7 Things You Need To Look Out For When Purchasing Payments Technology

Written by Karen Bryan

Businesses need to be on constant lookout for the latest technologies to make their operations easier and significantly smoother than before. Whether it’s about their core competencies or support functions, businesses that take time to adapt to the latest trends and technologies are ruthlessly left behind. At the same time, incorporating the most recent payment tools into a business without having prior knowledge about the specifics may end up harming the company, especially when it comes to businesses for whom financial transactions are an integral part of the daily services.

To avoid the bane of a bad decision, businesses need to take into account the following factors when purchasing payments technology.

1. Launch Date and Frequency of Updates

One of the foremost things to consider when buying payments technology is the balance between how up to date the technology is and how long it has been in the market. Due to the changing pace of e-commerce and digital evolution, technology tends to become obsolete within a matter of months.

Moreover, it is a well-known and well-proven fact that software sometimes ends up failing and has too many bugs to be a significant sell. Buying payments technology that is full of bugs can prove to be disastrous for a business. The risk of payments getting lost or being transferred to another location can cost thousands of dollars in damages and even incur the wrath of angry clients and million dollar lawsuits. You need to find a balance.

Purchase a payment tool that has been circulating in the market for at least a year. Ensure that it has been tried and tested by other corporations, while also keeping a track of the frequency of updates.

2. The Speed of Transaction

One of the most important features that attract customers to businesses is the speed at which transactions can be made. Speed is a vital factor when it comes to purchasing payments technology and if a payment tool is promising faster transactions, then it is sure to make a significant impact on your business. There are some highly praised tools, such as fast payments by Access Pay which is known for reducing the overall transfer time. As a cloud-based Bacs approved payment solution, it can get the job done within a matter of hours.

3. User Reviews and Recommendations

Reviews are extremely important when it comes to purchasing any kind of a product, but their significance becomes two-fold when it comes to buying a payment tool for your business. Reviews published by businesses that have tried the payments technology bring to light the true colours of the tool and highlights strengths and weaknesses. It is better to jump into using technology knowing the product inside out rather than being blind-sided by unexpected features that set a business back progress wise. When looking for a product review, be sure to consider the technical aspects as well as the overall experience offered by the company. Reliable and dependable support and service is crucial to such an investment.

4. Performance Enhancement for Existing Users

Looking at the reviews of payments technology is not enough when it comes to money transfer. A slight glitch can result in the loss of a significant amount. Looking at and analysing the performance of the companies that reviewed the technology will give you a better idea about the worth and value of it. Be sure to review how the tool has affected the revenue. A reliable solution will be able to share case studies with you. There is no use in updating a business to software that does nothing to boost the performance and running of the company.

5. Nature of Existing Clientele

There is a vast difference in the payment needs and processes of different businesses. One tool that is best for a certain business may not be ideal for another. Therefore, it is also crucial to notice the kind of industry the business that purchased the payment technology belongs to. Not every software is suitable for all sectors, purchasing the wrong tool can damage the reputation and progress of a company and set it back for a significant period of time. Very few tools are available as of now that are flexible enough to adapt to the users’ needs.

6. The Difference Between Existing and New Technology

While updating to the latest technology is advised for continuous growth, it is also important to notice the differences that set apart the existing technology and the one you are considering to invest in. If there aren’t any significant features that will make a difference, then there isn’t much use in buying that particular payments technology. The goal of adapting the latest and updated technology is to ensure better running of the company.

7. Usefulness of Features

Not all payments technology is useful. There are some tools that have no advantages to offer to a business, either because the company already has a similar system in place or because the features it offers are not needed by the type of industry the corporation belongs to. Make sure you understand the needs of your business and the company offering the solution is able to help you find a tool that aligns with those needs. For example, if you need to be able to make fast payments, you should look into faster payments technology.

Purchasing payments technology needs to be a well-thought out decision instead of a hasty one. Otherwise, the move can end up causing more damage than good to a business and even ruin its credibility in the long run.