A credit card payment solution that brings you revenue
A payment processing company can talk all they want about compliance, integration and software, but you likely only care about what it will mean for your final numbers. You want a credit card payment solution that will actually add to your profits, not just require you to shell out money for more machinery you don't understand anyway. Here are some ways to squeeze more profits out of credit card processing than you ever thought possible.
Safe and Secure Payments
Your customers probably haven't refused to stop shopping with you if you don't carry the new EMV terminals. This technology uses chip processing rather than magnetic card swiping to run the new chip-based credit cards, and customers have mixed feelings about the change. And a customer who knows about and asks if you're using encryption and tokenization to protect card data would be about as rare as a four-leaf clover. Still, customers don't want to go through the hassle of getting a new debit card if a mysterious hacker infiltrates your payment systems. And if that were to happen, chances are much greater that they will no longer patronize your business, and may even spread the bad news by word of mouth and on social media. Plus, you'd likely be financially liable for the breach if that happened, which would directly impact your revenue in a very bad way.
A good credit card payment solution with the necessary security technology built in drastically decreases the odds of fraud and data theft happening to you and can take the blame off you if you are a victim. Safeguarding your current revenue streams from fines and lost customers is as important as increasing them.
Servicing Your Bottom Line
Have you ever turned people away because you don't take their form of payment? Has a merchant ever asked you to go to an ATM because his or her store doesn't accept the card you're offering? When this happens, it certainly doesn't increase the goodwill you feel toward that merchant—especially considering there are more and more companies who do offer the wide variety of payment options that consumers have come to expect. Right now, there are just too many types of preferred payment methods out there—from American Express, to prepaid debit cards, to mobile payments—to limit your business. Concentrating on opening up your options to the needs of your customers can increase your revenue over time.
Getting insights from your credit card payment processor can give you the solutions you need to either hold onto the money you have or to start making more of it. A credit card payment solution will also work to save you time by making changes easier to implement. Maybe you're wasting a lot of time trying to deal with special circumstances with your commission structure or your rewards programs. The right solutions can take care of more than just your credit card payments.
What This Solution Can't Do For You
This solution can't listen to your customers. While an industry leader can give expert advice based on what the average customer wants in your industry, they can't be with you every second of every day. Listening to both your customers and your employees and reporting that feedback to a processor who will actually listen to it, is a great way to get the right payment strategies to increase your revenue.