Best Payment Gateways for Small Business: What’s Needed

When shopping for the perfect payment gateway for a small business, many aspects must be considered. Many of the top payment platforms for small businesses have several significant features and offer functionalities that enhance the payment experience for both merchants and their customers.

Below, we will look at some of the features that small business owners should look for in any payment gateway they may be considering for their organization.

1. Accessibility from Any Device

Providing customers with the option to use a payment platform on any device is simply par for the course these days. And with consumers spending more and more time on their smartphones, a payment platform that is mobile-friendly or has a mobile-first design is imperative for any small business.

Additionally, some segments of the population prefer the convenience of their smartphones while others still prefer desktops.

Furthermore, it is worth noting the importance of small businesses making use of payment platforms that are ADA compliant. Designing for Americans with disabilities is not just the right thing to do, it is also the law.

2. A Flawless User Experience

When developing payment gateways, payment solutions companies that focus on user experience often end up with a payment system that allows customers to effortlessly make payments from their devices.

Terminology, color, placement, simplicity, and numerous other characteristics can greatly affect user experience.

When customers are comfortable with the design of a payment platform, many small businesses and organizations will notice that their customer service departments do not become strained. In short, a flawless user experience can save time and money for many small businesses.

3. Security

In recent years, Americans have witnessed several types of security breaches, ransomware attacks, and other malicious acts. These events can sometimes negatively impact the views consumers have about using smartphones and other types of technology to make payments.

A study by PaymentVision also found that security was the number one concern for both merchants and consumers regarding payment platforms, regardless of their demographics.

In our blog on payments by text, we discussed consumer perception and how it can influence consumer payment choices.

“A study conducted by Pew Trusts found that 38% of consumers who decided against using mobile payment options for their transactions perceived mobile payments to be less secure than that of a credit or debit card. Even though mobile transactions that use credit and debit cards have the same protections as transactions that use only credit and debit cards.”

Although the use of cashless payments is up, and more Americans are using their smartphones to make purchases and pay their bills, payment security should be a priority for any small business when deciding on a payment gateway.

We suggest only using payment gateways that incorporate hosted tokenization or two-factor authentication and are PCI compliant.

4. Speed

PaymentVision’s study that included surveying both merchants and consumers also found that speed is also a top concern for payment platforms. And speed is a major part of user experience.

Consumers do not want to attempt to make payments on a slow payment platform. They want a platform that is not only secure but one that incorporates a customer flow and technology that makes the payment experience fast and efficient.

5. Recurring Payment Functionality

Recurring payment functionality, or automatic payments, can benefit so many different types of small businesses. Recurring payments allow an organization’s customers to set up payment plans for various reasons.

For dental practices and veterinarians, offering payment plans can be a great way to help customers without insurance make regular on-time payments. Gyms and other small businesses that offer membership programs can also benefit from using a payment platform that offers recurring payments.

6. Multilingual Support

Although it is not a requirement, small businesses that offer a payment platform that can support multiple languages may see a lift in certain markets where English is not the first language.

Some parts of the United States, such as New Mexico, California, and Texas have a substantial number of residents who speak Spanish. So many small businesses in these areas might greatly benefit from extending their customers a payment platform that supports those who speak Spanish and other languages.

Best Payment Gateways for Small Businesses: A Recap

Small businesses can benefit tremendously when using a top-tier payment platform.

As small businesses set out to make decisions on the right payment processing system for their customers, they should consider several different features.

Aside from user experience, speed, and security, things like accessibility, recurring payment functionality, and multilingual support can all lead to an increase in payment completion rates, reduce the strain on call centers, and even help businesses reach new markets.

PaymentVision is a payment technology company that offers a wide range of payment solutions. Our clients have seen major improvements in payments with our products such as PayIVR, PayWeb360, PayAPI, PVMobile, and others.

Have questions? Please contact us. We would love to chat with you about how we can improve the payment experience for your customers.