Industry News

19/08/2009 - Payment processing is high on the list of priorities for businesses - as it should be, because improving payment processing can boost customer service and profit while reducing operating expenses.

A recent study from the Aberdeen Group found that 70 percent of enterprises believe overall payment processing improvements are a critical/high priority.

Improving payment processing can refer to a number of things, all of which are crucial to the success and safety of a firm's payment processing service.

Companies without a merchant account should recognize that not accepting credit cards can limit their business drastically, as it forces many customers that do not carry cash to go elsewhere, and could impact the reputation and professionalism of their company.

Payment card processing improvement can also come in the form of staying on top of PCI DSS compliance, which ensures that customers' credit card information is safe. Although the process of ensuring PCI compliance may seem daunting, a reputable payment processing provider will help businesses to remain compliant.

Finally, another barrier to optimum payment processing is outdated or inconvenient point-of-sale (POS) technology - "technology is the cornerstone for superior payment management," said the Aberdeen Group. Again, the ideal payment processing provider offers advanced POS technology as well as continued maintenance and support.

If a business is underperforming in any of these categories, it may be time to find a new merchant account provider.