Running a business is expensive, just consider all the absolute needs to maintain it: supplies, inventory, staff, space, software, etc. So when it comes to payment solutions, you may as well choose one that checks off more than one box and maximize its use.
In order to do that, though, you need to know what to look for in payment solutions and how to use those extensive features for your business’s benefit.
The ultimate way to stretch your dollar is to opt for all-in-one payment solutions, which will eliminate costs and save you time at work.
While Merchant Service Providers offer merchant accounts, a Payment Gateway facilitates the transfer of transaction information between a payment portal and the processor. Some payment solutions, such as PayJunction, are both Merchant Service Providers and Payment Gateways. Opting for an all-in-one solution eliminates multiple providers and bills.
In addition to cost savings, all-in-one payment solutions mean less time spent consolidating transactions, building reports and analyzing sales histories. Plus, you have a single support team to address questions across all aspects of the payment solution.
With today’s technology, convenience is of the utmost importance. Only having a brick-and-mortar presence isn’t enough anymore. You need to have an online presence and, depending on what you’re offering, the ability to accept payments on-the-go (e.g., at events or pop-up shops).
Opting for all-in-one payment solutions ties directly into your ability to expand your business presence. Progressive providers give your business the tools to make a sales transaction in any scenario. Not a computer whiz? Use simple features like PayJunction’s Hosted Checkout to enable payments on your website.
Are you aware of how much paper receipts eat into your profits? On a monthly basis, it could average anywhere from $348 to $483 to maintain paper and ink stock and retain storage space for signed receipts from customers. Forgoing holding onto signed receipts isn’t the way to alleviate some of these expenses, as it could cost your business far more in the long run if hit with a chargeback. Without proof of purchase, you’d lose by default.
Some payment solutions offer cloud storage for digitally signed receipts. The storage is on their servers, not yours, and usually comes at no cost. Going paperless with your transactions will eliminate any receipt-related fees.
Limiting your business to accepting only cash and debit cards won’t get you too far nowadays. To ensure you never shy away new customers and maintain a regular, loyal customer base, your business should accept all types of payments. In particular, EMV-chip cards and NFC mobile payments such as Apple Pay or Fitbit.
Although traditional mag stripe credit cards have a large presence among cardholders, the technology behind those types of cards will soon be a thing of the past. EMV-chip cards are slowly flooding cardholders’ wallets as card-issuing banks swap out mag stripe cards with chip-enabled replacements.
Your payment solution should have the ability to properly process EMV-chip cards, mag stripe cards and NFC-enabled devices.
You’ll always need to accept payments in order for your business to thrive. Thoroughly research the payment solutions you’re considering to ensure you get every possible advantage out of the service you select.
How are you maximizing your payment solution now? Tips for your fellow business owners are welcome, just list them in the comments section below.