Contactless Payments for Businesses
What are the pros and cons of contactless payments for businesses?
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25 September 2017
The importance of onboarding.
Every Payments Service Provider (PSP) offers something different. As a business, you’ll be choosing your PSP based on a number of factors, one of which should be how you can make your customers’ lives – and payments experience – easier. This starts right at the onboarding process.
While this might sound simple, with the many PSPs out there it’s important to know what type of onboarding solution will suit your business. Here’s our top three features to look out for.
If a PSP’s onboarding process isn’t simple, then there’s a good chance that the rest of the service won’t be simple either. Look for a PSP who offers a quick (and no fuss) onboarding process that means you’ll be able to get started almost immediately. At Bambora we don’t think businesses should stop for us, so we’ve developed an onboarding process that means business owners can be up and running - and taking payments - within 48. No fuss and nothing complicated. If you’re planning on switching payments providers, make sure you don’t go through the rigmarole of signing up for a merchant account again. Lots of PSPs will require new merchant accounts which means that your valuable, historical, payments data will be lost. Win favour with your customers by choosing a payment gateway that allows them to use their existing accounts, eliminating the need to fill in duplicate forms that can be time consuming and inconvenient. Look for a PSP who has relationships with multiple banks in Australia to ensure smooth banking integration.
Business is complicated enough and any payments provider worth their salt will know that simple integration is paramount for business owners. Payments should slot smoothly into your processes to ensure that business remains as usual and your customers don’t experience any delays or unnecessary admin (like re-entering pre-populated field information.) Effective integration functionality like a reliable onboarding API lets businesses set up their existing merchant accounts speedily and with as little bother as possible. An onboarding API will ensure that pre-populated fields remain the same, as the data can be retrieved easily. Your website will also be able to retain its current look and feel.
When choosing a payments provider consider who is going to take on the risk for you and your customers. For example, what happens when customer payments fail? You’ll need a PSP who can take on the risks for you. At Bambora, we are Level 1 PCI compliant which means we can assume all your payments risks, as we work directly with banks and can cover all your business’ PCI requirements. There’s plenty of PSPs out there who push risk back onto business owners, which can lead to tricky situations if your customers fail to produce funds. You’ll also need fraud tools and authorisation processes that protect your business – everyday.
Get off to a good start with a well-designed and well-executed onboarding process. A great PSP will have all the features you need to deliver better payments for your customers: easy sign-up, great onboarding API and options that give you options to your customers; multiple payment method functionality and customisable interfaces that will help you target and attract more customers.
Jump onboard now and start taking payments right away.
Fancy finding out more about Bambora’s speedy onboarding process? Contact one of our team today.
Victoria Galloway is Bambora APAC's Technical Copywriter, and has been writing and producing in the payments and eCommerce space for a number of years, both in the UK and Australia.