If you’ve done any research on the topic of becoming a payment processor, you know that there’s still a lot of room for growth in this industry. Despite the fact that most companies already have a payment processor, the algorithm-based, impersonal approach that many of the big online-only brands take is not appealing to many business owners who want a more stable and personal experience. With that said, here are 4 tips that can help startups that are pursuing success in this sector:
Overpaying for essential services like web hosting and utilities will only put your company in a position to lose a portion of its profits which could otherwise be re-invested into marketing campaigns and other expansion efforts. Payment processors are expected to have legitimate headquarters, so this isn’t the kind of business that you’ll want to operate from home. As such, there will be inherent monthly expenses associated with the operation of a physical office space. Use comparison platforms to find the best providers for your essential energy consumption and online needs. For example, you can check out Utility Bidder to compare British Gas business rates with other major suppliers.
Catering to a specific audience can help you capitalise on the growing popularity of certain sectors and industries. For example, you could specialise in providing payment processing and payroll services to construction companies, thereby taking advantage of the UK’s continued increase in residential and commercial property development. Instead of presenting your company as a one-size-fits-all payment processor, look for an angle that will make you an instant authority within a specific business niche.
Offering payment processing services without giving your customers a way to access their accounts on the go is a horrible idea. In fact, you could even say that having an app is a mandatory prerequisite for any payment processor that wants to be taken seriously.
When you’re competing with major payment processors, exceptional customer service is the main distinguishing factor that can make your company more appealing to prospective users. This includes having an adequate amount of phone and email agents to provide responsive and helpful support. Any small and upcoming payment processor that doesn’t place a strong emphasis on customer service will have a hard time standing out from the crowd.
In today’s largely monopolised online market, it’s easy to feel like everyone on the planet only uses PayPal, Google, Facebook, and all the other mainstream platforms for their online needs. However, every day there are thousands of business owners who have their accounts frozen, suspended, limited, or otherwise negatively affected due to imperfect automated systems and poorly trained support agents that fail to protect business owners. Thus, there’s a very real opportunity for creative entrepreneurs to introduce safer, more effective, and more localised payment processing services that specifically cater to UK-based businesses.