When was the last time you wrote a letter? A hand-written one that you sent through the mail? A million years ago? Sounds about right. Emailing is so much more convenient, isn’t it? That’s exactly what a digital payment solutions platform is, but for your money. Think of it as an email ID for your money. Useful, right?
A digital payment solutions platform is a unique identifier that your bank uses to transfer money and make payments. It works 24/7 and allows you to transfer money immediately. However, it still comes with its own complications and mysteries. Here are four mistakes you should avoid when selecting a digital payment solutions platform.
Not watching out for hidden fees
A very common mistake made by many is assuming that “lowest rate” means “lowest overall cost.” Finding the lowest rate seems easy enough, but that is until you read the fine print. Banks are getting creative these days, so make sure you know what you are paying for.
There can be added clauses that dramatically increase your processing fees, turning certain profitable transactions into unprofitable ones. Some hidden fees can include:
• Cancellation fees
• Withdrawal fees
• Batch-processing fees, which make you pay extra for processing transactions in groups
Not establishing fast access to your money
There are tons of stories about people who have had their payment solutions platform tell them their account is frozen for a few weeks in order to investigate suspicious activity. However, in the meantime, because they have no access to your money, their bills keep piling up with them having no way to pay them off.
Any time lost in accessing your money can be extremely harmful. This is why you want to look for a digital payment solutions platform that is likely to provide you with the quickest access to your money.
Choosing off cost alone
It is understandable that cost is a huge factor in deciding which payment solutions platform to pick. However, basing your decision on price alone? That is not the smartest idea.
You need to look at the platform as a whole. Will it reduce the time sent processing and tracking payments? Can it cut back on manual errors? There are numerous components you need to factor in to decide. Even if the cost is slightly higher, the better platform could make all the difference.
Payoneer is, in fact, a digital payment solutions platform for both businesses and freelancers. It would be an excellent place to start for any first-timers. And if you are worried about its credibility and quality, check out this Payoneer review by MoneyTransfers.com.
Undermining the importance of data security
Stealing credit information or personal identifying information is a substantial business for cybercriminals and other fraudsters. Just because a platform will offer the latest, cutting-edge technology, does not guarantee that it will keep your data secure.
It is imperative that you choose a digital payment solutions platform that’s backed by a secure, reliable payment processor.