Almost all modern businesses need to accept credit cards in order to compete. Fortunately, this has become easier and less costly over the years, with companies having several options if they want to process cards. These tips can help simplify the process and get you paid faster.
Store Credit Card Information for Next Time
One way to simplify credit card transactions is to store customer card information so future transactions can be completed quicker. This is especially common with online businesses and even expected. Companies that store consumers’ credit card data need to be sure they are taking proper cybersecurity precautions, however. A data breach of customer credit card information is often disastrous for a company’s reputation.
Use an Efficient, Simple Processing System
There are a number of credit card processing companies that you can use to process payments. These range from relatively simple processors used by sole proprietors at craft fairs to major systems used across multiple stores. The processor you use should match your current needs as well as provide opportunities for scaling and offer reasonable processing fees. Be sure employees are trained how to use it, too, so transactions can be processed faster.
Set up a reserve fund
If a customer pays by credit card but decides to later file a chargeback, it can be worth having a reserve fund set aside to pay back the money from. This may not be necessary in some industries where chargebacks are not common, but in other industries like tobacco, nutraceuticals and adult entertainment you may be viewed as a high risk merchant by credit card companies due to the amount of chargebacks filed and therefore expected to set up a reserve fund. You can click here to learn more about high risk merchant processing. Setting up a reserve fund is fairly easy and could prevent you getting into debt when transactions go wrong.
Use Mobile Point of Sale Systems
Mobile point of sale (MPOS) systems have grown in use and popularity in recent years with good reason. They simplify the sale process because they allow employees to make sales from anywhere in the store. This makes the process of checking out much faster and easier on customers, prevents long lines at cash registers and simplifies the sales of large items. Usage of these devices often results in increased sales and even better security, because card data is not stored on the MPOS device.
Accept Mobile Pay Options
Mobile pay is also increasing in popularity because customers rightly perceive it as faster and more secure. These transactions, completed through a customer’s mobile device, go through an intermediary so customers do not have to give businesses their credit card information directly. Businesses simply need the technology to scan and process the payment and the customer can be on their way.
Credit card processing is a small but integral aspect of running a business. Choose the payment processing options that are best for your needs and be sure to always look for ways to improve and simplify the process. Your customers will appreciate you staying ahead of the curve.