See why all credit card services are not equal
There’s a good reason the old adage “you get what you pay for” has been popular for so long—it’s so often true. And cheapest isn’t necessarily better when it comes to payment processing, that's for sure. The best processors equip you with the tools you need to grow your business, for today and in the future. Let’s take a look at the many ways that top credit card processors partner with your business to provide valuable services above and beyond just running your card transactions.
Expand your customer base
Partner with a great processor, you’ll have access to today’s hottest payment technologies that allow your business to accept a wide variety of payment types so you can attract new, affluent customers who have come to expect the ability to pay using their smartphone or tablet. Choose a terminal or software that allows you to accept traditional magnetic stripe credit and debit cards, EMV chip chips, mobile payments and other NFC payment types.
Top processors will allow you to easily accept payments online to expand your business to eCommerce via your own website and shopping cart plug-in and via a popular marketplace like Etsy. And, if you've got a little of both in-store and offline, they'll make it work for you.
The best processors might also offer easy-to-setup, intuitive tablet POS systems so you can accept payments at new locations to deliver a better customer experience. Provide customers with the convenience of using their credit or debit card or mobile payments when you’re doing business away from your physical locations.
Data security should always be a top concern for the payments processor you choose. Your processor should be as committed as you are to keeping your data and your customers’ data safe from fraudsters, so you don’t leave your business vulnerable to a fraud attack. Choose a processor that offers point-to-point protection—such as tokenization and encryption—and comprehensive support in the event that a breach does occur. Don’t partner with a sub-par processor and risk exposing your data and hurting your company’s reputation.
Offer gift cards
Consider setting up a gift card program, which will increase loyalty and awareness of your brand and will also create a new stream of revenue for your business. There are occasions throughout the year—well beyond just the winter holiday season—for which consumers love to purchase gift cards. Leading processors can help you understand how to implement and best utilize a gift card program that will work for your business needs and goals.
Grow your business
Top processors will provide you with quick access to detailed analytics that will help you improve many aspects of your business, including:
- You can track your most popular items or services and your busiest times to ensure that your inventory and employee scheduling will keep up with customer demand.
- You can gain better visibility into who your star performers are—and how you can improve the sales and customer service of those individuals who may be lagging behind.
- Analytics captured when you process card transactions can provide your marketing team with valuable information such as demographics and purchasing trends that can make your future marketing campaigns more relevant and impactful than ever before.
- Just as data and analytics is becoming more valuable, so too are the reporting experiences and tools that you're offered—so find out what's available.
Keep your business well funded
When you partner with a reputable processor, you’re more likely to get your processing funds deposited to your bank account more quickly. It’s important that you have speedy access to credit card transaction money so you can use it to purchase more inventory or run payroll to keep all aspects of your business running smoothly.
Choose your processor wisely
It may be tempting to choose a processing that promises “low monthly fees” or “no startup costs”—but it’s important to do your research thoroughly and make sure that you’re getting sufficient service, support and protection to cover your business and credit card processing needs. What’s more, it’s important to note that sometimes processors who promise to waive certain fees will assess you for other types of fees elsewhere, so you aren’t really saving that money after all. Above all, choose a payments processor that will help keep your payments systems up and running at all times in a secure way that protects sensitive data.