What to consider when choosing a payment system

What to Consider when Choosing a Payment System

What do you need to consider when choosing a payment system?

Richard Carter, Founder and CEO of Lopay shares his advice on choosing the best option to take payments.

1. Look out for hidden fees

You may have come across companies that charge up to 3% for a payment. Then add an extra 10p. Then force you into a contract or charge a monthly fee. This is far too complicated - make sure you know what you’re going to be charged and work out what will save your business the most money.

2. Make sure you can get paid when you want

It’s your money, so you should be able to access it whenever you need it, not wait a couple of days for it to appear in your bank. With Lopay you can choose to get paid weekly, the next day, or even instantly. So whether you like the routine of weekly payments, or need some extra cash for the weekend, you’re always in full control.

3. Offer a variety of ways to pay

Most payment providers will let you take a contactless or card payment via a card reader. (Remember to watch out for the difference in fees!) But many small businesses will need a bit more flexibility - payment links, for example, are a great way to take a deposit in advance by sharing a link via email or WhatsApp.

It’s also worth looking out for solutions that include a Point of Sale. This means you can tally up your products or services on a phone or tablet and send them to your card reader without the need for mental maths.

4. Maximise your tips

Customers sometimes need a little prompting to leave a tip, so look for a payment solution that makes it easier for them. Lopay’s Smart Tipping function does the work for you - display a suggested tip as a percentage or custom amount, depending on which is likely to make the customer more generous!

5. Get all the data you need

Taking payments is one thing, but you also need to keep track of what you’re earning. Look for a provider that can give you clear and detailed reports, and even keep track of things like which products are selling most and which team members are taking the most payments. It’s also worth looking for the ability to download reports to add into your accounting software, or even integrate directly with software such as Xero.

To find out more about Lopay head to lopay.com, BABTAC members can benefit from a fantastic partner discount, log into the BABTAC member lounge to access the code.