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Advices and insights Payment solutions

Wouldn’t you like to provide a better customer experience for your customers and boost your bottom line at the same time? If so, one of the quickest ways to do so is to make financial transactions easier for them. Therefore, you need to offer them payment methods that suit them best. 

The market today is full of a multitude of payment solutions. Which of them are the most suitable for your SME? We’ll look at this in the rest of this guide.

Mobile payment terminals

In the last few months, mobile payment terminals have been on the rise. True marvels of technology, these payment terminals are very easy to use. 

Connected to an internet network through a mobile device or a sim card, they allow small and medium-sized businesses to offer a contactless payment service that has been very popular for a few months.

Also inexpensive and simple to integrate into small organizations like SMBs, mobile payment terminals now make payment processes flexible. From a smartphone or via any bank card, your customers can pay their bills. The funds are then immediately transferred to your account. 

While mobile payment terminals are popular because of their ease of use, it should be noted that these devices are also very secure and usually certified as PCI, P2PE or E2EE compliant. 

By opting for this payment solution designed for self-service businesses, you will notably reduce your queues, print your invoices quickly and increase customer loyalty during check-out.

Faced with the wide range of mobile payment terminals on offer, it can be difficult to make an objective choice. However, you can use a reliable comparison of payment solutions for SMEs to find the device that best meets your expectations.

Electronic payment terminals

Still called fixed payment terminal, an electronic payment terminal (EPT) or a bank card reader is a payment solution dedicated to professionals. As its name indicates, it is used to accept credit card payments. 

Unlike mobile terminals, fixed models are connected to an electrical outlet. They are ideal for point of sales and physical stores if you plan to make cash collections at the counter.

Since bank cards are one of the most used media for physical transactions, this payment solution remains very popular. However, you should know that it is not suitable for you if your point of sale is connected to an Internet network or if you have to move frequently within your store or company to record payments. 

It should be noted that it is a device that also integrates very well with the systems of small and medium-sized companies and that most of them have the best security programs. Here too, you will need a good SME payment solution comparison tool if you want to choose the ideal payment terminal for your business without difficulty.

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Payment by credit card

While payment terminals are indispensable at the point of sale, for remote or online transactions, bankcards are still the preferred method of payment. 

This is the payment method you should use if you want to accept online payments.

In fact, it is a classic payment solution offered by banks that offers you a double advantage. In addition to the fact that it allows you to receive payments via different types of payment cards (Mastercard, Visa, American Express, Switch, Maestro, Visa Electron…), bank cards allow you to :

– Reassure your customers that their data is protected and that their transactions are indeed carried out via a banking medium;

– Be protected in case of litigation or fraud, because the bank is entirely responsible for all the transactions it accepts.

Of course, in order to benefit from a credit card payment solution, you must work with a bank and in particular have a business account with the bank of your choice. Since the specifics of the contract to be signed vary from one bank to another, using a payment solutions comparator, you will be able to choose the best offer for your SME.

Payment via independent institutions

Many independent platforms offer payment solutions that work for e-commerce sites. Even if the commissions per transaction that they apply are lower than those of banking institutions, these platforms do not offer the same levels of guarantees. 

Among them, there are some that offer distance selling contracts. These are the ones you should choose if you want to enjoy better protection against possible problems such as fraud or disputes.

Payment by online wallet

Another payment solution that may interest you is the online wallet. Admittedly, the functionalities integrated in online wallets are limited compared to those offered by bank cards. 

However, the use of this payment solution does not require the customer to communicate his banking data. In a context where the security of transactions is a key factor in companies’ promotional campaigns, this payment method is very interesting. 

But this is not the only advantage in favor of payment wallets. They are also quick and easy to deploy. This really meets the aspirations of small and medium-sized businesses. Note, however, that the main shortcoming of this payment solution is that the customer must have an account with the wallet provider to use it.

Thus, it is recommended to combine another payment solution with online payment wallets in order to reach the maximum number of customers and to mutualize the benefits. So, in addition to an online wallet, you can use a card banking solution. You will then benefit from the advantages of both payment methods.

What to remember? The market is full of a multitude of payment solutions. While some are well suited to SMEs, others are less so. To make a wise choice, you must take into account the specificities of your company. 

If you have a physical point of sale or prefer a human approach, you can opt for a payment terminal. 

If you intend to receive your payments online or remotely, the ideal solution would be to turn to an online bank card and wallet or an independent platform.

Francois Oikpe - Senior Content Manager | Francois loves all things about marketing and entrepreneurship. You name it, he’s most likely read it. When he’s not reading or strategizing, you can find him working on is next content that will help leaders empower their workers.

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