In the world of payment processing, the array of choices and considerations for your unique business can be overwhelming.
Fees, compliance and security, gateway, and processor options… who has the time to figure it all out while trying to run a business?
Let’s look at an illustrative scenario to shed light on some of the critical areas business owners can focus on to ensure they’re choosing the right payments solution provider for their needs.
Hannah is the busy owner of a successful and rapidly growing food wholesale business called Hannah’s Happy Feasts. Actually, busy is an understatement–Hannah is at the end of her rapidly fraying rope.
Only 5 years ago, her company had 10 employees, but now has over 200 with multiple locations. With this rapid growth, she wears too many hats and is constantly pulled in different directions. She knows she needs to address the challenges her business keeps coming up against, including controlling costs with her payments provider. But she procrastinated for months through the hectic and demanding holiday season.
Along with the new year, Hannah discovered the not-so-happy surprise of increased payment processing fees in addition to the slew of ongoing service issues with her current provider. Realizing it’s either sink or swim, she dove into her research.
Hannah’s resolutions wish list
Hannah needed to get the business (and her brain) under control, so she took stock of all the issues that were challenging her financial side of the business and came up with a wish list of seven capabilities that the company needed from a new payments solution provider:
More payment gateway and processor options to choose from in order to handle new channels for customer collections
Lower fees
Hosted payment pages
Enhanced compliance and security
Data tokenization
Integration with Dynamics 365 Business Central
Improvement in service levels, which would include having a single point of contact for all her payment processing issues and one who is also an expert in Microsoft Dynamics 365 Business Central
Then she called on her Finance manager, Colin, to dive in with her and start researching.
Divide and conquer - What their research uncovered
Hannah and Colin agreed to research the best providers that would meet all the requirements independently and then meet to discuss the following week.
To their delight, USTPay stood out as the best option overall, with the clincher being its seamless integration with Dynamics 365 Business Central and service level commitment.
Hannah called USTPay the next day and learned the following about each item on their list:
#1. More payment gateway and processor options to choose from: No other provider comes close to offering the freedom of choice that USTPay does. With 120+ gateway and processor choices, USTPay is an agnostic payment solutions provider. Since USTPay doesn’t own any gateways, they were in the best position to provide unbiased recommendations according to Hannah and Colin’s specific needs.
#2. Lower fees: This was a big one for Hannah, as their processing fees had been constantly climbing. With so many gateway and provider choices, they can now shop around for the best fees, including processing, gateway, and monthly fees (which, she now knows, are often negotiable).
In fact, with USTPay, interchange fees can be as much as 30% lower than with Mastercard and Visa transactions, which are processed through standard methods.
But Hannah’s AHA moment in her conversation with USTPay was learning about Level 3 processing–which is the primary reason for lower fees. Essentially, Level 3 processing captures and transmits detailed information about the purchase and the basic payment data.
This additional information can reduce fraud risk and qualify businesses for lower interchange fees (the fees card networks charge to merchants for accepting credit card payments).
So by choosing USTPay, Hannah is setting up the business for lower costs and more secure transactions.
#3. Hosted Payment Pages (HPP): These secure web pages are hosted by a third-party payment provider where customers enter their payment information to complete a purchase. Once the customer reaches checkout on your site, they’re redirected to the HPP, eliminating the need to store or collect sensitive payment data through your servers or Business Central platform. HPPs increase security and convenience for both the merchant and customers.
#4. PCI compliance and enhanced security with Level 3 data: We touched on Level 3 data in #2 above, but the benefits go beyond lower fees. Because Level 3 data provides more detailed information about transactions to the credit card networks, fraud risk is reduced, and the detailed transaction data enhances accuracy in reporting. Critical for any company handling customers’ payment data, USTPay also offers encryption technology and other security measures to protect against data breaches. This enhanced security benefits both businesses and their customers by minimizing errors. This article provides more about the 3 levels of data in payment processing.
#5. Data tokenization: Tokenization is a data security technique that replaces sensitive information, i.e., credit card numbers, with unique identification tokens. This process prevents merchants like Hannah’s company from storing customers’ full credit card data, thereby increasing transaction security. Hannah’s company only stores the non-sensitive tokens, which can capture customer credit card authorizations as sales or use a card on file for repeat transactions without ever retaining the full credit card data in Business Central. You can read more about tokenization here.
#6. Microsoft Dynamics 365 Business Central integration: This was the tipping point for both Hannah and Colin since Hannah’s Happy Feasts already uses Business Central.
#7. Single point of contact for credit card processing and Business Central: Colin was able to get USTPay set up quickly, thanks to USTPay’s personalized US-based support, which includes a single point of contact (an actual human). So any time they need assistance, they’re working with someone who is familiar with them, the business, and any previous calls that could be relevant.
USTPay customer support is also an expert in Business Central, so there is not the typical lack of understanding in Microsoft Dynamics 365 which credit card processors have.
Less stress and more sanity at Hannah’s Happy Feasts
In only a few days, Colin had USTPay up and running in Microsoft Dynamics Business Central. Everything is backed up to the Cloud, ensuring access to all of their financial and payment information within a familiar, comprehensive platform.
Now, as Hannah and the rest of the team are planning for further growth in the business, including potential acquisitions on the horizon, her stress level has dropped.
The reduction in fees has improved cash flow; she is confident that they’re in compliance, their customers’ data is safe, and their clients love the convenience of the new, easy-to-use hosted payment pages.
Peace of mind has replaced worry, and Hannah can now focus her time on other critical elements of the business–like the food!
Is your small or mid-size business struggling with high payment processing and other fees, questionable security, and a lack of options from your payments provider?
USTPay can help revolutionize the way you do payments with the freedom to choose and reduce your payment processing fees. Reach out - we’d love to hear from you!
Learn more at https://www.ustranscorp.com/ustpay or contact at https://www.ustranscorp.com/support
About the author
U.S. Transactions Corp. (UST), a premier B2B enterprise service provider, collaborates with its clients to deliver an exceptional experience every time, from industry-lowest rates and cutting-edge technology to Level 3 processing that can save your organization up to 30 percent on costs.
UST is an expert in Microsoft Dynamics 365 Business Central. Since 2009, UST has been a trusted source for Commercial Enterprises, Associations, and Nonprofits looking to maximize their success rate through superior payment solutions designed specifically for them.