What Are The Top Payment Gateway Integrations Available With Franchise Software?
Whether you’re selling on an eCommerce platform or managing royalties for an entire franchise system, you want to offer all parties a payment process that’s safe, quick, and easy-to-use.
And if you don’t deliver, you’re definitely costing yourself sales! In a recent Invespcro study, researchers asked web buyers why they abandoned their e-commerce shopping carts, and here’s what they had to say:
- 22% – platform omitted important information (e.g. shipping costs)
- 14% – platform did not offer guest checkout option
- 12% – platform required too much personal information
- 11% – platform used a complex checkout process
- 11% – platform website was slow or laggy
- 7% – platform did not offer preferred payment option
All these responses point to the same problem: a suboptimal payment process. Altogether, these issues account for 77% of squandered sales.
Buyers face enough barriers to purchase as is–fears, uncertainty, doubts, and competing offers, to name a few–so easy payment processing is paramount. Imagine how much of your marketing budget goes to waste each year, crafting the perfect message and broadcasting it to a precisely targeted audience in order to bring them to your product page, only to spurn them during check-out!
Today’s post is all about helping you find the right franchise software that can eliminate payment gateway problems once and for all.
What Is A Payment Gateway?
A payment gateway is an e-commerce service that securely sends credit card information from a website to the payment network for processing. Once the processing is complete, the transaction details and responses from the payment network are sent back to the website.
Importantly, payment gateways are distinct from payment processors. Processors are only capable of transmitting payment details, whereas gateways securely authorize transactions.
Does My Franchise Need A Payment Gateway?
If part of your business plan involves accepting credit card payments online, you need a payment gateway.
How Do I Find The Right Payment Gateway Provider?
There are plenty of payment gateways out there, and it’s up to you to determine which truly fit your needs.
But as unique as every business might be, there are some universal quality indicators to look out for:
- Network security is imperative. Customers need to know that their financial information is secure if you ever expect them to buy your product. Likewise, franchisees aren’t going to be forthcoming with royalty payments if your network has any vulnerabilities.
- Positive customer experience is another key component of your chosen payment gateway. Buyers want a smooth and convenient customer experience from end-to-end. If you offer a payment gateway that takes too much time, effort, or personal information to use, they’ll probably turn elsewhere. Steer clear of gateways that require customers to complete lengthy sign-up processes.
- Multiple payment options. When it comes to payment options, it’s a case of ‘the more, the merrier.’ Look for gateways that accept credit card, debit, PayPal, and more.
- Domestic and international payments are more important than ever in today’s global market. Make sure you’re not restricting your sales to your local area by choosing a payment gateway with international capabilities.
- Terms and conditions. Make sure you check the terms and conditions, since some payment gateways are only authorized to sell physical OR digital goods, not both.
- Fees. Some payment gateways involve monthly processing minimums, cancellation fees, and other hidden costs. Make sure whatever you choose makes financial sense and fits your budget.
The Essentiality Of Flexible Franchise Software
No matter what payment gateway you prefer, finding flexible franchise software is essential.
At the end of the day, you won’t know what payment gateway your customers and franchisees prefer until well after the fact. Sure, after a few months of processing payments, you can look back at the data and see which gateways are getting the most use. But by then, it’s too late–if you chose the wrong franchise software and payment gateway, you’ll have already missed months of sales!
Instead of playing the guessing game and hoping you pick the gateway your clients like, why not just let them use whatever they want?
At FranchiseSoft, we call this meeting the client on device, on demand, and this theme underlies the design of our entire franchise software solution. In other words, no matter what gateway your client wants to use, and no matter what device they’re using, they’ll find it easy to process payments on-demand.
That means no more guessing games–you’ll always have exactly what the client is looking for. And that translates to a noticeable sales boost; indeed, so long as your checkout process is optimized (and we can help with that, too), you could even recover most of that 77% buyer abandonment rate cited earlier!
As current and former franchise owners ourselves, the FranchiseSoft team is proud to offer a flexible solution that integrates with all the top payment gateways and syncs your data across multiple modules and authorized third-party programs to save you time.
Our franchise software gives you the ability to process royalty payments, customer invoices, and e-Commerce sales through a variety of popular payment gateways, including:
- QuickBooks Online – push your invoices straight to QuickBooks to save extra data entry work.
- NACHA File Processing – process CEO Access Account payments fast.
- PayPal – no setup fees and you only pay after making a sale–no wonder it’s one of the most popular gateways in 2020.
- net – founded in 1996, more than 400,000 merchants worldwide use this gateway today.
- FPN – the only payment processor that focuses entirely on the franchise industry.
Book A Free Franchise Software Demonstration
They say that actions speak louder than words, and we wholeheartedly agree. That’s why we’re offering all interested franchise owners and franchisees 100% free virtual demonstrations of our franchise software in action. Speak with one of our franchise software experts today and learn all about the different payment gateways that are compatible with our solution.
Call 888-302-3676 or visit the FranchiseSoft Finance module page to schedule your free consultation. There is never any commitment to buy–we’re here to answer your questions and show you how we can help, not push any sales agenda.Back