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The Benefits of a Payment Gateway for Small Businesses

February 20th, 2018

It can be overwhelming as a small business owner to set aside time to research and find new products and enhancements that could benefit your business. With new technologies coming out at a rapid pace, it’s important to implement the right solutions that are cost-effective and will help improve your bottom line. One product that can drastically empower small businesses is a Payment Gateway. A Payment Gateway seamlessly integrates a full suite of payment tools in one comprehensive solution – making it easier for small business owners to improve the overall efficiency of their business.

Let’s fake a further look at some of the main benefits offered in a Payment Gateway:

Merchant Dashboard: With a Payment Gateway, business owners will gain the usage of a merchant dashboard where they will be able to see an overview of their business at-a-glance. This feature is great for businesses who sell on multiple channels, as they now can collect and receive all data on one easy-to-view dashboard. In addition, a merchant dashboard will help business owners easily access important insights such as daily sales, top performing products, customer data, traffic data, and loyalty program monitoring.

Virtual Terminal: Looking to accept payments online? A virtual terminal is a web-based software integrated within a Payment Gateway that allows business owners to process payments online quickly and securely from the use of their computer. Similar to a traditional card-present terminal used in stores, a virtual terminal is able to accept both keyed and swiped transactions. Business owners will get the convenience of a terminal combined with the power and security of the Gateway!

Reporting: One of the key highlights of a Payment Gateway is the robust reporting tools included. Not only will a Payment Gateway allow business owners to create filterable custom fields to tailor specific reports, but will also give business owners the capability to export their reports virtually from any computer device. Reports can be built based off daily, monthly, quarterly, or even yearly data and empowers businesses to analyze their sales/business performance for better operations.

Recurring Billing: Another feature available with a Payment Gateway is recurring billing. Recurring billing allows business owners to receive recurring payments on a continuous basis so that they receive funds on schedule and on-time. Business owners can determine the schedule of payments (weekly, monthly, bi-monthly) and be able to store credit cards securely for future payments.

Hosted Payment Page: Incorporating a Payment Gateway will give business owners access to immediately reduce risk exposure with a dynamic, PCI Compliant hosted check out form. Businesses can generate a Hosted Payment Page to quickly and easily sell fixed price goods, or collect variable amounts for donations. Other features include multiple output types for cardholders, multiple transaction types, API Management, Mobile QR Support, and a field specifically for donations.

Custom Receipts: Want to send your customers customized e-mail receipts? Now you can. Businesses can send out different messages for successful vs. failed transactions. Some messages can even apply to specific types of transactions, such as recurring billing. In addition, business owners can change the email message content at any time to say exactly what they want to say and choose who receives each type of email, including internal staff, cardholders, or third parties.

Incorporating a Payment Gateway is a great tool for small businesses owners to take control of their business and stand out from competition. With the above tools readily available within a Payment Gateway, small businesses will be well on their way to future success.