Seven Considerations When Choosing a Payment Acceptance Platform

Seven Considerations When Choosing a Payment Acceptance Platform

Nov  20 
Jon Zimmermann  Senior Product Manager, Electronic Payments, Fiserv 

Money in, money out. With more payment options than ever, businesses are under constant pressure to support the various ways consumers want to pay and get paid. Increasingly, the preference is for easy, convenient and fast digital payments through a company website or mobile app.

While credit cards are often used for online payments, they can be cost-prohibitive for some businesses to accept, and not all consumers have or want to use them. The Expectations & Experiences: Channels and New Entrants quarterly consumer trends survey from Fiserv revealed that 50 percent of people would like to have money withdrawn right away versus buying on credit. And a 2017 survey conducted by Maru/Matchbox on behalf of Fiserv found that 54 percent of people are open to using an online e-check, a figure that rises to 72 percent among those ages 18–34.

Consumer ACH payments statistic to pay a biller or make an online purchase

Electronic checks, or e-checks, offer an efficient, cost-effective and consumer-preferred way for businesses to accept one-time and subscription-based recurring digital payments – and are worth considering as part of an overall payments mix. Many businesses now offer electronic checks along with credit card options to reduce costs, provide more options for consumers, and serve new markets and segments within their payment experience.

When evaluating a digital payments service for your business, here are the top attributes to evaluate:

Expanding Payment Options

As payment types proliferate, it's possible to provide efficient, lower-cost payment options and encourage their use. Delivering the fast, easy payments experience consumers expect is always good for business.