Don't Be Fooled - Why Not All Credit Card Services Are Equal
Credit card services from top payment processors do much more than just allow your business to accept card payments—they also help you grow your business and your brand. Read on for some valuable services that a payment processor can provide to help your business thrive and grow.
Attract New Customers
It’s important that you choose a payment processor that’s always one step ahead of the competition when it comes to payment processing technology and credit card services. That way, you can attract new, affluent customers to your business who have come to expect the latest ways to pay, like by using their smartphone or tablet. You should choose a terminal or software that allows your business to process traditional magnetic stripe credit and debit cards, as well as EMV chip cards, and the latest technology formats including near-field communication (NFC) that power mobile payments like Android Pay, Apple Pay and Samsung Pay.
Choose a payment processing partner that will easily allow you to accept payments online so you can expand your business to an online audience via eCommerce. You should have the technology flexibility to either accept payments using a shopping cart plug-in right on your own website or use a popular marketplace like Etsy to make sales online. Top processors are ready and willing to seamlessly integrate your in-person and online sales to make all types of payments easy for you.
Today’s popular tablet POS systems allow you to take your business on the road so you can sell your goods and services to a new audience. Accept card and mobile payments at a farmer’s market, festival or trade show—whether you have WiFi access, cellular network access or you’re in a “dead zone.” Also, tablet-based POS systems equip your sales team to better serve your customers right on the sales room floor at your physical locations.
Data Security is Critical
No matter which payments processor you choose for your card processing needs, data security should always be their primary objective. You know how important it is to protect your business data and your customers’ data so you don’t leave your company vulnerable to a data breach, which can lead to serious financial and reputational damage. So, make sure you choose a card services provider that takes data security seriously. Some security offerings you may want to choose for your business include:
- Point-to-point encryption
- 24/7 Support
Set Up a Gift Card Program
Did you know that offering gift cards at your business can help increase brand awareness and loyalty, not to mention drive new revenue? It’s true. Consumers love buying gift cards for their loved ones all year round—including Mother’s Day, Father’s Day, Valentine’s Day and, of course, during the winter holiday season. A top processor can help you understand how a gift card program can work for your business and help you grow for years to come.
Analytics to Boost Your Business
When you choose a top card services provider, you should have access to a suite of analytics software so you can easily see how your business is tracking and make needed adjustments. Some of the analytics you may find helpful include:
- Track your most popular items or services, as well as your busiest times of business, so you can keep your inventory stocked and employees scheduled to keep up with customer demand at all times.
- Identify your top employees quickly and understand the changes you can make to help improve the performance and customer service of those employees who aren’t tracking so well.
- Improve your marketing campaigns by sharing valuable customer data that your POS system captures during credit card transactions with your marketing team. Information such as customer demographics and purchasing history can help inform more relevant, impactful marketing campaigns for the future.
- Gain access to the latest reporting tools so your business doesn’t lag behind the competition. Ask the processor what they can offer in terms of reporting and analytics to help you gain better visibility into what is happening at your business.
Quick Access to Business Funds
Choose the wrong payments processor and risk not having access to your funds for up to 14 business days. That’s a long time to wait when you’ve got inventory to stock and employees to pay. Instead, choose a reputable card services provider that promises to get your money to your deposit account within just a few days.
Do Your Homework to Choose the Right Processor
Don’t be quickly roped into business with the first services provider that comes along and offers you “no startup costs” or “low monthly fees.” Instead, do your research thoroughly to ensure you choose the best payments processor for your business needs and is committed to data security, great customer support, and helping you to grow your business. All too often, a company that claims an alluring offer such as “low monthly fees” will stick it to your bottom line elsewhere in terms of per-transaction processing fees, for example. In the end, partner with a processor that will help your business process credit card transactions safely and securely at all hours and days that you conduct business.