Finding the right payment partner is always important for a growing business, but particularly so for small businesses, whose owners need to take advantage of everything their business possibly can to ensure their company’s success. Working as a small business owner can be difficult, with a variety of elements to manage, making choosing a payment partner that can help alleviate those difficulties paramount.
To find the right payment partner for your small business needs, there are a variety of factors to consider, and we’ll outline the five most important ones for you here.
Diverse and localized payment options
As your small business grows, making the payment process as simple as possible for new customers is imperative. If a potential client is at the checkout process and doesn’t see their preferred payment option, there’s an increased chance that they may abandon their purchase.
With that in mind, small businesses should look to partner with a payment team that can give them access to the preferred payment options for their market. Options like credit or debit cards, eCash, and digital wallets have become expected at checkout and small businesses should look for payment partners who can provide them all of those efficiently and easily.
Experience helping small businesses evolve
Every small business is different, meaning that finding a payments partner with experience helping a variety of other small businesses grow is vital. Customer preferences are consistently changing, while innovations to security are consistently evolving and new technologies for payment keep emerging, which results in small businesses having a lot to contend with.
With an experienced payment processing team like the one at Paysafe, growing companies can focus more on their work and have less stress about all the details involved with payments.
Real-time analytics for real-time decisions
Making quick decisions can make all the difference for small businesses, so having real-time reporting tools will make those decisions easier for owners. With real-time analytics tools, small businesses will be able to track customer needs and identify trends efficiently, having the tools to optimize their processes and improve the customer checkout experience.
By finding a payment partner that gives them access to real-time analytics, you can find the insights that will allow your business to gain a competitive advantage in the industry and better service your customers.
Finding a path to growth
Small businesses may not have the same resources as their larger competitors, so finding a partner with the experience to help your business grow is important. Having a partner that will look to understand your strategic vision and tailor their payments solution to your small business can help you take the next step in your company’s development.
Looking for a partner that will help your business continue to improve the customer experience with be a critical part of your company’s growth journey.
Automated payments can save even more time
Payment collection is a hassle for any business and small businesses are no exception. Considering how frustrating it can be to handle payment collection, it’s important for owners to find a payment partner who can automate that process for your business. There’s a massive time investment involved with manually track collections on a weekly, monthly or annual basis, showcasing how valuable it is to find a payment partner that can help you save that time.
Working with a payment provider like Paysafe, small business owners can fully automate their payment collections, with customers being charged accurately and securely every time. We suggest asking to be shown the entire payments flow when looking for a provider, to ensure that the process will be hassle-free for your clients.
Choosing the right payment partner for your small business
For small business owners who want to spend more time on their craft and less time worrying about payment issues, finding the right payment partner can help your company grow even further. In our research, we found that 63% of consumers said they’d abandon a purchase if the checkout experience was slow or too complicated, while 59% of consumers expected small businesses to offer all payment methods. With this clear message from customers, it’s vital for small business owners to choose a payment partner that can provide all these elements for the business.
