FaziPay as a Payment Solution for Small Businesses

The payment platform you choose has a massive impact on the run of the business, ranging from service delivery to income. For instance, a smooth payment collection process can positively affect how much revenue your company can rake in. 

There are many factors to consider when choosing the payment platform for your business. Before you choose the payment option that best suits your company, consider the following factors:

1. The Pricing System

The pricing system is one of the most critical factors in securing payment for your business. The pricing is closely related to the kind of business you run, whether retail or e-commerce. In addition, consider the amounts you receive monthly or annually to determine the payment gateway for you.

Ask your payment service provider for the following cost categories for your business.

• Registration 
• Setup fee for the gateway (usually a one-time payment)
• Transaction fees (which could be reviewed regularly or occasionally change during offer periods)
• Monthly connection fee
• Reserve payment fees
• VAT fees (confirm if it is included or excluded) 

Aside from transaction fees, find out about the setup fees, which can differentiate a payment provider from the other. Then, depending on your financial goals as a business, you can compare these fees with what your providers will charge at the end of each month or year.

2. Device compatibility

Digital transactions must prioritize mobile compatibility in creating payment platforms, and business owners must be aware of this. So, when choosing the payment solution for your business, ensure you weigh its performance on mobile phones, tablets, and laptops. While some payment gateways thrive well on desktop, they may need help on mobile.

Before committing to one payment gateway, ensure it is manageable on specific platforms and operating systems. Before this testing, you should review the analytics report of your site to understand which device is most common among your audience visiting your site. Then, in line with device compatibility, verify other related demographics of your audience. 

3. User Interface and Experience

Statistics have shown that one of the reasons why customers fail to complete payment is the perceived difficulty of a payment process. Therefore, your payment method and gateway for your business must be as easy as possible for optimum conversion. Search for a payment platform that has dealt with every encumbrance that customers may face and overcome them.

If the payment gateway provider is not ready to provide you with everything you need in this regard, you may as well abandon them for another. Customers return to platforms with a complete, easy, simple, and seamless transacting experience. The user experience must also be the same across all possible devices for accessing the forum.

4. Merchant’s bank account provider

Your merchant’s bank account can determine whether to choose them or find another account for your business. However, different banks come with additional requirements and packages, which could impact your business flow. For example, compare the costs of having your merchant bank. You may also ask how long funds arrive in your business account. 

Part of the services that the payment service provider must provide you with is our transaction records. Pick a gateway that supports smooth direct and third-party transactions and offers easy management options. The options may include refunds, payouts, and disbursements. 

5. Dashboard and Analytics

Your payment service provider should also be able to provide you with real-time data about how customers are faring. For instance, for e-commerce and retail businesses, you want to understand how customers purchase from the website or the app. This information can help you to optimize any feature that is not effective in the process.

The payment records can show the volume and transaction frequencies at different pricing levels. A business owner needs a package that fits her current needs concerning transaction limits. You need a payment service provider to adapt to your changing business needs. 

6. Payment Security

The level of security in payment is crucial because customers want to ensure that sensitive information is not compromised while making a payment. Moreover, financial transactions involve sensitive information that your payment service provider must treat with diligence and security. Therefore, you need a merchant that assures you of high-level security. 

For example, Infibranches provides a multi-layered security system for business payments, such as a 2-factor authentication that prevents third parties from accessing your data. We also protect against fraud and other vices with some of the latest tech innovations for security management and risk factors. As a result, people will gladly gravitate toward a platform that assures them of security.

7. Processing Speed

You want an adaptable payment platform for your business, but what about the processing speed? If the payment service comes on a low-speed network, it’s time to rethink it. A customer may send a payment, which takes a long time to reach your account.

Therefore, your chosen payment service solution must support an end-to-end payment for excellent customer experience and satisfaction. In addition, cloud payment transmission ensures efficiency and smooth workflow. As a result, business owners, particularly e-commerce merchants, enjoy an efficient payment system with high processing speed.

8. Integration Process

The ease of payment integration is another reason you should consider choosing any payment platform. What this feature does is the flexibility of your business to diversify and accommodate other payment-related features for your business. For example, top e-stores need this feature to create multiple payment modes on their websites and apps.

As a result, a business can link up with a third-party payment service platform of the customer and still be able to return to your store to complete payment. That means you must integrate the third-party payment API solution into your store website or app to allow customers to pay with them. 

9. Verify reputation with support

Issues arise during payment for different reasons, and when you need help at any point, your payment gateway provider must be able to provide the proper support. Ensure you have the right payment partner that can resolve any issue in the shortest possible time. Some of the common questions you must answer include the following.

• What is their response time?
• Does their support solve the problem or provide the needed help?
• Who speaks with you, and what mode does it take?
• Overall, do they treat merchants and business owners well? Do you have a good impression of the payment solution provider?
• What do other people think about their payment service, ad are they trusted?
• Has there been any security breach from this payment solution provider recently?

10. International trading support

Payment systems are set up concerning the local currency. But businesses sometimes have to make payments across borders in other currencies, including USD, CAD, AUD, Pounds, etc. Your payment solution provider must support a global payment procedure. You are hoping to grow a global brand.

However, in securing international payments, you should take note of the following facts that apply to international transactions.

• Only a few payment platforms allow withdrawing funds in international currencies into your local bank account. 
• Nigerian naira debit cards no longer support international transactions. Instead, you will need a dollar card from your bank.
• The international payment gateway fees are often higher than the local transaction fees. Therefore, you must factor in the currency conversion rates with the transaction amount.
• Generally, international payments take a longer time, up to 21 days, to clear ad reflect in the destination account. On the other hand, local transaction processing is often completed within 48 hours.