Small business owners - particularly those with companies in their infancy phase, have many tough decisions to make. The level of care and thoughtfulness that must go into any type of business investment is very high. The wrong decision can dramatically compromise an organization's long-term economic viability.
The process of evaluating vendors, asking important questions and considering a substantial amount of factors must be carried out before every expenditure. This ranges from stationary to large-scale technology. Because businesses live and die on their ability make money, perhaps no investment is more important than the payment solution used to process transactions. Without yielding the highest possible value from each sale, businesses will never reach their money-making potential.
An article in the New York Times blog featured a small business owner and his search for a payment processing solution that would allow him to pay the lowest possible interchange rate. Paul Downs, the owner who wrote the guest post, described his trials and tribulations and shared a number of frustrating experiences.
"Like many small-business owners," he wrote, "I have plenty of things to keep me busy, so my search was an on again/off again thing. As it progressed, I found that the more carefully I looked at the terms I was agreeing to, the less I liked them."
Downs' experience isn't uncommon. Because this decision is so important, it's vital to take proper steps to ensure the right choice is being made. Vendors that conduct B2B sales have to be particularly vigilant, given the nature of the payments they tend to process. Working with a B2B payments consultant and solutions provider like Vantage B2B will help ensure vendors obtain the right systems for their needs without compromising any important factors such as PCI compliance and interchange rate fees.