As a small business owner, you should always be searching for new ways to boost sales in your organization.Thankfully, offering a variety of payment options is a quick and seamless way to offer more value to your customers (without breaking the bank!).
Technology is advancing every day, and small business owners have more credit card processing options than ever. As the popularity of rewards-based credit cards rise, more and more Americans are making purchases with credit cards.While there are many credit card payment options available, consider these recommendations to get started.
Open a Merchant Account
Although the U.S. is still a ways away from being a truly cashless society, over 70% of Americans own and make purchases using credit cards.Accepting credit cards, however, is not something small business owners can do on their own.
The first step in accepting card payments is by opening a merchant account with a merchant services provider. Choosing the right merchant service provider can give your business access to top-of-the-line terminals and the best processing rates in the industry. For high risk industries, you will be expected to pay a higher rate, so be sure to seek out a provider that specializes in high risk to get the best rates, such as Double Helix.
Credit processing companies allow you to transfer funds from your customers’ card transactions after they have been processed. The funds go to a separate, non-accessible account that automatically deposits funds into your own bank account within 1-2 business days. Some companies also provide additional services such as check processing, reporting, and SEO expertise – an important topic to ensure your company’s website accepts payments safely and securely!
Offer payment options on your website
Accepting payments online is arguably the future of shopping. When accepting payments on your company’s website, it is important to give you customers options. Offering easy and convenient ways to get paid on your website both improves the customer experience and reduces the time it takes for your business to get paid.
Allowing customers to pay via card on your website is a basic but effective way to accept online payments.Choose a dedicated merchant account or an intermediary holding account by researching the processing and funding times that are right for you and your business. Many credit card processing companies offer SEO and web design expertise to ensure digital payments on the company’s websiteare a walk in the park for your business and your customers.
Purchase an electronic card reader
If your business frequently hosts pop-up shops, visits craft fairs, or is part of other in-person experiences – consider using a smartphone electronic card reader. Smartphone card readers allow you to accept debit and credit cards anytime, anywhere.
There are many card processing gadgets on the market, so understand how they all compare before committing to a specific technology.Card readers come in different sizes, shapes, and with various pricing plans. Pricing plans cover aspects such as how much profit the electronic card reader company takes from each sale, and if that percentage is the same for swiping versus non-swiping transactions. Many companies also provide tiered plans, allowing better deals for businesses who make more sales.
Consider using mobile payment services
PayPal, Venmo, and CashApp are just three examples of mobile payment service providers. Vendors and consumers alike benefit from finding ways to make online payments less complicated and time consuming.
Mobile payment services providers also offer another layer of protection to consumers, by allowing them to link their payment info to the service itself and transfer money to purchase products. Direct transfers between bank accounts are in near real-time, providing quicker payment turnaround for you and instant gratification for consumers.
Many businesses have implemented this mode of payment service. All you need is a mobile payment app and an internet connection!
Small business owners rely on quick collections to keep up with the costs of growing a business. Credit card processing options not only provide a better experience for your customers, but they also increase business sales and put money in your pocket more quickly. When selecting services that work for your business, make sure to read the fine print (like taxes and transaction fees) to find the best fit.
Finding the right plan is important, but do not shy away from credit card processing fees! In the long-run, the benefits of accepting digital payments far exceed the costs.