Entries tagged with “Mobile Payments”.
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Jan 26 2015
Accepting transactions is a major part of any business, regardless of whether these transactions generally take place in person, on the phone, or online. In order for your business to succeed, you need to make it easy for customers to make payments, which you can do by following small Business financial success tips.
While getting transactions to go through properly is an important part of the process, there are other details of payment processing that cannot be forgotten because of their importance.
Pay Fair and Known Fees
It is essential to find a payment processor that does not try to charge hidden fees or surprise you with transaction percentages that are higher than you originally planned for. In this situation, you need to make sure that any information regarding fees can be found online and is true, which can be accomplished by verifying online data either through a live chat online, on the phone, or in person.
Have Plenty of Payment Options
In order to reach the widest number of customers, you should look into payment processors that give you numerous options to receive payments from. For instance, payment processors that allow payments to be made through card readers and smart phones are important and expected, but the addition of payments through stored cards, shopping carts, and mobile applications really maximizes the potential.
No Toll Customer Service
Handling all of these payment methods and receiving a lot of transactions means that running into a problem here and there is almost inevitable. In this situation, you deserve toll-free and high quality customer service that is able to provide a quick and efficient solution to any issue you experience.
Business success comes from many pieces falling into the right places. Following the suggestions above will help your business succeed. Contact us to learn more about the payment processing we offer.
Jan 23 2015
Running a small business requires a whole lot of patience and an even larger amount of decision making
skills. As part of the decision making process, managers and business owners have to decide on details
such as, what payment processor to go with. Approach your decision making process with a clear mind.
With these 5 tools, you will be sure to make the right decision for your small business.
1. Compare Fees and Associated Rates
Fees and associated rates are just two things that most credit card processing companies try to
manipulate customers with. Although some companies might provide seemingly low rates, look
for associated hidden fees—that’s usually how they mislead customers. Compare fees for both
swipe and keyed rates because they will be different.
2. Evaluate Point-of-Sale Solutions
Point of sale solutions, or POS is when a customer makes a merchant payment in exchange for
goods or services. During the POS, the merchant calculates the amount owed and provides a
payment solution. When evaluating POS, look at what equipment and software are available to
either rent or lease. Compare and contrast the benefits that equipment and software companies
are offering. Evaluate what your business needs and compare it to what companies are offering.
3. Not all Payment Processors are Equal
When you start to evaluate which payment processing company is good for you, remember that
not all payment processors are created equal. Meaning that although some companies rates
might appear to be lower than their competition, their hidden fees might actually result in their
fees being equal to their competitors.
4. Evaluate Security & Fraud Assistance
Are fraud detection and protection services included in the pricing? Or are they being offered at
an additional charge? As two of the components that can ultimately save your business tons of
money, security and fraud assistance are a must-have. Make sure your credit card processing
company can provide you with these services at a price you can afford.
5. Assess Monthly Minimums and Caps
Did you know that it typically takes between 24 and 72 hours for funds from a sales transaction
to be deposited in your account? Make sure your credit card processing company can guarantee
the transferal of funds within at least the 72 hours.
For more on learning how to select the ideal payment processor a team member at ProPay is here to help, contact us
Jan 20 2015
Finding the right payment processor for your small business is all about looking for features that match up well with what your business does. Here are some examples of features you should look for depending on your business.
Mobile Card Readers for Local Businesses
One useful feature you can get from a payment processing company is a mobile card reader. This is a device that sits right on top of your phone which can process credit cards securely in-person.
Many of the better ones give you a free app to go with it, and let you plug them right into a convenient area like the audio port. This feature is ideal for local businesses that do a lot of commerce in person and not at a stationary POS system within a store. A mobile card reader will be useful for brick and mortar stores that don’t want to pay extra for the more extensive credit card devices, and also for small businesses that carry product from within their own home and want to be able to process credit cards for local customers.
Multiple Payment Storage Options for Online Businesses
One excellent way to encourage repeat customers for your online business is to make it really easy for them to store payment options. Trivial inconvenience is the great killer of e-Commerce. If customers can store different credit cards and payment options with your site using a payment processing service that allows for this, then they can come back and make additional purchases with much less hassle.
Having to enter payment information over and over again is going to deter repeat business. That’s why the multiple storage feature can be useful for encouraging growth in small businesses that focus on internet transactions.
Regardless of how your small business operates, it can benefit from the right payment processing features. For more information about these features and others, please contact us at ProPay today.
Jan 15 2015
In the world of merchandise processing, there are two different types of transaction processing: swiping and keying. With the constant accessibility to mobile devices such as tablets, smartphones, and laptops more and more merchants are using swiping, but why? In order to fully understand why more merchants are swiping cards versus keying them in, let’s take a look at the difference between swiping and keying credit cards.
Swiping vs. Keying Credit Cards
The difference between swiping credit cards and keying them in is pretty self explanatory, when swiping you have to have the card present and it typically requires either a mobile device with a swipe adapter such as ProPay’s JAK, or a computer/register with an internet connection. Whereas when you key a credit card in, merchants have to hand enter every card number and the credit card doesn’t actually have to be present. So, why are more merchants avoiding keying credit cards? Three reasons: fraud, savings, and convenience.
The biggest reason not to key in credit cards is plain and simple: fraud. Because merchants don’t actually have to have the credit card present with keyed payments, the chances of fraudulent transactions are a lot higher. Because most thieves steal credit card numbers instead of the card itself and then make by-phone or online orders, the card itself is never seen. Avoid these types of no-swipe fraudulent transactions altogether and only allow customers to pay for merchandise when they have the card present.
Because there is a higher fraud rate for credit cards that are being keyed in, credit card processors charge a higher rate for keyed transactions compared to swiped transactions, in order to protect themselves against any false transactions. How much more money do they charge? About .5% more per transaction. For example, credit card processors typically charge around 3.5% for keyed transactions, whereas ProPay only charges 2.29% for keyed transactions.
Have you ever had to hand enter someone’s credit card only to realize you misentered one number and you have to start all over? With swiping, you never have to worry about that problem again. Also, you can swipe anywhere, at anytime—giving you the freedom and mobility your business needs in order to stay prevalent in this economy.
To learn more about swiped rates visit ProPay online.
Jan 9 2015
Payment processors are becoming increasingly important as our reliance on the digital world increases. People are now purchasing items via Facebook and other social media sites – as well as using apps on their tablets and mobile phones. For most businesses, the days of simple cash transactions don’t apply anymore. Thus, the payment processor you choose must be well thought out.
Choosing a payment processor that has an excellent history of top cyber security is a must, considering that “hardly a week goes by without hearing of another data breach or a new strain of malware being discovered in the wild.” According to a FireEye Chief Technology Officer, hackers and their malware are only going to create more dire situations for 2015. FireEye is a “cyber security and forensics firm, [and they predict] mobile ransomware will surge in popularity.” They also predict “that point-of-sale (PoS) attacks will also become a more popular method of stealing data and money – and PoS attacks will strike a broader group of victims with increasing frequency.” What’s even worse, since cyber criminals are starting to become more creative, and a lot more are going into the business, payment processors will experience increased attacks.
The deal is, when a payment processor is hacked, the results are tremendous – “a single successful intrusion could provide access to pools of credit card data from many sources…” And sadly, some of these financial records might be your consumers’, which can lead to them placing the blame on you. Thus, make sure that when choosing a payment processor, you pick one that holds sound cyber security procedures – like constantly keeping up-to-date on new cyber security technologies. Some tell-tale signs include them being accredited by cyber security associations, and if they regularly join in on cyber security panels or conventions.
If you’d like to learn more about cyber security breaches regarding financial data, contact us today.