More Payments, More Problems? Consider a Consolidated Payment Processing System
Together, card-not-present (CNP) and contactless transactions make up the majority of payments today. As the number of payment channels grows, managing payment processing and compliance becomes more difficult — and expensive. Companies must expertly juggle regulations, fees, rates, and customer expectations just to do business.
A consolidated payment processing system can simplify payment processing, tighten compliance, lower costs, and increase efficiency. However, locking yourself into a payment vendor’s proprietary system can reduce the scope of potential benefits, and building a custom in-house solution requires a level of financial expertise that few companies possess.
A universal payment processing platform that can be tailored to meet your needs offers the benefits of consolidated processing while sidestepping the potential pitfalls of proprietary or in-house systems.
Such a solution should involve a thorough evaluation of your processing workflow as well as current and projected card-not-present and electronic funds transfer (EFT) billing and payment volume. It should also be based on best practices to help reduce processing fees and strengthen your negotiating position. And it should be customizable to integrate with and link your existing systems and infrastructure.
This type of payment processing platform can position your company for growth, regardless of the size of your organization.