Travelsports Business Newsletter - Payment Processing Do's & Don'ts
Oct 11, 2023
Welcome to our Travelsports Business Newsletter!
In this month’s newsletter we’ve included information on payment processors and the Do’s and Don’ts for small businesses who utilize them. We’ve also started to enhance access to data from your business pages so that you can analyze how your business is performing on Travelsports. We plan on investing more into businesses analytics in the future. Stay tuned!
- Team Travelsports
The Do's & Don'ts When Choosing a Payment Processor
For those that have the choice on who to use for their payment processing needs, we hope you find this article useful! Selecting a payment processor is an important decision for small businesses. There are several factors to consider when making this choice:
1. Costs and Fees: Understand the fee structure of the payment processor. This includes transaction fees, monthly fees, and any other associated costs. Compare these costs with your expected transaction volume to determine which processor offers the best value for your business.
2. Accepted Payment Methods: Ensure that the processor accepts a wide range of payment methods, including credit cards, debit cards, mobile payments, and online payment options. The more methods you can accept, the more potential customers you can serve.
3. Security: Security is paramount. Ensure that the payment processor complies with Payment Card Industry Data Security Standard (PCI DSS) requirements. This helps protect both your business and your customers from fraud and data breaches.
4. Ease of Integration: Check how easy it is to integrate the payment processor into your existing systems, whether it's your e-commerce website, point-of-sale system, or mobile app. Some processors offer simple APIs and plugins for popular e-commerce platforms.
5. Payout Time: Consider how quickly the payment processor can transfer funds to your bank account. Faster payouts can be crucial for managing your business's cash flow effectively.
6. Customer Support: Reliable customer support is essential. You want to be able to reach out to your payment processor in case of any issues or questions. Read reviews and ask for recommendations to gauge the quality of customer support.
7. Scalability: Think about the long-term needs of your business. A payment processor that can grow with your business and handle increased transaction volumes is ideal.
Other Things to Consider:
8. Reputation
9. Global Reach
10. Compliance
11. Customization
12. Reporting and Analytics
13. Backup Options
14. Contract Terms
15. Reviews and References
It's crucial to thoroughly research and compare different payment processors to find the one that best suits your specific business needs. This decision can significantly impact your business's efficiency, customer satisfaction, and profitability. Here is a link to an article talking about the 7 best payment processors.
2. Accepted Payment Methods: Ensure that the processor accepts a wide range of payment methods, including credit cards, debit cards, mobile payments, and online payment options. The more methods you can accept, the more potential customers you can serve.
3. Security: Security is paramount. Ensure that the payment processor complies with Payment Card Industry Data Security Standard (PCI DSS) requirements. This helps protect both your business and your customers from fraud and data breaches.
4. Ease of Integration: Check how easy it is to integrate the payment processor into your existing systems, whether it's your e-commerce website, point-of-sale system, or mobile app. Some processors offer simple APIs and plugins for popular e-commerce platforms.
5. Payout Time: Consider how quickly the payment processor can transfer funds to your bank account. Faster payouts can be crucial for managing your business's cash flow effectively.
6. Customer Support: Reliable customer support is essential. You want to be able to reach out to your payment processor in case of any issues or questions. Read reviews and ask for recommendations to gauge the quality of customer support.
7. Scalability: Think about the long-term needs of your business. A payment processor that can grow with your business and handle increased transaction volumes is ideal.
Other Things to Consider:
8. Reputation
9. Global Reach
10. Compliance
11. Customization
12. Reporting and Analytics
13. Backup Options
14. Contract Terms
15. Reviews and References
It's crucial to thoroughly research and compare different payment processors to find the one that best suits your specific business needs. This decision can significantly impact your business's efficiency, customer satisfaction, and profitability. Here is a link to an article talking about the 7 best payment processors.
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We are in the process of enhancing the type of data that businesses can look at on Travelsports. We recently built functionality which allows you to download your stats in a CSV file format, which is helpful when looking at trends and traffic data. We are also working on showing your data in a more visual format. Stay tuned for more!
Every month we will highlight a hotel that has joined Travelsports. Tournament & Clinic operators, be sure to check out our hotel section on Travelsports to view hotels that are interested in working with you.
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