The way you pay for things is rapidly changing in the 2020s. For instance, with Crypto’s revolutionary new Lightning Network, you can transact hundreds of thousands or even millions of dollars worth of Bitcoin in a millisecond anywhere in the world for under a few bucks. You can then immediately turn the Bitcoin into cash if you so choose.
But for those of you who aren’t millionaires or into crypto, there are other companies that provide fast and safe payments like Stripe and Paypal as opposed to the old, cumbersome credit/debit card-based payment platforms.
But then there are small businesses and companies who find themselves relying more and moreon payment system partnerswho are able to navigate the thick jungle of state and federal regulations such as the ever-expanding if not booming, cannabis industry.
Says the professionals at Paybotic, a Massachusetts Cannabis Payment Processing Solutions platform, navigating the payment processing that surrounds cannabis products is an overwhelming task even for those who are well trained and educated on what’s required.
This can be especially true for states like Massachusetts where cannabis has been legal on the retail market for only three years. This is why cannabis retailers are turning to payment processing options that are well attuned to the high-risk nature of the highly regulated product they’re selling.
The same can be said of many businesses big and small such as software developers looking to get a better handle on sales and sales data. According to a new report, in 2022, software developers who are looking into a payments company as a possible partner won’t face a shortage of advice on how to go about making a decision.
Industry experts will always suggest you make a thorough examination of a firm’s payment technology, along with its security, and also its Payment Card Industry Data Security Standard (PCI DSS). You also need to know if the payment company charges reasonable fees while offering decent residuals to your firm.
There is one more factor when considering a payment processing company. Size. This is how the size of a payment company can have an impact on the four vital areas of your business.
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Big credit card companies that have been around for decades. In fact, they still utilize pre-cloud technology. But newer, cloud-based payment platforms are able to “leverage microservices architecture” that can enable development teams to add new features and update code seamlessly and immediately.
This means smaller, newer companies can deliver not only uptime payment processing but scalability. The modern tech employed by these new payment partners are engineered to enable the payment methods that the average consumer is demanding in 2022. Older, larger, more cumbersome companies are said to be playing catchup.
Say the experts, large payment companies are bureaucracy heavy. They contain complicated organizations, and they must manage boards and stockholders who often make most of the operating decisions.
The decisions are limited to the type and age of the payment technology they employ. These technologies will inevitably have an affect on your company’s branding, sales, channel strategies, and more.
But smaller, newer payment processing companies are more nimble and agile. They have the ability to take full advantage of opportunities at a much faster rate, such as the rapid increase in demand for “touchless QR code payments” which were a direct result of the COVID-19 pandemic.
Better Customer Support
At base, it’s the “quality of supper” your payment company partner is providing that will make a direct reflection on your particular brand.
Fact is, smaller operations are able to provide immediate and personalized service that older, larger firms cannot. The latter is likely to use call centers or even frustrating chat boxes that only serve to make a customer feel like a number on a spreadsheet.
Experts attest that partnering with small payment processors who are committed to providing only the best customer service can help you breakaway from your competitors who can’t offer the same kind of personalized support.
Channel Program Relationships
One major casualty of partnering with big, old, payment processors can be your company’s channel program. What you need to keep in mind is that to a large firm, you are not the first priority. Instead, the stockholders come first.
However, small companies that rely on updatable software and constantly changing regulations need to be able to rely on a payment partner who will give them the immediate support they require for success.