Payment processing refers to the automated transaction of money between a business and its customer. For a professional service provider, it means providing clients with several payment routes, i.e. ACH or credit card. There are cheaper alternatives with security frameworks such as checks and wire transfer payments which deliver faster processing. The payment records can be sent to the billing and accounting software where they are permanently saved. Core BQE is one such option that can help firms process payments much faster.
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Challenges Associated with Payment Processing
Once the invoice has been generated and sent to the client, they should get the link to land on the firm’s payment page. The client can access this directly from their inbox and enter their credit card or other account details. The process sounds simple on paper but it can result in several challenges for the firm which are discussed here.
Financial Fraud or Chargebacks
Online payments may be more convenient but they have been the subject of many concerns related to information security. They put all parties involved at the risk of identity fraud. Recently a majority of the cyberattacks have been targeted small and medium businesses. These smaller firms are much more vulnerable to financial fraud and should take the necessary precautions to protect themselves and their customers from fraudulent transactions.
The best way to avoid these attacks and prevent fraudulent activities is to choose software that provides PCI compliance support. BQE Core helps its users become PCI compliant in a few weeks of signing up for their payment module. This way they can also avoid the penalty fee charged by credit card companies.
Limited Customer Support
With a large number of customers requesting payment processing, it is not uncommon for some processing partners to only provide extended customer support to the most profitable clients. In case of an error or mistake, the businesses need help and want to have their queries resolved efficiently. However, they might not get the answers they need because of the high volume of queries because of a growing number of businesses turning to credit card payments. It is not common for delayed and unsatisfactory responses.
Professional service firms should find a payment processing company that offers several different customer support channels. They should also have an around-the-clock helpline so clients can get the answers they need on time. Core BQE reviews on third-party websites say is a reliable company when it comes to customer support and can be reached through chat, phone, and email. These answers
Few Integration Options
If you are using multiple software to run the company then you might not want to add another one dedicated to payment processing. The main priority of any business owner is to optimize operational efficiencies instead of working with separate and disjointed systems. Working out of silos can lead to fewer and less accurate insights into the operations.
The only solution to this problem is choosing software that offers integrated payments such as BQE Core Suite. It provides users with a unified solution so they do not have to switch between different windows to complete a task. It has all the project management software capabilities in one place and helps teams see it through from inception to completion.
What to Look for in a Payment Processing Solution
A professional services firm will need a payment processing provider that offers simple, secure, and integrated options. Here are some features which are a necessity for any payment processing tool.
Data Security
All payment processing solutions should have the tools to process the client payments in a safe and consistent manner. Without the proper security measures in place, they could expose the clients to cyberattacks and compromise the business data too. Any partner that is compliant with all the industry standards should be good enough for the company.
Core BQE is a payment processing provider that has the Data Security Standard compliance and adheres to all the protocols recommended by the Payment Card Industry. They protect the client’s data and also save them from any future liabilities. With them, your personal information and assets are in the most capable hands.
System Integration
It can be difficult to manage to bill and invoicing processes when you are using two different systems for them. If the payment processing solution cannot connect with the existing system then that might add more confusion and errors to the equation. An all-in-one tool should have the features to send bills, invoices, and process payments simultaneously.
BQE Core has a payment processing solution that can integrate with the billing and invoicing system. It keeps a record of all the transactions and updates the users automatically. The real-time data will save companies a lot of time and money because they are no longer entering the information manually.
Affordable Fee
The payment processing provider comes with a fee so it is important to choose one that has the most adorable package. Every partner charges a different processing fee which is why this is something businesses should keep in mind when looking for one.
The best way is to shortlist the best processing partners and then do a comparison based on the most important evaluating factors such as quality, security, and services. Not only should they offer the best features but also charge a price that is affordable to the firm and its customers.
Customer Support
Every firm needs a payment processing provider that is available to help them solve problems. They should support the firm and help them whenever they run into trouble. If the payment tool is experiencing technical difficulties or the server is down during a busy time of the day then they should have the answers the clients need to hear.
The provider has to provide all the information related to their customer support during the demonstration. Core BQE guarantees limited or no downtime and is dependable when it comes to technical support. They are a good fit for any firm that wants to process payments for their clients with stress-free tools.
