Accepting credit and debit cards for any business is a must in today's ever-increasing world of plastic. Long gone are the days when cash is king, and now more than ever, small businesses need to provide payment processing solutions that are ideal for all types of online, credit and debit payments from their customers.
One of the major reasons why payment processing is integral to any small business is that you in order to grow; you must cater to all customer needs, and not just in terms of service and support. Accepting credit cards and debit cards through payment processing will increase payment opportunities for customers and provide them with a safe and secure way to pay in today's economic climate. Let's face it, most consumers are using credit to make even the smallest everyday purchases. Whether it is because they want to collect points, or they simply prefer to use credit and pay off in portions rather than paying all upfront right at the time of purchase.
Being able to cater to the needs of your customers will provide them with the simplicity to buy your goods or services whether they are physically in your store, call to make a order over the phone, or are on the go and are using their mobile device or tablet to order online through an eCommerce solution.
These 5 payment processing tips will help navigate through the complicated payment processing industry, and help you understand what payment processing solutions are right for your size business, and why they will help increase revenue and retain customers moving forward.
1 - Counter Top Device
The counter top device is the typical, most common device for any small business with a brick and mortar location. When face-to-face transactions are your most common form of purchase, whether it is credit or debit, a specified payment area where customers can make a payment through your counter top device is the first and most basic form of payment processing. You want an EMV certified, PCI compliant device that is fast and reliable.
2 - Mobile Device
The mobile, or wireless device is ideal for any small business that either provides a delivery service, in home service, or simply does not have a specified checkout at their brick and mortar location. The mobile device will allow your staff to accept payments anywhere their customers choose to pay. It is a bit more expensive than a countertop device, but provides mobility and gives the customers the feeling of being able to make a payment where and when they choose.
3 - eCommerce solution
The eCommerce solution, or virtual terminal solution is an online solution that can provide your business with the ability to accept payments over the phone, or give total control over to the customer by allowing them to pay through your website. This is one of the fastest growing payment processing solutions for small businesses as more and more consumers are becoming online shoppers, and choose to remove themselves from the ever hectic shopping mall. If you can provide you goods or services through your website with an eCommerce solution, your business becomes available 24/7 and 365 days a year. Perfect for those late night shoppers, or online shopping addicts.
4 - Customer Service and Support
When looking for a payment processing provider, it is direly important to find a provider with unmatched customer service and support. Whether you have 1, 2 or all 3 of the above solutions outlined above, if you have an issue, being able to contact your payment processing provider and get looked after right away is a service that your business needs to have. Discuss policies; return rates on terminals, and in-field service reps when discussing payment processing with prospective providers.
5 - Proper Processing Procedures
Knowing the proper security procedures to accept credit cards online, or through a mobile or countertop terminal will help reduce your potential for credit card fraud. There is always a risk of fraud or chargebacks that occur when your business accepts credit card fraud, and that is not avoidable. What you can do is understand the risks involved, how to mitigate those risks through proper practices, and ask the right questions to the merchants when they are making payments. I.e. asking for another form of identification, using only pin and chip devices, having address verification fields on your online store and being extra cautious with accepting payments over the phone.
These 5 payment processing tips will help your small business grow by providing payment options to your customers, and driving revenue through a multitude of payment solutions.