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The cost of selling and processing payments can be expensive. In any modern day business we are constantly challenged by reducing margin and cost control is crucial. When looking at the cost of processing payments create a strategy that allows you to optimise the opportunity by minimising costs and where possible earning any additional revenue for yourself. In studying our client base we have found that up to 96% of the cost of processing a payment transaction can relate to the percentage fee charged by the financial institution. It is therefore wise to consider separating the Financial Institution service from the payment processing service as it allows competitive focus on the core costs as well as opening access to alternative payment methods that can be a lower cost. Reliability in the payment processing business is critical. Ensure availability and uptime are based on a track record of delivery – talk to existing clients. Understand the service culture of the organization. Build Service Level Agreements around response times and settlement deadlines – after all this is how and when you get paid. |
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