Denver, Colorado – July 14, 2020 – Since the COVID-19 pandemic, worldwide consumer demand for contactless payments has skyrocketed. Recent research indicates that nearly one in three U.S. consumers select contactless payments as their preferred method of payment post COVID-19. As this trend continues upward, service-based businesses that interact with clients and customers will want to adopt a digital payments solution to meet customer demand. To provide clarity about the range of services and features available, PaySimple, the leading payments management solution provider for service-based businesses, today released guidelines for companies to consider when selecting a payments management solution.
The following are key aspects of omni-channel payments management that will provide security, convenience and flexibility in offering contactless payments.
- Functionality across multiple platforms. Variable payment options provide customers with the flexibility they have come to expect in all aspects of their life. While contactless payments are the growing trend, the solution should have options for collecting payments via online payment forms, ecommerce, electronic invoicing, mobile apps and in-person point-of-sale.
- Dual ACH and credit card acceptance. Despite the prevalence of credit card transactions, businesses should ensure they meet customer demand for their preferred payment type. Payment solutions should enable processing of both credit card and ACH (Automated Clearing House).
- Security of customer and payment information. Payments solutions need to be Payment Card Industry (PCI) complaint to ensure all customer information and payment details are secured. Additionally, it is advisable to look for a solution that has roles and permissions functionality. This allows businesses to control who among their staff has access to customer information and what each employee is able to do within the software, a valuable function that can prevent a data breach. Many payment solutions charge more for this feature, so ask if it is included in the monthly service fee.
- Ease of use. The payment solution should be easy for both customers to use and on the backend for businesses to use. A difficult, buggy or time-consuming check-out experience may lead to a customer cancelling their purchase or being less likely to return.
- Experience working with your type of business. A solution provider should have experience and a track record working with businesses similar to yours. For example, service-based businesses usually need to have securely storing credentials on file (or card on-file) and recurring billing solutions, unlike retail transactions.
- 6. Invoice generation and payment tracking. Automated solutions are available that generate professional, accurate and detailed invoices. They can also be programmed to charge late fees, itemize invoice details and auto-calculate taxes and discounts. Automated payment reminders and confirmations eliminate having to manually follow up with customers on their owed amounts or received payments.
- Customer service capability. A payment solution should entail more than simply processing transactions. Ask if the solutions provider offers an online self-service portal for customers to manage their account and payment details. This delivers added convenience to them and the business.
- “The dramatic increase in contactless payments throughout the U.S. economy presents an opportunity for service providers and other businesses to not only meet customer demand, but to take advantage of the many benefits of adopting digital payment solutions, including providing a safe, secure payment experience for their customers, “ said David Sharp, President of PaySimple. “We hope that providing these guidelines helps simplify finding a payment solution so that businesses can better serve and retain their customers while improving their internal processes.”
In addition to its contactless payment solutions guidelines, PaySimple offers a wide range of educational resources for service-based businesses available for free download, including:
- “Small Business Guide: Credit Cards, The Ultimate Guide to Safely Accepting Credit Cards for Your Business,” https://bit.ly/eBookCreditCards
- “Small Business Resources for COVID-19 Economic Relief, The Complete Guide to the CARES Act,” https://paysimple.com/resources/ebooks/sba-cares-act-guide
- “Cheat-Sheet: All the Ways to Accept Online Payments,” https://paysimple.com/resources/all-the-ways-to-accept-payments-ebook-lp