Entries tagged with “Mobile Payments”.
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Dec 19 2014
Running a small business can be overwhelming. On top of making inventory purchase decisions, demand forecasting predictions, and marketing decisions – you also have to choose the right payment processor. It’s not as easy a decision as picking the payment processor who offers the lowest transaction percent fees.
According to Business News Daily, one of the key things you should look for when choosing a payment processor is whether or not it has consistently been PCI compliant. Payment Card Industry compliance adds a level of trust between you and your consumers. Utilizing a PCI-certified payment processor shows that you care about protecting your consumers’ credit card and other sensitive information.
According to Business Bee, it is equally important that your payment processor offer offline and online payment processing. This offers your business the versatility of a brick and mortar store, as well as online purchasing. This way, if your business involves home services or services that involve you visiting your consumers’ location, you can have them pay you by using a credit card swiper.
Something else to keep in mind is the actual payment processing fee. Some payment processors offer a flat monthly rate, while others charge a certain percentage of the transaction amount. Knowing your historical statistics comes in handy here since you can determine whether the flat rate is cheaper than the transaction-percentage-based-fee, and thus opt for the more economical payment processor.
Contact us today to learn more about our payment processing services.
Dec 18 2014
So you’re starting up your small business – great! You most likely have everything figured out by now – the products, the market, the consumer. What are you missing? Well, few businesses give their payment processor choice the same level of decisional effort as their other major business decisions. You should rise above your competitors and understand the true effect of finding the right payment processor for your small business.
According to the Small Business Association, there is a trend of increasing credit card processing fees that are reaching 3.4% of your transactions. This is huge since, combined with your Merchant Account, you could be paying up to 5% or more on every transaction – just in fees. Yes, these kinds of payment processors offer versatile systems which quickly give you the processing services you need. They also usually accept all of your customers’ credit cards – so in a sense, you’re paying for convenience. Most business owners would simply swallow this logic and pay up – attributing quality gained as compensation for these sharp fees.
However, according to the SBA, there are special payment processors who specialize in offering small businesses super small “…processing fees ranging from 0% to 0.36%.” So, maybe your competitors have the state of the art payment processors – but if you do your due diligent research and find one of these special payment processors – then you’ll make more profit than your competitors.
Contact us today to learn more about our transparent, inexpensive processing fees for your business!
Dec 17 2014
If you’re running a small business or planning on starting one – you should consider choosing the right payment processor for your consumer transactions. According to an article by IT Business Edge, there are a few things you should note when choosing a payment processor.
One of those things is not having too many! You want to balance the pros and cons of multiple versus singular payment processors. For example, if you utilize only one payment processor, it may effectively block out some consumers because their preferred payment method is not supported by that payment processor. On the other hand, if you have multiple payment processors, the article says, “each vendor relationship costs time and money. It’s usually more cost-effective and efficient to use a full-service service payment provider who can process all payments… and using all methods.”
Another thing mentioned in the article is to input your customers’ payment type right into your accounting sheets, next to their transaction. Why? It makes for minimization of errors when it comes to auditing and compliance procedures.
Most importantly, now that everyone is using their phone for everything – offer mobile payments. The article stresses that since mobile technology is increasing, and people are relying more and more on their smartphones to do everything for them – like shopping, googling, and emailing – you should logically offer mobile payments.
To learn more about finding the right payment processor for your small business, Contact us
Dec 4 2014
Posted by Sara Davis
Merchant Services, Small Businesses
Using a payment processor can be vital for your small business, but choosing the right one can be a challenge. Each payment processor is different, and each company has a different way of charging you. Keep these tips in mind in order to protect yourself from hidden fees from payment processors:
-Annual Fees: Annual fees are quite common among payment processors but many aren’t upfront about them. Many payment processor companies hide the annual fee within their litany of paperwork, making it so you don’t know about it when you sign the agreement. If your processor doesn’t make you aware of the annual fee in the beginning, make sure to read your agreement carefully so you understand the costs involved and aren’t surprised later on.
-Read user reviews: Particularly the negative ones. If you see patterns emerging among the reviewers, go on to the next option. Reviews are a place where users will vent their frustrations and try to steer other potential customers away from a product or company that has mistreated them. Hidden fees or extra costs that weren’t anticipated will be at the top of the list of frustrations.
-Ask around: Ask other business owners which payment processors they use and which ones they have heard of that include hidden fees or extra costs.
-Cancellation fees: Changing your mind about using a particular payment processor can end up being costly if the company has a cancellation policy that includes a hefty fine. Try to find a company that doesn’t have a cancellation fee. At the very least, be aware of exactly what you’ll pay if you choose to cancel, and get it in writing.
-Find out when fees are taken out: It’s not uncommon for payment processors to charge a fee whenever there is a transaction. Make sure to be aware of any additional charges or fees having to do with transferring of money to the appropriate accounts after transactions are completed. It’s better to find out in the beginning rather than be unaware that you’re being additionally charged later on.
Contact us for more information about how you can protect yourself and your business from unnecessary payment processing fees.
Nov 28 2014
Posted by Sara Davis
Micro Merchant, Small Businesses
Industry players within handmade marketplaces provide easy to use venues for crafting small businesses to get their products out to the world. As you grow your crafting business, you may get frustrated with the limitations put in place by these marketplaces. You get full control over your design, content, and presentation when you go it on your own with a website. When you market your site, you don’t have to worry about visitors checking out someone else’s store. There’s one barrier to entry that gives some crafters pause, however: payment processing.
Payment processing services handle transactions conducted through your website. It’s possible for you to handle your own payment processing, but the industry has strict regulations in place to protect customer credit card information and other data. You get several benefits when you choose a payment processor instead of cobbling together your own solution.
The major benefit is having user-friendly credit card processing available through your site. Many customers seek the convenience of using credit cards over other electronic payment methods, expanding your customer base. The security benefits are also significant, as payment processors do this as their sole business. They have security standards that meet industry regulations, high powered servers available, and support if you aren’t as technically minded as you wish you were. Finally, some payment processors replace the need for a point of sale system at craft shows. They offer a small card reader or payment processing app that works with your smartphone or tablet. Instead of shelling out hundreds or thousands of dollars for cumbersome equipment to take to a show, you get an unobtrusive option.
Contact us for any questions you have about payment processing services.