Advantages Of Credit Card Processing
The world does not run on cash as it might have in the past. The payment methods are sophisticated and unique now. Businesses are looking to remain in sync with what customers are willing to use to make payments because potential revenue can be lost for those who don’t pay attention.
Credit card processing has become one of the main requirements around the world for large and small businesses.
It is not only a matter or prestige and quality but about giving consumers what they are looking for when coming into a business. With credit card processing, there are some advantages that come into action. Here are the top five.
1) Provides Customers With Different Payment Option
It all begins with being able to provide the customer with a different option. It is as simple as this in their eyes. They want to be able to pay with cash or card. They don’t want to be pushed into a corner where it is one payment method or nothing at all.
This is a risk the business doesn’t want to take either as it can lead to a lot of wasted opportunities.
A customer that is not willing to pay cash is going to move onto another business because they are left with no other option.
2) Adds Credibility
With a payment option such as this, a business is not only going for something that is better, but it is about credibility. Imagine walking into a store and only being able to pay in cash. It does not bode well for the business and its brand because people will associate it with a setup that is unprepared.
With dubious scams around the world and several data breaches, consumers are alert and want to go with those who are using this payment method.
By having the solution ready to go, the business can showcase itself as a legitimate brand and one that should be trusted.
The mobile nature of this payment processing solution is hard to miss. Being able to provide a solution where they can wirelessly pay and the checkout does not have to take place in the same location is useful. Restaurants can enjoy this as the payment does not have to be made at the front counter for example.
The payment instead can be made right at the table.
This gives a flexibility that is required for a business to function and improves their customer service. The advantages are impossible to ignore for those who want to help their business move forward.
What is the one thing a customer is going to crave when they start to look at the payment options? They will they want the fastest option for making the payment. This is the easiest checkout option that a person is going to have when dealing with an online purchase.
Unless the person is paying in cash, they will want to use a credit card, so a faster solution is a must in this day and age.
By going through this method, a business can provide the person with enough leverage to enjoy a positive experience.
It is not only a method that is faster and better, but it is also a payment option that is safer. Studies have shown the chip reader present in machines nowadays that comes along with this processing will be far more reliable than anything else. Data breaches have been a real issue, and it should not be a thing that you have to deal with.
A business that cares for the safety of its customers will always be looked at with respect.
This will also increase business as people begin to trust the enterprise and how it conducts business.
Credit card processing is mandatory at this point in time. Those who are not willing to catch up with what the rest of the business world is doing are only hampering their chances of earning more. Why not join in with the safer, faster, and better option?
This is a payment method the target market is looking for in all niches and not giving them the option is a real waste of an opportunity.
How EMV Terminal Technology Benefits Merchants
It’s hard to ignore the chip-enabled credit card readers and new chip-enabled credit and debit cards that have flooded your mailbox. The bank might have sent out new cards, and the super market cashier keeps reminding you to insert your credit card with the chip in the machine. While it seems to be everywhere, do you as your own small business owner need to upgrade to a chip-enabled credit card reader? Or, can you make do without an EMV terminal, as they are known?
What Is An EMV Terminal?
EMV Terminal stands for Europay, MasterCard and Visa credit card readers. The international standard makes integrated circuits embedded as what looks like a computer chip into the cards. The reader is inside or as an add-on to readers and ATM’s. The chip is nothing new to the rest of the world. The United States is a late-comer to the chip-reader world.
The transactions are easier to authenticate and considered better for stopping fraud. While the chip is meant to make magnetized cards safer, the EMV is only required at face-to-face card transactions. That covers in-store purchases, not phone orders. Given the change to shift liability with chip-enabled cards, you may want to rethink how you process phone orders. It may be better to provide an online outlet for such purchases with all the security bells and whistles.
The benefit of EMV technology is something that benefits business. The EMV enables merchants to allow smartphone payments through popular apps such Google Wallet and Apple Pay. Before you brush off the smartphone or mobile device category, realize this. People use their smartphones for everything. The estimate is that 40 to 60% of people regularly access the Internet using their smartphones.
Even if someone forgets their wallet, they will likely remember to carry their smartphone. It means that they do not have to “go get their money” but can continue uninterrupted on their impulse purchase. Most merchants make a good deal of money on impulse buys, and definitely, do not want to have to turn away that beneficial type of purchaser.
Fraud Shifts From Banks To Merchants
While you may certainly skip upgrading the card reader in your store, are you really that in love with your old now fairly obsolete card reader? There is a big shift in the transfer of liability from the bank to the merchant as time rolls on with the EMV machine.
Here is how it unfolds. Starting around October 2015, the new machines debuted in the United States. While no one will be coming into a shop or business to look at the machine, and then twist the arm of a non-compliant business owner, there is a financial reason to make the switch. For one, as of October 2015, the risk of fraud makes the shift from banks to the merchant on all major credit cards, from Discover and American Express to Visa and MasterCard.
As of October in 2016, MasterCard ATM transaction liability shifts to the merchant. The surprising part of the equation is how long the liability shift takes to occur at one place that is plagued with stealing and fraud — the gas station. Where the payment is allowed at the pump, the four major credit card issuers will hold gas stations liable for fraudulent transactions beginning October 2017.
Avoiding The Financial Tango With Customers
No one wants to get more involved in their customers’ personal financial matters. No one. You could end up wrongly accusing a customer of stealing, which could jeopardize your relationship with them. Money is an emotional area that can carry a big ad bad negative set of memories, images, and feelings. Even if they are the ones stealing, think of it this way. If someone is committing fraud at the credit card terminal with a stolen card, how likely are they to admit fault and then repay what they stole? Probably unlikely. Maybe it is much more complex than that. You need to protect yourself from such liability.
New card readers are surely less expensive than increasing business liability insurance. Consider it the cost of doing business. It may be an inconvenience to plan for a credit card processor to come into the office, and give their marketing appeal. Yes, once you open up the call for that you will have 100 people calling you. It is not fun. Just update with the company you are already using and make it as painless as possible.
Finding And Utilizing Expert Level Merchant Services For Your Business
In order to make your entrepreneurial dreams profitable, you must maximize your income opportunities. This is why it is vital that you obtain high-quality merchant services that will help you to grow your company. Before you make a commitment with anyone, you need to investigate and compare your choices. This way, you can make an informed decision that you will be satisfied with for years to come.
Whether you operate an online business, sell in-person services or use a combination of online and face-to-face contacts with your customers, the ability to process credit card payments is vital. Fortunately, there are options in the industry so you can get the best service for the lowest price that suits your business model.
In fact, you will discover that many of the merchant services providers have specific setups to accommodate your company. You can arrange matters to process payments that come in through the internet and in phone orders. These are both valuable sources of income for the modern business and is necessary if you want to develop a strong reputation in your industry.
Of course, if your offerings are available in person, you will need a storefront setup that provides you the opportunity to accept credit cards at every one of your store locations. This is a fantastic choice if you have a small chain of stores and are looking to expand your payment acceptance ability.
For those who own restaurants, the food service industry is sometimes provided with a special pricing structure that is based on the nature of the company. These can sometimes be set up for other quick serve types of businesses. You can discuss your choices with the representative you speak to. Let them know that you would like to qualify for the reduced rates associated with restaurants and similar business structures.
If you have a storefront, you should have several choices available for reading credit cards. The basic setup provided for merchant services is a simple credit card reader. There are a few different styles of these. They are small and either incredibly inexpensive or free altogether. These are a good choice if you operate a one-man show, or a one-woman show.
However, if your business has employees or more than one location, you will need a point of sale system. There are various models of these, including countertop and mobile devices. The mobile is a great choice if you take your business on the road sometimes. For instance, if you sell art at trade shows but have a regular storefront when not at the shows. On the other hand, a countertop model can work sufficiently if you maintain business operations in one place.
Before you sign up with any company, you should find out exactly what types of choices they have available to you and the costs associated with each of them. If the website does not clearly state the fees, ask a representative to send you an email that clearly outlines your obligations and rewards when using their program.
You will discover that there are adjusting fees in many instances that are based on the number of transactions that you run through in a certain amount of time. This is usually based on a monthly amount. However, you should not assume that is the case with your provider.
Speak to multiple merchant services representatives, letting each of them know that you are shopping around for the best deal. Find out if they can offer any additional discounts or otherwise sweeten the pot to get your business. Make sure that you are honest and fair throughout your communications with each person. This will help to develop and protect your reputation as being an honorable businessperson.
If you must sign any contracts, make sure that you understand them completely before making a commitment. Have someone with more legal knowledge overlook the documents if needed to be sure you do not unwittingly commit to something beyond your capabilities.
Growing your company means expanding your payment acceptance options. Take the time to look into your choices and you will find a great company that you can work with now and in the future!