Staying on top of your business can be difficult at the best of times, but with all the events that have taken place in the world recently, the food and beverage industry is now required to be more flexible and adaptable than ever. With debtors and overdue payments rising for businesses, having complete control of your payments is essential. The solution, a complete payment gateway.
What is a payment gateway?
A payment gateway is a completely automated online service that verifies and accepts/declines payments or credit card requests on behalf of your business. A payment gateway transitions the transaction information from the customer to the bank who then automatically verifies the transaction. The automated system will either approve or decline the request based on the information provided, minimising the risk of fraud.
Why your food or beverage business needs a payment gateway system?
A payment gateway helps food and beverage businesses keep on top of all payments going in and out of their business. Complete control is a MUST when it comes to your finances. A payment gateway system gives you complete security and reliability while trading either in-store or over the web.
When your customers purchase an order, the payment gateway system will automatically assess the validation of the transaction request and instantaneously flags any issues. This gives you the advantage of knowing whether the request is valid on the spot and declining the request if needed as opposed to a dated system where you provide the product to the customer and find out at a later date that the request was invalid. Without being in control of all your payments you risk lower margins significantly highlighting the importance of a payment gateway system.
A common issue faced by businesses is fraud. Payment Gateway software automatically audits the transaction requests when they are submitted. The system verifies the Card validation, address verification and all other requirements needed to be approved. The system will then automatically red flag any out of the ordinary or severe transaction requests.
Complete protection is a key factor when using any type of electronic payment system. You should feel safe operating your business and payment gateway system gives you full security if any situation may arise. Payment gateway systems use innovative technologies to privatise all sensitive data from both the business and customer keeping your valuable information out of the hands of the wrong people.
Quick transaction processing:
A payment gateway system rapidly increases the time of processing compared to other transaction mediums. The quicker money can hit your account, the best it is for your business. Payment gateway also gives your customers and stakeholders an advantage as it will completely remove the long processing or wait time of manual payment and transaction processing.
Customisable to your preferences:
Adaptability is key for all businesses, especially in the current environment. Payment gateways give you complete control of any requirements you may want to enforce such as selected payment days, payment limits, and so much more. This can be incredibly beneficial in times of low/no stock or emergency situations.
Online payment gateway systems allow businesses to have one centralised location for all payment transactions. This removes any errors that often happen with operating multiple dated transaction systems. Time is key for all businesses and having a centralised location will remove all the constant costly administration time which is common with dated systems.
Where EasyVend can help?
EasyVend is the complete management software for all food and beverage businesses. EasyVend centralises all your everyday needs such as invoicing, receipting, standard orders, inventory control, dockets and so much more. With an integrated payment gateway system as well as an integrated account system with Xero you will be able to slash all costly dated technology and administration time, giving you the chance to focus on the more important parts of your business.