You're always looking for ways to better your business and generate more revenue. Whether you own a traditional brick and mortar location or an eCommerce solution, finding new ways to attract new customer and retain customers is always a priority. Payment processing for your business is greatly important to the service that you provide to your customers, as well as creating proper practices to accept payments easily and securely. To many merchants, payment processing services are the same from any provider, and implementing a payment processing solution is the same for all industries and businesses. That is surely not the case. Payment processing solutions are unique to each business, and any of those box in one solutions will create a disconnect between your customers and your revenue down the road.
It is best to connect with a payment processing provider and discuss the needs of your business. Getting a payment processing solution that is suited for your business will provide your customers with the best service, and provide your business with great support 24/7/365. After all, boosting sales and having a successful business is dependent on keeping customers coming back and being able to accept credit cards and debit cards. Outlined below are best practices for accepting payments, as well as helpful hints to create a secure, and efficient payment processing process.
Best practices for accepting payments
Each and every day millions of North Americans make purchases using their credit cards and debit cards through card present terminals and online stores. Customers expect these payments to be processed in a timely and secure fashion, with proof of payment and little hassle. This means that when a customer goes to make a payment, they do not want to be bombarded with pages of drop down menus in a check out process online, or waiting 5 minutes for a payment terminal to connect in a store. First, it is not very professional to make your customers wait to process a payment, and second, it creates uncertainty. If a payment is taking too long to process, or there is an error, most customers will be unsure if their initial effort went through, or if they are now being charged a second time or their item. This goes for online stores as well. If your eCommerce solution check out requires a large amount of information, multiple pages and your credit card number more than once, it deters customers from paying, and more importantly, returning. As a merchant, and a business owner, it is your responsibility to ensure that your customer’s card information is secure, and that your payment process is efficient.
Here are 3 best practices for payment processing:
1 – Terminal Type
Ensure that your payment processing terminal is up to date, EMV certified, and that the terminal type is right for your business. If you have a large store with no designated payment area, a wireless terminal will work best. This will provide your clerks the ability to deal with customers, bring the payment terminal to them, and quickly process the transactions. If you have a retail store with a designated check out area, an integrated desktop solution will provide the best results for your customers; Quick, secure and efficient payments.
2 – Fast Processing
Having a slow payment processing terminal or online solution will cause uncertainty with your customers. Work with a recognized and vetted payment processing provider that has been in the industry for a number of years. Having a fast processing time when dealing with a number of customers will create a steady process of payments, and show you value their time and business. No customer should ever cringe when they see a person in front of them pull out a credit card. Discuss processing speed with your payment processing provider before contracting with them.
3 – Multiple Solutions
Whether you are looking for a mobile terminal or a virtual terminal, being able to have access to multiple payment processing solutions will not only benefit you immediately, but in the future also. If you do not currently have an online store, but are looking to have one in the future, it is important to know that your current provider has that ability to provide this solution. Also, what shopping carts are they integrated with, or which terminals are they going to provide me if I want to switch from desktop to mobile. Take the time to go through what types of solutions your payment provider has available. It will show that they are not only an industry leader, but remain up to date with technology and security practices.