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If you want to boost sales and traffic to your site, it is imperative to offer multiple payment processing options. There are many different ways to process your orders. You can do it through credit card payment processing, ach payment processing, debit card payment processing, electronic check processing, using a toll free number, or by mail.

By offering many different ways to pay for your product or service, you will allow more people to spend money with you. There are many different ways to take payments these days. Make sure that you make it possible for just about anyone to place an order with you.

When you limit the amount of ways to process payments, you will lose money. You want to have the most ways possible of processing payments. It is challenging enough to get visitors to your website, don’t lose out because you don’t provide the means for them to pay.

Credit card payment processing is by far the biggest payment method out there. About 90% of sales come this way. It would be ill advised to remove credit card payment processing from your way of selling products. Nowadays, there are payment processors that take check payment processing, credit card payment processing, 800 number payment processing, and 900# payment processing. Take the time to investigate all the different ways to take orders.

It is easy to accept credit cards on your site now. There are many different ways. One of the more popular ways of taking credit cards is through using Pay Pal. Pay Pal is an online payment processing company. This is called third party payment processing. Their system is very simple to use and a great tool to transfer funds to you, because there is minimal worry by the client. They also have a great tracking system which protects you as well as the clients themselves.

It is also possible to take payments using a toll free number and order forms that you can print off of your site. These are easy to keep track of, but have to be done manually. There are ways to pay companies to do this sort of payment processing. This is called an offline transaction.

In conclusion, don’t limit the way you do payment processing. Process your orders using a variety of methods to eliminate the chance that someone goes to another website to process their order. Use a variety of payment processing tools, because a sale is still a sale. God bless you.

Integrating a business software package with a payment processing module is simple. The module can be fully integrated with a tabbed section inside the application or accessed via buttons within the applications. Or, it can be created as an external module that uses batching for transferring data between the processing program and the main application. Payment processing can also be provided as a separate online bill-pay feature that does not directly integrate with the main application database. This integration technique can also be used to embed a “pay now” link in email invoices generated by the business software package. Examples of each kind of implementation, along with general guidance on implementation time, cost, and revenue potential, are provided below.

FULLY INTEGRATED

A payment processing module can be integrated into any business management software be creating a button that links to the processing module. By clicking on the “payment processing” button, users will be able to collect on any individual invoice. By selecting a recurring billing option from the menu, they will be able to process all recurring transactions queued in the system. By using the payment processing system’s API, the core business application can be mapped to the payment processing component for completely seamless integration. Typical Integration Time: 3 days (programming time)

Cost of implementation: $3000

Cost to support payment processing functionality: $0 (payment processing company absorbs all cost)

EXTERNAL MODULE

Data can be transferred between a business software application and a payment processing application using a pre-programmed export module. Field-mapping is programmed into the module in advance to enable one-click integration. For example, a simple modular interface can enable invoices from QuickBooks® to be exported, using pre-defined field mapping, as a batch for payment processing, and then the batch results can be uploaded back into QuickBooks for reconciliation.

Typical Integration Time: 1 day (programming time)

Cost of implementation: $1000

Cost to support payment processing functionality: $0 (payment processing company absorbs all cost)

ONLINE PAYMENT FORM

Any business software application that includes invoice printing functionality can easily include online payment functionality as an option for customers. This simple step can completely eliminate the need to print and mail paper invoices. Instead, electronic invoices which include a link to a secure online payment form are emailed to customers. The customer clicks the link and can pay the invoice online via credit card or direct debit from a checking or savings account. With a marginally more complex link, fields such as invoice #, amount, and customer number can be embedded within the link and auto-filled in the online payment form. Payment processing companies can often host this online payment form, so a user need not have a website to benefit from this type of system. See an example of this type of form.

While this type of integration is clearly the easiest to implement, it does have the drawback of requiring the customer to maintain a payment processing database separate from the main business application. However, most payment processing applications, including PaySimple, have customizable export functions that can be leveraged to transfer transaction results back to the main business application.

Typical Integration Time: 3 hours (programming time)

Cost of implementation: $300

Cost to support payment processing functionality: $0 (payment processing company absorbs all cost)

ADDITIONAL REVENUE POTENTIAL

There are multiple options for payment processing providers available to business software developers. However, some large companies do not offer the developer a revenue share. There are other choices-and it is best to select one that offers an ongoing revenue share for all transactions processed by the partners’ customers. In addition, the best payment processing partners also offer marketing programs, and technical support for their systems. The following is a breakdown of potential revenue. Marketing Cost: $0 (payment processing company absorbs all cost of marketing add-on functionality to software customer base, and of marketing electronic payment option to their customers.)

Revenue Share: A number of variables will determine potential revenue share includingsize of customer base, percentage adoption of electronic payment functionality, percentage of end-user accounts paying electronically and type of transaction (ACH or Credit). The following is a typical scenario.

Customer Base: 3,000 (compaines using the business application)

End-User Accounts Managed: 650,000

Revenue Generated @ 15% Penetration: $17,000/month

Revenue Generated @ 30% Penetration: $35,000/month