Would you rather learn payment acceptance methods or…. Let’s play!
Do you get anxiety at the mere mention of payment acceptance? Does your heart beat faster and your palms grow sweaty when you think about calling your payment processor? Don’t worry. These are (semi) normal reactions to this particular topic.
Accepting payments is the lifeline of any business. It’s what keeps the doors open, literally and figuratively. While it is a necessary piece of running a business, it may not be at the top of your to-do list due to the anxiety it provokes. But why exactly does it cause anxiety? It could be due to the simple fact that when you call your processor, you aren’t sure you will understand what the person on the other end of the phone is talking about. Understood. But you don’t have to be frozen by payments-induced anxiety. Let’s put a new spin on the issue by playing a little game.
Would you rather troubleshoot with your payment processor or walk barefoot across the pavement in Phoenix in July?
Before you answer this one, let’s review the average July temperatures in Phoenix. The average day will hover around 112 degrees but can creep up to 120 degrees. It’s so hot, you can literally fry an egg on the concrete. It can take a while, but it will work. Google is full of images highlighting people having fun with this type of cooking.
Now, troubleshooting issues with your payment processor may sound overwhelming but at least it won’t burn your feet. Your processor is there to assist you and they understand that the average business owner probably doesn’t have in depth knowledge about payment transactions. Be assured your processor can help, from making sure your credit card terminals work, to answering questions about implementing mobile payments and showing you how to take advantage of value added features like loyalty.
Would you rather understand payment security or listen to babies cry on an airplane?
That’s a tough one and can go either way. Talking about credit card payment security may make you feel like a crying baby, but it is a subject that cannot be ignored. Data breaches increased 40 percent from 2015 to 2016, and are trending to have a higher growth rate in 2017. Considering that 60 percent of small businesses go out of business within six months of a cyber-attack, payment security must remain top of mind.
All payment solutions should incorporate a multi-layered approach to protecting customer card data. Businesses that have brick and mortar locations should be utilizing EMV and encryption technology as well as complying with PCI standards. eCommerce businesses must take other precautions since those businesses never see the actual card being used during a transaction. Tokenization and secure socket layer technology is a great place to start.
Businesses should also speak with their payments provider to understand the anti-fraud services that are available. Stopping fraud before it occurs is a layer of protection you will want to implement to protect your business.
Would you rather get a free rate review on credit card processing or acupuncture with hot needles?
This really should be an easy answer on the free rate review. Acupuncture can be incredibly healing but it would feel less so if hot needles are used. (Note to self: stick to normal acupuncture practices.) An annual rate review is a worthwhile business practice. You don’t have to spend time researching and switching payment providers. As your business grows, you may qualify for different offers or pricing with your current provider. Keep your business operating efficiently by keeping up with these types of ”housekeeping” items.
Would you rather teach employees how to implement mobile payments or get through a long grocery line and realize you forgot your wallet?
This is another tough one. Smart consumers may have forgotten their wallet but remember they can pay with their phone using NFC technology and a digital wallet. What a genius way to get rid of a traditional wallet. The primary reason consumers love paying by phone is speed of checkout. It’s a win-win for the consumer and the business. Mobile payment usage continues to grow and 53 percent of consumers report selecting certain businesses because of their ability to accept mobile payments.
Teaching employees how to help customers at the point of checkout is actually very easy. Your payment provider can provide you with the signage you need to indicate you accept mobile payments, along with tips for your implementation. If you have upgraded to an EMV terminal and accept chip cards, it’s possible that the ability to accept mobile payments is already there. You will just need to verify the mobile payments functionality is activated, and let your customers know they can leave their wallets at home.
Would you rather read your payment processing statement or teach a three-year-old to play the violin?
Deciphering any type of billing statement may be headache-inducing, but listening to a little one screech out an unrecognizable song on violin is guaranteed to do it. The good news is that your payment advisor can help you with questions you may have about your statement. Great customer service will help your business thrive in an industry that sees a lot of change. That service is what will help you make your business mighty.