When you’re in the beginning stages of starting your business, it can be easy to put off the payment solution steps until it is absolutely necessary. After all, as long as you have a cash register that should be all you need to run a business right?
As the world changes, so do its advancements in technology and how we live. Therefore, in order for your business to succeed, you need to keep up with the times and make sure you provide what other businesses do. In recent times, electronic payment options have blown up in terms of popularity. If you want to make sure that you match the current competition in the business sector, offering customers debit terminals to pay with allows them the freedom to pay with debit, credit and even their phone!
Once you’ve decided that this is a feature you want to add to your business, you need to find the proper company to work with. How do you do this, though? To learn about how to choose the perfect payment solutions company, check out the step-by-step guide that we here at Soft Tech Payment have to offer.
1. Research
Before you look into any type of payment solution company, you want to be sure you do your research. Since this will be a big decision and change for your business, you must be certain that you’ve made the right choice. In order to do this, you should know everything you need to know about the different products & services each company will provide. Also be sure to look into the major banks of Canada, finding which ones are independent. We recommend doing this, as independent banks are more likely to offer competitive fees that are more affordable than the bigger banks out there.
2. Apply for a Business Account
Once you’ve made a decision about what company/bank you intend to work with, now is the time to apply for a business account so you can keep all of your transactional business data in one place. Opening a business account comes with a wide number of benefits outside of efficiency and convenience for the customer alone. Many of the advantages actually help you and your business to thrive by providing access to easier data organization, customization and transaction records.
You will need to take out a voided cheque to lock in the account you plan to use, as well as bank statements, a phone bill, tax returns, and a lease agreement to prove your identity.
3. Proof of Online Business
If you own an online business, you need to show a company proof of this as well. This means you will need to show them a working website with domain information and the hosting service that runs it. This does not mean a website that runs off of a blog/info website creator. Being able to enable online transactions is a must have for any online business. In addition to this, the final confirmation you will need to provide them with will be a secure checkout process. Customers offering you very private and vulnerable payment information must be protected/encrypted to ensure the utmost safety for your business. Without it, a payment solutions company can reject your application.
4. The Finalization Process
The final step is to have the payment solutions company verify every bit of information that you have sent them. Oftentimes there is an application fee, but in certain situations this fee can be waived. Once that is complete, you will be alerted with whatever monthly/annual fees are included in your agreement. Now that you have a professional business account, you are ready to provide your customers with the absolute best in service!
Work With The Best
If you are looking for the best payment solutions in Toronto, no one does it quite like us here at Soft Tech Payment. With our years of experience and highly advanced payment solutions, you can maximize your businesses potential and make your everyday work life that much faster and easier. To learn more about how we can help, be sure to contact our staff at 1-888-886-0606 today!