Without the proper assistance, payment processing can be tedious. Fortunately, there are practical payment processing systems that can free up more time for your company to focus on serving clients rather than collecting payments.

If your company is one of the SMB superheroes, you are aware that cash flow is essential to its survival and growth. Understanding payment processing is important because it enables you to receive payments in a timely, secure, and cost-effective manner.

When it comes to in-person POS transactions or online sales, effective payment processing helps keep your cash flow under control and your customers satisfied.

The following article will lead you through the following 10 important things you should know about SMB payment processing:

What is a Payment Processor?

When businesses want to accept client credit and debit card payments, they work with a payment processor. They are designed to handle all or the majority of payment scenarios, such as when your customer is using your POS (Point of Sale) terminal while standing in your office, making a payment online using a web browser, or making a purchase using their mobile app. The capabilities of the payment processor will vary based on the type of business you select.

You may struggle to choose the ideal payment processing option for your tiny business because there are so many available options. We've compiled a list of 10 crucial factors to think about to help you make your selection.

Top 10 Payment Processing Tips for Small and Medium-Sized Businesses:

1. Organize payment providers:

  • Nowadays, many consumers don't carry cash. The typical modern consumer now uses credit cards, debit cards, or mobile wallets to pay for their everyday transactions.
  • To match these client expectations, it will be in your best interest to be able to accept a wide variety of payment methods regardless of the payment processor you use.
  • Each relationship with a supplier takes time and money. 
  • The payment options that your consumers and clients use nowadays include debit cards, credit cards, ACH payments, bank transfers, digital wallets like Apple Pay, Samsung Pay, and Google Pay, check services, gift cards, and loyalty cards, which are typically more economical and effective (retail POS, web, phone, mobile, check scanner).            

2. Boost your sales channels:

Be available wherever your clients want to buy from you to “close the sale”:

Through the phone, the internet, at a trade show, out in the field, etc. Limiting sales opportunities by requiring a customer to call or visit your store to complete the transaction

3. Accept using credit cards: 

Although accepting credit cards can be more expensive than accepting cash or checks, some clients only want to use them. Requesting customers not to use credit cards may result in fewer repeat purchases. Business-to-business (B2B) stores are also ideally positioned to serve as a first option when a competitor runs out of stock and can attract new clients by accepting credit cards.

4. Connect your accounting system's payment data:

Connecting your accounting system with the data from your payments is a smart move. This will not only do away with the error-prone manual data entry process, but it may also cut down on the number of Days Sales Outstanding (DSO) and improve audit and compliance situations.

If you wish to streamline your accounting and bookkeeping procedures or if you anticipate your company expanding its sales channels shortly, take into account integrated payments.

5. Establish a check payment plan:

Don't overlook the potential increased risk from counterfeit checks as e-payments replace checks in an increasing number of transactions. Increase cash flow and reduce losses by converting:

  • Paper checks to ACH
  • Check by Phone Payments
  • Web
  • Check 21, and 
  • Check Guarantee.

6. Plan your mobile payment strategy:

Technology and infrastructure are available; are you using them effectively? 

More than just a credit card processor on an iPhone or a credit card substitute on a mobile device, mobile payments are mobile payments. Additionally, it involves using a variety of mobile devices to distribute information and conduct marketing campaigns, such as providing coupons, which strengthen client loyalty.

7. Select a payment supplier that is both financially secure and technically skilled:

Payment systems are now owned and operated by commercial software companies rather than banks. Because of the complexity of the products and continual innovations in infrastructure and security. Choose a payment provider that has the technical know-how and financial stability to suit the specific needs of your company in a safe and secure setting.

8. Prepare for PCI compliance and do PC scans:

All companies that deal with credit or debit cards are required to comply with the Payment Card Industry (PCI) standard. You can safeguard your company and consumers from payment fraud by adhering to PCI compliance standards and staying current on best practices. Additionally, you should utilize payment security vulnerability software that analyses your PC and notifies you of any potential security breaches, just like you would use antivirus software on your computer.

9. Utilize a payment service provider that accepts end-to-end encryption:

Your payment capture devices are the first point of end-to-end encryption (E2EE), which continues through transaction authorization. E2EE reduces the expense and impact of having your firm become PCI compliant while preventing electronic theft of card account data.

10. Recognize the cost versus the product and service:

Choosing a low-cost provider means giving up on potential security flaws, higher levels of customer service, and restricted product capabilities. Study your competitors' best practices and learn how your payment system affects your customers and back office operations in the competitive landscape of today. Low prices could harm your business.


Find a payment processor that will improve your customer service, cut down on the time you spend handling transactions, and offer you more time in the day to work on things like one-on-one contact with your clients. You can also consider SWIL’s RetailGraph for Small and Medium Businesses (SMBs); SWIL offers RetailGraph ERP, the top billing software in India, with GST, POS, and more support. Businesses can track spending and make payments more quickly, streamlining billing procedures and creating professional invoices. Let's use the RetailGraph Billing System to automate, integrate, and digitize your firm. To find out how you can handle payments more quickly, contact SWIL here and download a free demo.