamlessly connect incoming customer payments with outgoing supplier payments, all in real-time, all under one contract, and all in one place. Plus, by bridging the gap between incoming and outgoing payments, our proprietary technology mitigates a number of payment-related risks, while also connecting and automating recordkeeping and reconciliation for business reporting requirements.
9. To scale and grow your business
Business growth is a key priority for any company, but your tools and solutions need to be flexible, scalable, and agile enough to support your business in its growth endeavors.
To drive growth and scale, and ultimately achieve increased market share and revenue, you need reliable payment solutions that can provide valuable insights about customer behavior and transactions, to accurately inform your future business goals. This is only possible with a modern, dependable payments platform that’s robust enough to empower your goals and an online payments solution provider who’s there to support you along the way.
Are you ready to consider ConnexPay?
From meeting your customers’ needs better and making more informed growth decisions to streamlining internal processes and improving cash flow and revenues, the importance of optimal payment management can’t be overstated. Businesses today need to ensure that their payment solutions are primed to support their business growth, both now and in the future. With the right online payment solution partner, companies can achieve greater efficiency now and also properly plan for and enable future growth.
With that in mind, is your current payments provider meeting your existing and future payment needs, or is it time to switch to an online payment solution provider better suited to your business requirements?
Get started with an all-in-one online payment solution provider
If you’d like to learn more about ConnexPay’s all-in-one payments solution, then please get in touch with us or book a demo to see our platform and its capabilities in action. We could get you set up on our platform in as little as 10 days.
