End-to-End Payment Processing Services Explained
End-to-end payment processing companies offer all-inclusive payment services to merchants, covering everything from point-of-sale terminals to online payments, fraud protection, billing management, sales reporting and more. In a business environment in which having multiple sales channels is becoming the norm, end-to-end payment processing can help you save time and money compared to using several different providers.
Services Offered by End-to-End Payment Processors
An end-to-end payment processor handles every payment-related task for you so that you can focus on your business. This can involve:
- Opening a dedicated merchant account
- Point of sale software and hardware or a virtual terminal
- A global payment gateway
- Payment processing at customised rates
- An e-wallet
- Merchant services, including:
- PCI compliance
- Fraud scrub software
- Chargeback mitigation
- Billing and invoicing
- Recurring billing and subscription management
- Manage the reconciliation process in the case of a credit card chargeback
- Customer loyalty programs
- Customer database
- Real-time transaction tracking
- Real-time payment data
- Sales reporting and analytics
- Inventory management software integration
- Multi-currency management
- Multi-currency settlement services
- 24/7 technical support
As you can see, end-to-end payment processing includes everything e-commerce merchants could possibly need under one roof. Many providers can also add other payment services and tailor their offerings according to each merchant’s needs.
Benefits of End-to-End Payment Processing
There are several advantages to partnering with an end-to-end payment processing provider as opposed to contracting with different services for your payment gateway, payment processing, loyalty program and so on.
A Centralised Payment Gateway
Having a single payment gateway for omnichannel payment transactions (in-store, online, mail order/telephone order) allows for centralised transaction tracking in real-time, all-inclusive sales data, easy customer loyalty point accrual and streamlined bookkeeping and accounting.
Rather than needing to tally cash, cheque, bank transfer, mobile payments, e-wallet payments and card transactions separately, all of the different transaction types pass through a single platform and are added to your sales data automatically.
A Consistent Payment Experience for Customers
With an end-to-end payment processor, the customer experience is consistent whether they shop in-store or online. This is especially true for merchants who use their payment processor’s virtual terminal for in-store payments rather than physical point-of-sale hardware.
A consistent user interface for customers provides familiarity, strengthens your branding and streamlines one-time and recurring payments. Offering a consistent, reliable payment process can also increase customer satisfaction, making it more likely that customers will want to shop with you again.
One-Time Installation
After you sign up with an end-to-end payment processor, its technical support team will help you integrate its secure payment gateway into whichever shopping cart platform you choose using a pre-coded API module.
Once the gateway is up and running, you can start offering all of your chosen online payment options straight away, without needing to install each payment option individually. Right from the start, an integrated solution saves you time managing payments processing so you can stay focused on running your business.
Real-Time Updates
Every payment processing system needs to be updated from time to time to keep you protected against cyber threats and offer you the latest bug fixes. With an end-to-end payment processing system, the software is updated in real-time, keeping you protected and ensuring a smooth transaction process 24/7.
Another way an end-to-end payment processing provider makes your life easier is by staying abreast of the latest customer trends and adding new alternative payment methods as they arise. This keeps you on the cutting edge with no additional effort required, making this a strategic business choice for merchants who want to maximise their sales both now and into the future.
Fast Settlement
Electronic payments aren’t typically settled straight away. It takes a day or two for the merchant acquiring bank to receive the funds from the customers’ card-issuing banks and settle those funds to the merchant’s business bank account.
With an end-to-end process, the entire payment cycle is handled by the same processor, who works with the card networks, issuing banks and acquiring banks to ensure that you get paid. For you, this means receiving all of your funds from a given business day through the same platform, at the same time—saving you valuable time compiling payments from different sources into one account.
A Solution That Grows with You
As your business grows, an end-to-end payment solution scales automatically, lifting caps on your transaction volume or ticket size as long as you communicate ahead of time. This means that you can implement an end-to-end payment process now and stay with the same provider as your business scales.
For many merchants, offering debit and credit cards for the first time actually increases their sales, causing their business to grow virtually overnight. Additionally, offering four or more payment methods other than credit cards can increase sales by 12% compared to offering credit cards plus only one other option. With an end-to-end payment processor, you’ll be able to offer several different payment options, helping you grow beyond your current size.
End-to-End Payments: A Smart Business Decision Now and Into the Future
An end-to-end payments solution provider not only gives you a one-stop shop for all things payment processing-related; it’s your partner in long-term business success.
Before choosing a provider, make sure the company is reputable, has hundreds of glowing independent reviews and offers all of the services you need. Soon, you should find that you’re spending far less time managing payments and more time doing what you do best.