When was the last time you visited a business that didn’t accept credit cards for payment? Chances are it was a while ago, and if it was recently, there’s a chance you might have been put off by the lack of this payment option. If your business is one of those that only takes cash or check, though, then you’re potentially missing out on a lot of revenue.
However, today’s payment processing companies offer a variety of services to move your business into the 21st century. What is payment processing? This services allows business to accept transactions with credit and debit cards from their customers. Payment processing companies act as a third party between customer and business to ensure the transfer of funds and the safety of consumer data.
But contemporary credit card payment processing is about a lot more than pin machines and bulky registers. There are several different services now that allow employers to maximize their options for revenue. Here are just a few services that you might look for from a payment processing company:
1. Mobile Payments: Businesses in the 21st century don’t have to be tethered to one stationary POS system. You can use mobile payment processing by clipping a card swiping device to a smartphone or tablet to help your customers. Restaurant staff can complete transactions right at the dinner table, and retail spaces can form more lines during peak seasons and hours. This new form of payment processing has been catching on fast in the business world, and it’s great for traveling sales, too.
2. Online Payments: In case you haven’t heard, eCommerce (that is, online shopping) is big. In 2012, online shopping in North America alone led to revenues of $389 billion, or 31.5% of the world’s eCommerce share. This year, that number has continued to grow, with total online spending reaching the trillions. Online payments are a great way to let businesses expand throughout the entire globe, and using international payment processing is a good way to achieve this goal.
3. High Risk Merchant Services: In some industries, fraud is a big threat. These industries especially include online commerce, gaming, and certain industries that deal with international payments. Larger retailers also tend to have a higher risk for fraud. If this has been an issue for your business, it’s best to use high risk merchant services to protect your livelihood.
If you’re talking to payment processing companies about what they can do for your small business, these three merchant services are essential