Payment gateway software is the link in the transaction chain that translates directly to your business successfully collecting payments. You cannot expect to easily collect payments from your customers online without the right software for the job. Online, potential clients are known to flee from any and all transactions that appear sketchy or untrustworthy, and for good reason. Keeping your business from making the list of untrustworthy options available in huge quantities on the web can only be done by presenting present your customers with a safe, simple and reassuring payment method that protects them from the dangers of fraud as it much as it does for you.
Using great payment gateway software puts you in a stronger business position than your competitors and can provide you with a number of excellent utilities to positively influence your daily transactions. Collecting payments online is no longer a difficult task to accomplish thanks to all of the impressive software options that have cropped up for you to make use of, but you still need to know what to look for if you want to find the right software for your company.
Multiple Payment Options
Once your customers reach the final stage of the transaction and it is time for you to help them seal the deal to secure their purchase, the last thing that you want is for them to abandon the deal because they do not feel comfortable taking that last step. Even worse still is the possibility that your payment options are not enough to accommodate the means that they have on hand. Obviously, cash will not do much online, but not being able to process payments from standard credit cards, debit cards or bank accounts can be a major issue.
Multiple payment options help you to avoid impeding the finalization of the deal by the customer. With multiple payment options available for them to make their purchases official, any instances of transaction abandonment are minimized.
Recurring Bill Management
Keeping up with recurring bills for multiple customers across myriad accounts can get tricky without the right software in place. Subscription services need to be able to properly manage their subscribers in real time to avoid overcharging them or undercharging them. Payment gateway software makes this possible by working subscribers into the system’s list and managing their billing dates automatically – removing the strain and hassle from your shoulders almost completely, in most cases.
With recurring bills, factors such as the billing source and payment type must be taken into account along with the date and valid payment period. Collecting payments from users without specialized payment gateway software to handle such a breadth of complexities would quickly become a full-time job in its own right.
Electronic invoicing may be relatively new on the scene for some companies, but it is absolutely essential for achieving the maximum potential of an online business that completes its transactions with custom invoice options on a per-customer basis. If you are looking to keep up with the invoicing process as your company grows, then you will need this type of utility to be present in your payment gateway software of choice. Basware offer this kind of functionality and bundle it with a number of other useful options.
Accurate invoice generation is something that can be handled to excellent effect through the use of specialized software. A payment gateway solution with this option built in allows you to access up-to-date information about your company as is needed and include it in each invoice you create.
Purchase to Pay
Purchase to pay utilities in payment gateway software systems provide you with an effective means of professionally managing your company’s inventory in tandem with your incoming revenue. This type of functionality works perfectly for drop-shipping businesses and enables procurement and funding to work hand in hand.
With purchase to pay processes set up, you will not have to worry about spending too much on inventory that may or may not sell and can offer your customers a larger catalogue of services or products without harsh economic consequences.
Incorporating the right payment gateway software is a big and important step for you to take in the development of your business plan as it involves planning out multiple facets of your income streams. Having a strong payment gateway in place for collecting your clients’ payments means offering multiple options for payment completion and bestowing the safest access point that you can to them in the process.
Payment gateway software such as Basware and Adyen can make a great match for your budding business. With features that cater to small companies as much as they do to larger organizations, there is little reason for you to avoid adopting them into your business’s framework. They offer professional results for all levels of companies alike, so you should find plenty of functionality to use them in your own small startups or growing companies.Follow @FeatCustomers