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What to Look for in Online Business Payment Solutions

Online business payment solutions can make or break your business. The right payment solution can help you gain more customers, cut costs, and simplify the accounting processes. Online businesses must process credit card transactions and offer multiple payment options to their customers to stay competitive. These businesses are unique because all of their transactions are online, so it is important to consider security and other features when selecting a payment processor.

Here’s what you’ll want to consider before committing to an online payment solution.

1) Pricing Structure

When selecting an online business payment solution, you want to consider pricing. Make sure you understand the rates and fees that the processor charges — besides the bank and cardholder fees. Remember that payment processors often advertise low rates but don’t advertise higher fees that may reduce your profitability.

Read the fine print before you commit so that you won’t be surprised by hidden charges. The fees often include set-up fees, cancellation fees, interchange fees, and assessment fees.

2) Processing Features

When selecting an online business payment solution, it is important to find out what benefits the processor provides. The key features to look for in online payment solutions include electronic invoicing, secure mobile processing, the ability to switch from other gateway providers, and recurring billing. There may also be additional benefits from the payment processor that you may be unaware of including fraud protection, concierge accounting services, and PCI compliance.

Electronic Invoicing

An electronic invoicing system generates invoices with detailed information, automatically converting those files into PDFs and send as an email attachment to customers. A simple link in the email enables customers to pay their open invoices, stored in a payment gateway and easily retrieved.

Electronic invoices do not require merchants to store sensitive payment data. Merchants can therefore avoid most of the rigorous PCI compliance rules. They also streamline the billing process and reduce the time spent managing paperwork. Electronic invoices allow for full or partial payments and support multiple currencies. This encourages faster payments and allows you to maintain more complete accounting records.

Secure Processing

Mobile and online merchants need to process transactions securely to maintain the trust of their customers. LOLA POS. has developed a payment application for Android and Apple devices that will process credit cards securely anywhere in the world allowing for encrypted keyed and swiped transactions to be completed without innocent.

Recurring Billing

Repeat business is the lifeblood of a small business. The customer already trusts you and has enjoyed your product in the past. Offering subscription services and encouraging repeat purchases is an excellent move for most online businesses. When selecting an online business payment solution, look for one that enables recurring billing. This will allow you to charge customers via multiple payment methods at regular intervals, supporting your subscription-based services.

LOLA POS. allows for two recurring billing types — a subscription-based model where the merchant establishes a billing cycle each month and a plan-based model with established pre-defined billing plans that link the customer to the specific plan.

3) Payment and Accounting Flexibility

Customers often want to use different methods to pay online, including bank transfers, debit cards, and credit cards. Offering multiple methods of payment will ensure that you don’t lose customers because of a payment preference. When selecting an online business payment solution, make sure that they allow you to accept multiple payment methods.

Batch Processing

When selecting an online business payment solution, batch processing is another thing to look for, especially if you store orders in spreadsheet formats such as Excel. It is a way to process large volumes of transactions efficiently while giving the merchants the flexibility to create a custom format that works best for their business.

LOLA POS offers batch processing with high-performance multi-threaded processing. It quickly processes large and small batch files containing hundreds to thousands of transactions.

4) Data Security and Fraud Prevention

Credit card fraud has led to billions in losses for companies. According to Julie Conroy, research director for Aite Group, it’s estimated that by the end of 2020, the U.S. incurred about $11 billion of losses due to credit card fraud. As online fraud becomes more prevalent, Credit card fraud has led to billions in losses for companies. According to Julie Conroy, research director for Aite Group, it’s estimated that by the end of 2020, the U.S. incurred about $11 billion of losses due to credit card fraud. As online fraud becomes more prevalent, merchants and service providers must maintain the highest security standards and it is increasingly important to use those security solutions to protect customer data at all costs.

Secure Sockets Layer (SSL) Connection

The online payment solution should have a Customer Vault that allows merchants to transfer their payment through a Secure Sockets Layer (SSL) connection for storage through a payment security specialist. Merchants can then start transactions remotely without having to access cardholder information directly. This is all done without storing the customer data on their local database or payment application.

Fraud Prevention

Fraud is rampant in online business and partnering with a payment solution that alerts you to that activity can be very helpful. Many offer fraud protection services that configure extensive filters to detect and alert you to fraud. They offer easy transaction reviews to block suspicious activity and zero in on malicious users.

LOLA POS. offers software that analyzes transactions before and after processing. It can decline transactions before and after authorization. It also enables the user to select the limit amount charged within a single transaction over a day, month, or week.

5) Integration and Functionality

Payment solutions that integrate with your accounting tools and mobile applications are easier to access and more convenient to use. That’s because the information doesn’t have to be transferred from one program to another. Make sure that your payment solution provides you with the integration that will support your business.

Quickbooks Integration

Most businesses use the popular Quickbooks accounting software. It is one of the most comprehensive accounting software available, so when selecting a payment processing solution, it is ideal to choose one that will integrate with Quickbooks.

LOLA POS. provides your business with direct credit card processing with seamless Quickbooks integration. You can check credit card transactions inside Quickbooks Pro, Quickbooks Premier, and Quickbooks Enterprise Solutions, then apply the payments to invoices.

Advanced Transaction Routing Interface

Merchants must specify the type of transactions they are processing when applying for a merchant account. When you want to process other types of transactions, you must apply for additional accounts. They force merchants with multiple accounts to maintain multiple gateway accounts.

LOLA POS developed the Advanced Transaction Routing Interface to allow merchants with multiple Merchant IDs to process their transactions through one gateway account. It automatically routes the transactions to the appropriate processor based on the criteria configured in the gateway, saving time and money.

Mobile API

Customers are accessing stores through their phones more and more. In 2020, 92.3 million U.S. consumers used mobile payments at least once. Offering the ability to make purchases through mobile devices is essential to business. An online payment solution should have an API to enable mobile payment processing.

6) PCI Compliance

The Payment Card Industry Data Security Standard (PCI DSS) protects customer’s information by ensuring that all companies that process payment information maintain a secure environment. Ensuring that your business is meeting the PCI standards is a time-consuming task. Selecting an online business payment solution that meets compliance requirements can save you a lot of time.

LOLA POS. offers CertifyPCI to ensure that merchants quickly obtain compliance with a turn-key solution, including receiving a validation certification.

Online Business Payment Solution That Understands Your Business

LOLA POS is an expert in the online business and offers solutions for many e-commerce businesses like yours. Every one of our team members is highly experienced in their area and can assess the needs of your business. We offer you the best online business payment solution to meet your needs. 

If you’re looking for a better payment processing solution for your online business, we can help save you money and get your funds moving faster than other processors. Your money will be in the bank before you know it! Contact LOLA POS today to learn more about our expert solutions.

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