Although it still happens, it’s usually rare for businesses to only accept cash. Doing so not only limits the amount that customers can spend in their store (dependent upon what they have in their wallets, but it also creates a major inconvenience for shoppers who predominantly use credit and debit cards. However, thanks to all of the benefits that credit card payment processing includes, customers can have more options for payment when retail establishments, restaurants, and other businesses have the right technology in place.
Just what types of services does payment processing include? Here are a few common ways that businesses can accept credit cards and debit cards thanks to advances in technology.
- Mobile Payment Processing: No longer do businesses need bulky cash registers at their counters. They now have the opportunity to accept credit cards on mobile devices, such as tablets and smartphones. This is especially useful for businesses that want to open up more checkout lines anywhere in the store or for restaurants that would like to offer their customers the chance to pay at a table.
- Mobile Phone Payments: This option is a growing industry in the payment processing world. Mobile phone technology allows customers to pay at retail businesses using contactless devices to transfer funds. A good example of this is Apple Pay for iPhones; however, there are other retailers and companies developing their own versions of these apps.
- Online Payment Processing: Finally, eCommerce, or online retail, is expected to reach over $1 trillion in revenue by 2015. Businesses that have expanded online need to have their payment processing include the ability to accept as many international currencies as possible all while providing low transaction fees. Online payment processing companies can also provide fraud protection and other risk management for these businesses.
Have questions about payment processing? Be sure to speak with a company that offers these services. You can also leave a comment below if you’d like to know more about these cutting edge payment solutions.