[dropcap]W[/dropcap]hen top online entrepreneur (let’s call her Gabby) decided to choose an electronic payment system, she jettisoned all the business management training she’d received. Of course, she regretted her decision deeply. If only she had conducted the necessary research, she would have saved herself the trouble of settling for a substandard e-payment gateway provider. “Sometimes, brand name isn’t everything,” she warned. “Focus on what’s important, else your business will flop.”

Every successful business owner I’ve met concurs with Gabby. They unanimously consider e-payment processing key to the growth of every business. But how can one successfully choose the best providers, especially since there are so many out there? And why should a business owner learn more about this electronic payment system instead of that other one a tech expert recommended?

If you are already asking these questions, chances are that you already know that a payments processor serves as a bridge between your business and the depository financial institution and credit card networks. Every serious entrepreneur will require an e-processing platform to receive (both online and offline) payments for goods and services.

First, it is important to know that e-payment handling systems are all about details and features. Understanding this will make it easier for any entrepreneur to choose a system that will most likely satisfy their peculiar business needs. Irrespective of your business model, you need to know the most important elements to consider when selecting an electronic payment system. In this article, I will outline and enumerate the five most important factors that should influence your decision.

1. Note That Fraud Prevention and Security Features Are Indispensable

Financial frauds have been a problem since people started buying and selling. As an entrepreneur, you have a duty to ensure that your customers are safe whenever they are trying to make payments on your platform.

When you’re comparing payment systems, look out for fraud prevention and security features. The good news is that most of these have in-built security tools. But not all of them have the right solutions for in-store transactions. Online business owners should ensure that the e-payment system supports SSL certificates and CVV2 authentication.

According to Gabby, it is essential to choose a processor that complies with Payment Card Industry Data Security Standard guidelines. This regulation mandates that a trader’s payment network should find secure ways to take stocks, and document transactions. When you choose a system that is compliant, you’ll save yourself the trouble of modifying your systems and processes.

Another thing to look out for is seller protection and backing. This will make it easier when you need fraud resolution services.

2. Pay Attention To The Payment System Coverage

Many businesses don’t accept certain forms of payments. This is guaranteed to dissuade customers from patronizing them. Gabby lost many customers because she adopted an electronic payment system that didn’t support diverse forms of payment.

Don’t choose a system that accepts only traditional credit and debit cards. The world has changed now and most people prefer to conduct business transactions via other payment platforms. Before you make that decision, ensure that the platform will support digital wallet and contactless alternatives. A few popular examples are Paypal and Voguepay.

3. Budget

Business owners design budgets for every single project. And when you are running a small business, you have to avoid unnecessary expenditures and charges. Before you pick that e-payment system, ensure that the processing fees aren’t exorbitant.

Here are a few questions you must ask:

Will you be expected to pay a monthly fee or a flat per-transaction fee?

Does the payment network support merchants who operate in your zip code? For instance, Corporations like Paypal don’t support sellers in certain African countries,

Whatever you do, ensure that charges and fees won’t eat into your profits. And don’t forget to monitor your monthly statements. You’ll need to calculate your monthly charges to decide if you need to make changes.

4. Check For Interoperability

Another thing to look out for is accessibility and interoperability. Is the system easy to use? Can you easily connect your e-payment system to your POS (or Point of Sale)? This is one key factor merchants forget to consider.

It is better to choose a payment system that provides integrated POS software. Alternatively, you can opt for one that has an existing network of partners that sellers can pick from. Your choice must be influenced by your business needs as well as the intricacy of your inventory. If you find a system that includes features that help with invoicing, reporting and accounting tasks, you probably should consider using that as well.

5. Interactive Customer Support System

The biggest mistake any business owner can make is to settle for a company that doesn’t provide customer support. Except you’re a Fintech expert, chances are that you’ll inevitably need assistance. Avoid companies that don’t provide round-the-clock customer support. They make business operations more stressful and frustrating for you.

At a business conference, Gabby narrated several events where she needed help with customer support but found that the customer service chain was simulated, computerized and in-responsive

Sometimes, rates aren’t the most important consideration. Make sure that there’ll always be someone you can talk to when you have problems with your electronic payment system.