The Risks Associated With Out-Of-Hours Payments

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Although your company’s open hours may state “9 am until 5 pm,” very few businesses have this luxury today. In fact, if you have an online presence, your business is open 24/7 whether you like it or not. 

Of course, this represents a great opportunity overall, as it means you will be able to make sales at any time of the day, from 2 in the afternoon to 2 in the early hours. However, to do this, you’re going to need to choose merchant services with care. 

With that being said, read on to discover more about the common concerns business owners have when taking payments out of hours, as well as some details regarding how the leading payment providers cater to this today. 

We must say at this point that hiring an accountant that has access to leading practice management software for accountants and other industry-leading tools makes sense. They will know the best way to handle all types of payments at your company based on the nature of your business and your customers.

Having said that, we are going to take a look at some of the challenges of taking payments out-of-hours in further detail, as well as how these difficulties and hurdles can be managed.

What worries and risks are there when it comes to out of hours payments? And what solutions do payment providers offer to assist with this?

 

  • Integration – Integration is a major concern for any business owner that is looking to take out of hours payments. If integration is not successful, it can result in numerous processing issues, including lost transactions, fees, and payment delays. To combat this, seek an online payment provider offering third-party integration arrangements. 
  • International payments – Selling your products online often means selling to an international audience. This createss a unique set of challenges in terms of conflicting banking infrastructures, differing regulatory environments, security, technology and payment standards, language barriers, and currency exchange. You need a payments provider with the knowledge to help you navigate these complex waters. 
  • Fraud – There is no denying that fraud is a major concern for business owners today. This can be even more concerning when you’re not there to oversee what’s happening. It is a good idea to invest in penetration testing so you can decipher whether there are any vulnerabilities. After this, you need to choose a merchant that takes data security seriously and has numerous measures in place. If you don’t, not only could you suffer huge financial losses and reputational damage, but you could find yourself on the wrong side of the law too.

 

As you can see, there are a number of concerns and threats when it comes to fulfilling out of hour payment requirements. However, if you align yourself with an industry-leading merchant services provider, you can have complete peace of mind. From security to 24-hour support, they will ensure everything runs smoothly and there is no disruption to your business. 

 

Jeremy

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