Entries tagged with “Mobile”.


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!

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

Starting a business can be a stressful and often overwhelming endeavor. Fortunately, choosing a payment processing service doesn’t have to be either of those things. While price is certainly a prime consideration, there are other important factors to consider when finding the right payment processor for your small business.

Type of Business: The Right Fit

Selecting the right payment processor has a lot to do with your business type. Many processors specialize in certain business sectors or on certain transaction types. Are you a retailer selling items in person or do you conduct business online? Are you selling a product or a service? Selecting a processor that has an understanding of your industry and experience with your type of business is key to a successful partnership.

Simplicity

Working with a payment processor should be easy, beginning with initial discussions concerning the terms of your merchant agreement. All reports and accounting of your transactions should be presented in a clear, logical manner. Ask for an online reporting demonstration or examples of common paper reports. Can you perform complex searches? Are you able to easily find the information you are looking for? The information provided by your payment processor should support your business operation and serve your particular needs.

Customer Service

Problems with payment processing can wreak havoc on your business so make sure the processor’s customer service support meets the demands of your business. Their customer service function acts as an important buffer between your business and the credit card associations. Do they provide phone or email support 24/7? Are reports and transaction details available online? Ask if there are additional fees for any of these services; the answers to these questions may prevent unforeseen costs.

Security

Any breach of data can have serious implications on your company’s credibility as well as your bottom line. The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. Be sure to select a processor that has been certified as PCI DSS compliant.

Do Your Homework

Research your perspective payment processors. Ask for customer references. If it is a company you are unfamiliar with, check with the Better Business Bureau or conduct online research. To learn more about how to find the right processor for your business, please contact us.

New Harris Poll released last week led some insights into consumer views on mobile payments.  Among the highlights of the poll is that more than 60% of respondents believe that smartphone payments will eventually replace cash and card payments.  This number is very high when compared with the number of respondents that have actually made (4%), or even witnessed (8%), a smartphone payment.  What’s more, far fewer respondents believe that this transition will occur within the next five years.  Contrast this with the media “Year of Mobile” pronouncements (that have occurred for the last two years, at least) and one would rightly ask where the disconnect is.  Media keeps saying mobile payments are imminent, while consumers seem to be hesitant.

One of the major variables for most consumers in using smartphone payments is the question of security.  According to the Harris Poll, “Among those who indicate being either not very or not at all interested in being able to make smartphone payments, security is a clear, if predictable, factor: half (51%) say they don’t want to store sensitive information on their phone, and four in ten (40%) don’t want to transmit sensitive information to a merchant’s device.” (Here is should be noted that there are mobile payment products that allow payments to be made without (1) storing payment data on the consumers phone or (2) transmitting sensitive data to the merchant’s device.)  Another significant portion weren’t interested in making smartphone payments simply because they did not own a smartphone.

So I put it to you, reader.  What do you think about smartphone payments?  Have you made one? Would you make one?  What factors or criteria are necessary for you to adopt this new technology?  Or are you just waiting for it to reach critical mass  so that it’s available in places that you frequent?

In the United States, “mobile” is a matter of convenience. We’d like things to be easier, to be faster.  In other parts of the world, though, mobile technology brings with it life-altering capabilities.   An ex-Apple executive has launched a start-up designed to help lift whole communities out of poverty.  mPowering is designed to help incentivize positive behaviors, such as attending school,  by awarding points for those behaviors.  The points can then be redeemed for food and other necessities.  mPowering provides families with phones and supplies chargers at schools.

In similar way, mobile payments have gotten swift adoption in regions in which many people have no access to banks or financial institutions. M-Pesa in Africa has revolutionized financial practices in rural and less developed areas of Africa.     It’s estimated that almost 50% of the adult population of Kenya use the service to send money to relatives, pay bills, and even to pay for services.  Essentially, the phone acts as a prepaid card.  Users sign-up and “load” funds to the phone. As more and more individuals adopt the technology, more businesses are beginning to accept M-Pesa payments.

Mobile payments and mobile in general have taken off much more quickly in less developed countries.  Theories are that this is because of, rather than despite, the lack of infrastructure to be found.  Mobile technology can have a profound impact on economies, families, and communities.  That stands in stark contrast to first world, western cultures in which mobile technology is often a sign of affluence and position.  An article earlier this year by Dr. Hamadoun Touré sums it up well: “With seven billion people’s needs to serve, information and communications technologies (ICTs) represent the single most powerful channel we have ever had to reach out to others, wherever they may live, whatever their circumstances. They also represent our best hope of accelerating progress towards meeting the Millennium Development Goals (MDGs) by the target date of 2015.” It’s that power, not just the cool factor,  that makes mobile technology so exciting.