How to Pick the Best Payment Gateway For Your Business

Regardless of your industry or niche, your customers expect you to accept their preferred method of payment. They also demand that the payment process is convenient, fast and secure. Decades ago, it was common to find businesses that only accepted cash or check as a method of payment. As the years progressed, consumers increasingly relied on credit and debit cards for payments. As a result, many businesses today do not even accept cash or checks. Credit and debit card payment processing has evolved dramatically in recent years, providing businesses like yours with several options to choose from. Choosing the best payment gateway for your business requires a closer review of the methods available as a first step.

The Traditional Point-of-Sale System

The traditional point-of-sale system is sluggish and dated, but it is still effective for some businesses. With this POS system, the consumer physically swipes his or her card through a special terminal. The card’s information is encrypted, sent to a specialized gateway and then dispatched to a merchant bank. Finally, the customer’s bank or financial institution reviews and accepts the transaction. The credit card typically must be presented by the consumer when using a traditional POS system, and the consumer must wait while the transaction is processed. Because of the many steps in the process, it may seem to take a lengthy period of time in some cases. Delays at each stage of the process can occur, and these impact the consumer’s experience as well as the experience of each consumer standing in line waiting for their turn to make their purchase.

A Virtual POS System

A modern and innovative payment processing system is a virtual point-of-sale system. This is an online process that eliminates the need for a special terminal. The merchant enters credit card or debit card details directly into the merchant account using an existing mobile device or computer. With this type of payment gateway, the account is validated and the transaction is processed in real-time. The credit or debit card information can be taken by the consumer through the physical card in person or even online or over the phone.

Factors to Consider

When selecting the best payment processor for your business and customers, consider the sales environment. Are your transactions completed in person or over the phone? Do you complete numerous online transactions? In addition, consider the need to purchase numerous specialized and expensive … Read the rest

Benefits of Private Equity Database Software

Private equity firms are no different from other businesses. Just like any company, they thrive when their processes can be streamlined and their production enhanced. That is exactly what private equity database software can do.

PRIVATE EQUITY DEFINED

What exactly is a private equity firm? Unlike a publicly traded company, a private equity firm does not have shares available for purchase on the general stock exchange. Instead, it relies on relationships with wealthy individuals and institutions such as pension funds for its money. It then uses this revenue to acquire companies and turn a profit quickly, usually in four years or less.

WHAT PRIVATE EQUITY SOFTWARE CAN DO

The work of any private equity firm is sensitive and complex, involving delicate, time-sensitive relationships and many moving parts. Software that automates many of these processes and removes human error can take much of the stress and guesswork away and promote eventual success.

ENHANCE INVESTOR RELATIONS

Imagine working at one of these high-powered outfits and failing to have a handle on the investors that are vital to your mission. Chances are, you won’t last long in your job. Getting on board with private equity database software can enable you to effortlessly keep track of all correspondence with key players without ever dropping the ball. In the blink of an eye, you can generate an ad hoc report that tracks investors’ level of engagement while simultaneously giving them a way to view performance data.

MANAGE THE DEAL MORE EFFECTIVELY

When you’re working for a private equity firm, it’s all about the deal, so why not maximize your chances of success with software that can help you through the research and due diligence processes. After the investment is in the bag, this database software can help you to monitor the entire portfolio along with private capital fund valuations and analysis whenever you need it.

TIGHTEN YOUR BOOKS WITH ACCOUNTING SOFTWARE

Once your investors have joined you, it’s important to have access to ongoing financial reports. A good suite of private equity database software will contain comprehensive accounting functions that simplify and streamline these complex processes, automating them and distributing them to your customer relations management and reporting software.

The secret to succeeding as a private equity firm is that you and your staff must become the masters over a plethora of moving parts and crucial priorities. Your success will depend on your ability to … Read the rest