Entries tagged with “Mobile”.

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.

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.

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.

Starting and running your own small business is already hard enough – you have to come up with the starting overhead costs, startup your marketing, and trial-and-error your procedures in order to streamline them. Once you finally get a steady stream of customers, the last thing on your mind is whether or not your payment processor is hurting you, right?

One article points out that some payment processors charge an assortment of fees, “including gateway fees, statement fees, monthly minimum fees and transaction fees…”  You can sometimes circumvent these fees by allowing your customers to do mobile payments.  Mobile payments won’t necessarily eliminate these hidden fees, it depends on the merchant and what fees they decide to charge.

[SN1]This is not necessarily true. Mobile merchants may still charge these fees.

In fact, the article goes on to state that “mobile payment options free entrepreneurs from long-term contracts and numerous hidden fees, offering clear pricing and fast deposits for a fraction of the cost.” So if you’re looking to minimize your payment processor fees, or avoid hidden fees, it’s worth looking into mobile payments.

Hidden fees are actually pretty hefty in the long run. For example, some payment processors advertise that they only charge 2.5% per transaction – but after hidden surcharges, and other recurring fees – it becomes 3.5% per transaction. It might not be a lot per transaction, but overall, it’s 1% less from the total payments you receive from your consumers.

ProPay is committed to offering you premium payment processor services without any hidden fees. Contact us today to learn more about our services and how you can protect yourself from hidden fees.