We get a lot of questions from our customers about setting up electronic payment options for their customers. There are many advantages to accepting online, electronic payments, including:
- Increase customer satisfaction and decrease receivables by giving your customers a quick and easy method of making payments.
- Reduce errors created by paper checks and manual data entry by automating cash receipting.
- Improve data security by using a single, protected form for payments rather than paper checks and manual credit card payments.
If you are considering adding or changing options for your customers to pay online, read the answers to the most common questions below.
Do I have to change my bank to accept online payments?
No, online bill pay is simply another way to accept payments. Payments received online can be deposited into your existing bank account.
What additional steps will we need to follow to track online/electronic payments?
Our customers find that accepting and recording payments online requires fewer steps than accepting payments made through traditional channels, such as checks. Customers can see their open invoices and select the invoices to pay. This eliminates the need for your staff to manually apply cash receipts for each payment.
What fees are associated with accepting online payments?
As with credit cards and all other electronic payment options, there are fees associated with accepting customer payments online. It is important to compare all fees when evaluating payment channels and options.
Important tip: Most banks and payment processors will provide a summary statement by default. This statement will include only a snapshot of your overall volume and effective rate, but typically doesn’t include additional fees (sometimes known as “junk fees”). Ask them for a “detailed statement” that includes all fees.
What else should I look at when comparing online payment providers?
In addition to standard fees, be sure to compare:
- Timing of fees – Providers that attach fees to each individual payment make it difficult to reconcile statements. Charging fees separately, often monthly, will not only make it easier to reconcile your accounts, but provides a greater level of transparency.
- Rate increase policies – All providers should explain the frequency and limits around potential rate increases.
- Funding speed – How long will it take for you to receive payments once they are placed?
How is our customer’s payment data protected?
It is extremely important to choose a provider that can demonstrate a high level of data security. Choose a large, well-established provider that delivers Point-to-Point Encryption (P2PE) and one that is PCI SOC-2 compliant.
Enmark has partnered with Fiserv, a global leader in payments and FinTech supporting over 6 million merchants and processing over $78 Billion in transactions each year, to provide our customers with the Enmark Pay platform for online payments.
Enmark customers interested in learning more about Enmark Pay, watch the recording of our Electronic Payments webinar.
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