In today’s fast paced, instant gratification-obsessed society, consumers expect to be able to use their credit and debit cards at any business for any transaction without problem. Economists agree that cash and checks are quickly being replaced by plastic, and online transactions. So to stay on top, attract new customers and earn their long time loyalty, you need the right payment processing solution for your business that offers convenience and security to your customer base. It’s a simple fact of contemporary business. If you fail to keep up with increasing technological changes, and payment processing solutions, your customers are more than likely going to do business with a competitor– leaving your business in the dust, and making it very difficult to catch back up.
It’s a fact that businesses that have a solid payment processing solution can boost sales by 30 percent or more. If you’re cash only business that’s ready to make the change into accepting credit and debit cards, there are plenty of options at your disposal. With the right tools and resources, accepting credit and debit cards is easier than you may think. It all begins with selecting a merchant account provider and getting the right payment processing solution for your business needs.
1. Choosing a payment processing solution
When it comes to choosing a payment processing solution, the merchant services provider should work with you to create a custom tailored program that fits your business’ unique needs, positioning you to meet your goals and enjoy a driving revenue through accepting credit and debit cards. Whether you own and operate a restaurant, retail establishment, a food delivery or catering service or a contracting business, it is important to choose a payment processing solution that fits your business, and is right for your industry.
Rates are very important, but are not the most important facet when looking for a payment processing solution that suits your business. On top of a monthly rate or Visa and MasterCard MDR, certain payment processing solutions have associated fees for individual transactions. These fees are the very thing that dissuade many cash only business owners from signing up for a merchant account. But the customer you’ll be able to attract by accepting credit cards makes it a worthwhile decision.
2. Incentive Programs
More and more credit card providers are issuing cards with incentive programs attached to them. Whether it is air miles, reward miles, points, or cash back incentives, more and more customers are reaching for their credit cards than ever before. It is important to be able to provide the best payment processing solution to allow your customers to use their credit cards of choice, gather their reward points and make their purchase quickly, easily and securely.
Not being able to provide your customers with the convenience of accepting credit cads will deter their business from you in the future. Although it may not seem like a big problem, as society continues to become paperless, more and more customers will be unable to shop at your place of business unless you provide a payment processing solution for them. It’s important to extend every convenience possible to your valuable customers. Accepting credit cards sends an important message. You’ve gone through the steps to ensure that they can pay in the ways that are most convenient for them. This small difference can give you a real leg up over the competition.
3 – Online Solutions
Some cash only businesses are overwhelmed by the hardware that may be needed to process credit cards, and feel that it is an added expense that simply will not produce the return on investment. But when you choose the payment processing solution, this technology is made easier than ever, especially with an online solution or virtual terminal. With the different payment processing solutions available, your business does not need to have bulky hardware, or wired in payment terminals. You can accept credit cards from your customers through a simple virtual terminal, or allow them to pay on your website from the comfort of their home.
The good news is that the software you’ll use to process credit cards makes bookkeeping exponentially easier for you, each and every month. You’ll be able to track and record invoices for easy reporting. And if a customer has a question or problem with a purchase, you’ll be able to quickly locate his or her invoice and resolve the problem in a timely manner. This is another important part of earning customer loyalty.
Start making the right choice for your customers and get into a payment processing solution that will provide them with convenient, and secure ways to pay, while growing your customer base and increasing customer loyalty.