Have you ever considered how having the right payment solutions for your business could drive sales and reduce costs? With all the fuss about monthly fees adding, it might sound a bit farfetched to say there’s a balanced option. But we’re here to tell you how you can obtain an ideal solution.
The trick is choosing a solution that is customized to meet your business’ needs. If you are a high-risk merchant, for instance, you don’t want payment solutions that run a high chance of chargebacks! And if you’re a high-volume merchant, then you’ll want a solution that allows you to process up to thousands of transactions easily.
Read on for more details of how a sophisticated payment solution can revolutionize how you do business.
If you’re running a business like a supermarket or a restaurant, you know that slower transactions can cost you a lot of potential sales. Not to mention how inconvenient endless lineups to a few cash registers are during rush hours. Card present terminals are the perfect payment solution for businesses that deal with a lot of customers.
There are countertop and mobile payment point of service (POS) terminals. Both types can accept several transaction options familiar to modern customers, such as contactless, chip and pin, and magnetic swipe. Contactless transactions are ideal for high-volume merchants that deal with a lot of customers daily. Offering chip & pin as well as magnetic swipe transaction options only increases flexibility for customers who don’t have wave and pay debit or credit cards.
Countertop terminals are fixed location, and therefore are ideal for quick-serve restaurants and retail where a customer’s stay is short. Mobile terminals are wonderful for sit-down restaurants and automotive repair shops where customer movement might be slower.
Tap into a Broader Market Online
A lot of merchants don’t realize the potential of growing their business through an e-commerce solution. Online marketplaces can be very lucrative because they tap into the ever-increasing percentage of consumers around the world who have access to the internet. As of 2016, there’s are 3.5 billion internet users.
E-commerce is beneficial for high-risk merchants, who often can’t secure a payment processing provider because of perceived reputational risk or a greater probability of experiencing chargebacks. E-commerce is a much more accepted payment solution these days than it was when it first became an option for consumers in the early days of the internet. High-risk merchants are more likely to have a bank or provider agree to offer e-commerce solutions to them.
Having an online marketplace grows sales quickly. Not only is the checkout process easy to access and use, consumers are encouraged to impulse buy. You can offer pay later options, for instance, allowing consumers to settle their bills with an auto-debit or credit set up 14 days from their purchase date. E-commerce payment solutions from reputable providers also provide hardcore security against fraudulent customers, who are too costly for most merchants, no matter their industry!
The key to growing your business, whether it’s high or low-risk, is accounting for your transaction environment with reliable payment processing.