While the great majority of companies trying to choose a merchant service would focus on such aspects as processing speed, hardware, and fees, there is one aspect that might be overlooked, which is the matter of reliability.
In case you have problems with your system and it is offline for just a small amount of time, the consequences of that would be rather serious, involving the loss of profits, angry customers, and many more problems, thus being costly despite the lowered fee.
The Hidden Cost of Payment Downtime
Many factors could lead to failures in processing payment, including difficulties with the Internet connection, hardware malfunction, gateway issues, and failures from the processor.
If the client cannot pay for his purchases, he is likely to abandon everything. And sometimes he will never return again. In any business venture that has slim profits, wasting even a little bit of time means losing money.
In addition to this loss of potential sales, employees can also waste valuable time trying to solve the problem and make the payment manually.
Customer Experience Matters
The contemporary customer needs fastness and reliability while paying for goods and services. Whether in a brick-and-mortar store, on the internet, or even on a smartphone, he expects smooth transactions.
Should your transaction fail, your reputation could be ruined completely. This may lead to your clients moving away from you towards a competitor with a better system.
Often enough, protecting your reputation becomes as significant as generating profit.
Why Reliability Is More Than Uptime
While there are many service providers who claim they provide very high uptime, the whole question of dependable payment processing is not limited to ensuring uptime only.
It should be borne in mind that businesses have to consider the option for backup payment processing as well as offline payment processing in case of any emergencies.
Preparing for the Unexpected
There is no payment system in the world that does not have any issues. The most important aspect here is to be prepared with your contingency plans before hand.
Contingency plans will include having an alternate source of internet connectivity, contingency payment systems, and contingency plans in case of power failure. For firms that operate from different premises and through the Internet, contingency plans should be drawn very carefully.
You may be able to avoid bigger issues in the future.
The Bottom Line
The importance of reliable payment processing usually becomes evident only when there’s a problem. Competitive pricing may be essential, but it’s equally crucial that the payment processor is able to handle payments without difficulty even when unexpected problems come up.
Reliable payment processing will go a long way in safeguarding revenue streams, maintaining customer loyalty, and allowing your business to function smoothly.
