September 5, 2019 - By Bredet Services
Learn more about the easiest way to process payments in Sage 300 and better understand the common challenges and the easiest solution for processing payments in Sage.
The payment industry experts at APS Payments have gathered feedback from hundreds of customers regarding the challenges they had with payment processing prior to switching to their solution. They have broken down all of this feedback and compiled a list of the most common challenges their merchants face with their payment processing before switching to APS Payments, and why 96% of their customers recommend us as their preferred payments solution provider.
7 Most Common Payment Processing Challenges
- Lack of integration and the resulting duplicate entries – Payments are time consuming and error-prone when your payment processing is not fully integrated into your ERP or eCommerce ordering platform – or both. This can cause efficiency issues and cost labor dollars for your team, and also affect the speed of your sales organization.
- Confusing merchant statements and hidden fees – It can be difficult to compare payment solutions apples to apples. This is because many merchant statements are often confusing and difficult to discern what fees you are being charged. Many payment processing solutions and merchant services providers suggest flat rates for processing credit cards. Flat rate pricing models are not always the best option, as you could be missing out on massive savings with programs like Level 3 payment processing.
- Lack of centralized reporting Many processors do not provide merchants with centralized reporting. APS Payments offers fully-integrated and out-of-the-box solutions that work seamlessly with the business systems that many companies already use and allow 24/7 access to important financial records.
- Level 3 rates not available – Not all payment processors provide Level 3 processing for B2B or B2G transactions. If you do not have an integrated credit card processing solution, you could be missing out on massive savings simply because of entry error or a failure to collect the data that Level 3 requires. When you use an integrated payment processor, it makes it easy to pass the level 3 data points to ensure you are always getting the best rates.
- Online customer payment portal not available – Customers like the ability to self-serve and pay their invoices online. Many payment processors do not offer an integrated online payment portal for their clients, or if they do, they charge a fee. By working with a processor who offers this functionality, clients can click a button and make payments in seconds via ACH or credit card, while at the same time increasing customer satisfaction.
- Missing global payment processing – Multi-currency and international capabilities are not available from all processors. It’s time to switch service providers to a processor that offers these capabilities if you need multi-currency functionality as you grow globally.
- Poor customer support and service – Uptime is essential for merchants and many companies work after hours to ensure payments can be processed in real time or the next day. If your payment processing system goes down and you can’t collect credit cards during business hours, it can make or break your profitability. eCommerce and international merchants are often operating 24/7 and it’s essential for the tool you rely on to be up and running for all of the hours that you are. When you don’t have access to 24/7 live customer support, you may lose cash flow or be unable to provide your own customers with a good customer experience.