Today, online transactions have become a standard in many parts of the world, and it’s easy to see why. Online payment methods let anyone make payments from wherever they are; at home, in the office, or on the move. However, with convenience comes a few drawbacks.
For rental businesses, in particular, incorporating an online payment option is a great way to attract more customers and boost customer satisfaction in the long run. However, some customers may still be a little hesitant about using online payment gateways—especially since there are a few risks involved if they aren’t using reliable rental payment software.
Many things could go wrong during and after online payments, so let’s take a look at some of the most common risks involved in online payments and how using good rental payment software can make transactions more secure.
What are the risks of online payments?
Identity theft isn’t unheard of
Cybercriminals are everywhere and their numbers keep growing. Nowadays, many of these bad actors have ways to steal your customers’ financial and personal information and use these details to make purchases in their name.
If your customers don’t enter a strong enough password, cybercriminals may guess it easily and hack into their accounts. In many cases, people may find out that their financial information has been stolen until it’s too late.
People may lie and ask for refunds
Known as chargeback fraud, some people may claim that they have not received the product you have sent them, even though they have, and demand a refund.
This may not happen to your rental company directly, as the products are returned to the vendor, but if you’re selling additional products to customers alongside your rental assets, you may face losses and stolen items.
Data can be stolen through breaches
A data breach is when confidential data falls into the hands of cybercriminals. A very serious example of a recent data breach was the one that hit Yahoo, which affected about 3 million accounts.
Data breaches can be devastating and can lead to many customers losing their accounts, credit card details, and passwords. Therefore, if your business experiences a major data breach, it can not only tarnish its reputation but also cause thousands or even millions of dollars in damages.
How are online transactions made safer with rental payment software?
Fortunately, there are ways to make online transactions safer for your customers and your rental business—enter rental payment software. This innovative software comes packaged with rental management software and here are some ways it can make online payments safer:
Secures online transactions
Payment software uses state-of-the-art encryption and authentication technology to prevent unauthorised individuals from stealing your customers’ financial information. Also, the software is fully compliant with the Payment Card Industry Data Security Standard, or PCI DSS for short, which is a comprehensive set of rules that ensures the safety of cardholders.
Creates rental invoices
With the help of payment software, you can create and send personalised rental invoices to your customers. These invoices are very customisable—you can add your business’s logo, contact details, payment instructions, and terms and conditions.
Other bits of information you can add to the invoices are the details of the equipment being rented out, quantity, duration, and price. Additionally, you can keep track of the status of the invoices, such as “sent”, “viewed”, “paid”, or “overdue”. This will allow you to reduce the risk of errors, disputes, and non-payments.
Maintains payment records
The software will allow you to keep up-to-date records of payment histories and transactions. Also, the software lets you download payment records, receipts, invoices, and reports anytime and anywhere.
Another helpful feature of this software is that it lets you filter your payment data by date, amount, status, equipment, customer, and more. This lets you manage your budget efficiently and resolve any payment disputes quickly.
Facilitates flexible payment options
The payment software will give your customers multiple payment options to choose from. Customers can choose to pay with their debit or credit card, e-checks, bank transfers, and digital wallets.
Also, you can customise the payment gateway to accommodate one-time, recurring, or even custom payments. To prevent payment issues, you can even set late fee reminders for customers and facilitate refunding.
Make payments safer and secure
Even the most lucrative rental businesses can suffer from the consequences of payment-related problems, like identity theft. By incorporating advanced payment software, you can ensure that all your customers’ online transactions are secure, and this will, in turn, lead to higher levels of customer satisfaction.
Get in touch with a rental software provider today and experience the many benefits this software has in store for your business.