Mid-Year Check In: Are You Using An Optimal Payment Solution?

June 5, 2019

With the year nearly halfway complete, it’s a good time to take a look at the operational side of your business and make sure that everything is working the way it should. If not, now is a great time to make the updates you need to your business to get ready for the back to school and holiday shopping seasons that begin sooner than you think!

Consider the following two ways to simply audit your payment solution, and if taking the time to do a quick review makes sense for you.

Simple to Solve Issue Management

As you audit your payment solution, it’s important to determine how you’ll define the severity of any issues you may come across. Having a terminal with a cracked screen for example, is really a simple issue, whereas having a point of sale software that fundamentally doesn’t work with your business offerings, is a far more complex one. There are many basic problems that you could identify with your payment solution that may be solved with a simple phone call or two to your payment processor. These problems you should look for first, as you may be able to fix them in a few short days, and be back to working with an optimal payment solution quickly.

When looking for easily-solved issues around your store, consider some of the following questions:

  • Are your payment terminals in good physical condition, or does one or more have loose parts, screen cracks or other damage?
  • Does your business accept the payment types that your customers are wanting to use, or do you limit different types of card-based payments?
  • Are your payment terminals enabled to accept contactless payments, or are customers required to swipe or insert their cards?
  • Do your payment terminals process payments quickly, or is the software in need of an upgrade?
  • If you have a cash register on-hand does it keep money safe, or does it pose a security risk?

More Complex Issues at Hand

As you take a look at your payment solution, you may determine that the issues your payment solution imparts on you require a larger change to your system. These can be harder to identify without knowing detailed specifics about your business, and as the owner or operator, you’re likely the best person to spot the issues.  However, consider the impact the issue has to your business’s operations when determining it’s severity. For example, if your point of sale software doesn’t offer the reporting tools or platform layout your employees need to effectively do their jobs, this may be a complex issue that requires more time and consideration spent on how to fix it. And of course, a call to your payment processor to find out what other solutions are available to you.

Interested in learning more about choosing the right payment solution for your business needs? Make sure to check out Ecommerce Solutions You Can Implement On Your Own and The Payment Solutions That Make Your Business Future Ready.

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

Previous Article
The Best Moneris Products for Starting-out Professional Services Businesses
The Best Moneris Products for Starting-out Professional Services Businesses

Next Article
3 Ways To Make Your Retail Space Summer-Ready
3 Ways To Make Your Retail Space Summer-Ready