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Payment processing is the automatic transfer of money between a company and its customer. It is the provision of multiple payment options to clients by professional service providers. You can pay by ACH or credit card. You can also choose to pay by wire transfer or checks, which offer faster processing and are less expensive. You can send the payment records to your billing or accounting software, where they will be permanently stored. Core BQE can be used to speed up payment processing.
Features of BQE Core
Payment Processing Challenges
After the invoice has been generated, the client should receive the link to go to the payment page. This link can be accessed directly by the client from their email. They will need to enter their credit card details or other account information. Although it sounds easy on paper, this process can present many challenges to the firm. These are discussed below.
Financial Fraud or Chargebacks
While online payments are more convenient, they pose many security concerns. All parties are at risk of identity theft. Most recent cyberattacks were directed at small and medium-sized businesses. These smaller businesses are more susceptible to financial fraud. They should take all precautions to protect their customers and themselves from fraudulent transactions.
Software that supports PCI compliance is the best way to prevent these attacks and stop fraudulent activities. BQE Core Project Management for Small Businesses assists its users to become PCI compliant within a matter of weeks after signing up for the payment module. They can avoid paying a penalty fee from credit card companies.
Limited Customer Support
Due to the large number of customers who require payment processing, it's not unusual for processing partners to offer extended customer support only to the most successful clients. Businesses need assistance in the event of an error or mishap and want their queries solved quickly. Due to the increasing number of businesses using credit card payments, it is possible that they won't get the answers they require. It is not uncommon for unsatisfactory or delayed responses.
A payment processing company should offer several customer support channels for professional service companies. A 24-hour helpline is a must to ensure clients get the right answers quickly. Third-party reviews of Core BQE say that they are reliable when it comes to customer service and can be reached via chat, phone, and email. These are the answers:
Few Integration Options
You might not need to use another software for payment processing if you already have multiple software programs. Owners of businesses should be able to maximize operational efficiency and not work with multiple systems that aren't compatible. Silos can cause a lack of insight and accuracy in operations.
Software that integrates payments, such as BQE Core Suite, is the only way to solve this problem. It offers users a single solution that allows them to work in one place. Users don't have to switch between windows to complete tasks. It provides all project management capabilities and aids teams to see the entire process from conception to completion.
What to look for in a Payment Processing System
Professional services firms will require a payment processor that is simple, secure, and integrated. These are the essential features of any payment processing tool.
Data Security
Payment processing software should be able to handle client payments in a secure and consistent way. They could also expose clients to cyberattacks, and compromise business data. A partner who complies with all industry standards should be considered a good choice for the company.
Core BQE, a payment processor provider, has passed the Data Security Standard compliance. It also adheres to all protocols recommended by Payment Card Industry. They not only protect clients' data but also keep them from future liabilities. They will ensure that your assets and personal information are safe.
System Integration
When you have two systems for billing and invoicing, it can be hard to manage them both. The payment processing system may not be compatible with the existing system, which can cause confusion and create more errors. A single tool should allow you to send invoices and bills simultaneously.
BQE Core offers a payment processing system that integrates with the billing and invoice systems. It maintains a log of all transactions and automatically updates users. Companies will be able to save time and money by not having to manually enter the data.
Affordable Fee
Payment processing providers charge a fee. It is important that you choose the one with the best package. Businesses should remember that each partner has a different processing cost.
It is a good idea to select the best processor partners, then compare them based on key evaluating factors like quality, security, or services. They should not only offer the best features but also be affordable for the company and its customers.
Customer Support
A payment processor that can help solve any problems for a company is essential. They should be there to support and assist the company whenever they have problems. They should be able to provide the solutions clients require, whether the payment tool has technical problems or the server goes down at a busy hour.
During the demonstration, the provider must provide all information about their customer support. Core BQE is reliable and guarantees minimal downtime. These are ideal for firms that want to make payments quickly and efficiently for clients.