Payment Processing Factors

Factors of Payment Processing

• How do you let your customers pay?
  
  Cash                                   EFT checking or savings
  Check                                 EFT credit or debit card

• Who do your customers pay?
  
  Cashier                               A/R department
  Salesperson                       Third party services

• Where do your customers pay?
  
  At facility                              Third party service
  A/R Department 

• When do your customers pay?
  
  At time of purchase              Paid-in-full
  Under a payment plan

• How do you verify a payment was made?
  
  Register receipts                  Credit card receipts
  Cash receipts booklet          EFT draft statements
  Copy of check                       Third party service reports

• What is the payment amount?
  
  Create an invoice                  Fixed periodic payment
  Amount from register sale  
  
  

What It Means To You:

• The more flexibility you offer in the ways you allow customers to pay and when to pay directly impacts the amount of returns and delinquencies.

• Fixed periodic payments processed through EFT checking, savings or credit cards is the most cost effective processing method. 

• Data security of banking and credit card information is becoming more costly and difficult every day, making your job more expensive and difficult when your company processes billing in-house.