Three Modern Payment Processing Solutions Your Small Business Could Benefit From

Accept credit cards

For most small business owners, customer payments usually come in only three forms: they accept credit cards and debit cards, checks, and cash. In some instances, checks may not even be allowed if they cannot be examined for fraud, especially in the case of businesses that travel. Cash isn’t an option for businesses that sell their wares online. And above all, more and more customers are using their bank accounts and credit cards to pay for their goods and services, rather than going through the inconvenience of carrying cash or writing out checks.

The good news is that payment solutions are expanding as technology improves to give business owners and their customers more choices when they check out. If you think your business could use a bit of improve in the arena of customer payments — and could stand to make more by offering more flexible payment options — then here are three payment processing solutions you may want to try out:

Mobile Payment Processing

Mobile payment processing utilizes a tablet or smartphone equipped with a card tapping or swiping device attached to it. These mobile devices can be used anywhere with a WiFi, 3G, or 4G internet connection in order to take credit card payments. These devices are encrypted, secure, and 100% PCI compliant to ensure that customer data is not stolen. This option is perfect for businesses on the go and restaurants that want to allow customers to pay at their tables.

Mobile Phone Payments

Mobile phone payments are a growing segment of the payment processing industry, and they are offering more convenience than ever to customers. All they have to do is tap their mobile phones on a device that takes their payments, and they can make payments without their credit cards present. This method can even send receipts right to their phones in some cases without the need to print. This option is especially good for businesses that want to help customers make secure payments without the need to encrypt their credit card data.

Online Credit Card Payment Processing

Finally, so many businesses these days have embraced eCommerce that it’s become a multi-billion dollar industry in North America alone. Businesses that offer their products online have the ability, if they want to, to ship worldwide — so why not collect payments from all over the globe, as well? In addition to online credit card payment processing, many payment solutions companies can also help businesses accept a full list of international currencies, so they truly have global reach online.

Have more questions about your mobile or online credit card payment processing services? Be sure to contact a payment solutions provider to find out how you can provide these new options for your customers. You can also leave a comment below for more information.

Why Your Business Should Start Accepting Credit and Debit Cards

Credit card payment terminal

If your business only accepts cash or checks, you could be missing out on a lot of revenue from other sources. Currently, credit and debit cards are the most popular way for consumers to pay for goods and services, and there aren’t very many people who don’t use this convenient payment method. In order to get this service, you need to choose a credit card payment processing provider that can offer you great rates and simple service.

Thinking of expanding your business to allow for transactions with credit and debit cards? If you’re unsure, here are some reasons why you may want to consider these types of payments.

    1. Most people use them. There are so many credit cards in circulation through the U.S. and the entire world. In the United States alone, there are over 500 million Visa cards. In Canada, there are over 76.3 million Visa and MasterCard cards combined being used today. They are especially popular with younger people, with between 76% and 84% of college students in the U.S. using them (depending on current research estimates).

    2. They’re good anywhere. If you decide to begin offering your goods and services online, for example, you’ll be prepared to accept credit and debit cards. Online sales, or eCommerce, is a thriving industry. In 2012, North American sales on the internet reached almost $390 billion!

    3. There’s plenty of technology to help you with this process. Gone are the days where accepting credit card payments meant being hooked up to a terminal and needing to be wired to the internet. Today’s mobile payment processors are inexpensive and easy to use as long as you have WiFi. They can move transactions along more smoothly and be a great alternative to having multiple wired terminals throughout a shop.

In today’s economy, not accepting credit cards can be seriously detrimental to your business.