Getting the most out of your merchant processing account
Not all merchant services credit card processing companies are created equal. While all credit card processing companies enable you to accept credit cards at your business, the best vendors offer additional capabilities that can help you grow and maintain your business. Here are some offerings to look for in a best-in-class merchant processing partner
In an age when data breaches are increasingly common, merchants need to make sure their payment processing is secure. Otherwise, they could join the growing list of merchants that have experienced a large-scale data breach within the past year. While large companies make the news more frequently, 80 percent of breaches occur at small businesses. Poor security standards can cost merchants their customers and potentially shutter a business for good. A good credit card processing partner can help merchants prioritize payment security features for their business.
A good vendor can offer tools that are targeted specifically to a merchant's business vertical. A fitness center will have different requirements for a point of sale system than a pizza parlor. It can be problematic to attempt to use a basic POS system for all the functionalities your specific business requires, and you don't have to use a one-size-fits-all platform. Look for a provider that offers more variety and can help find the best solution for your business.
You never know when something will go wrong with your POS or payment processing system. If this occurs during a rush time, you need to be able to get in touch with your vendor quickly or you could lose out on valuable sales. Before selecting a payment processing vendor, be sure to ask questions about their customer service. Are they available 24/7 and on holidays? Do they have expertise in many different POS systems and payment methods? Are they based in the U.S.? Have they won any service awards?
Gift and rewards cards
Does your merchant services credit card processing partner offer a gift and loyalty solution so you can easily reward customers for their business? Some vendors make it easy to integrate a customer rewards program into your POS system. Look for a provider that offers seamless gift and loyalty solutions that are easy for you - and your customers - to use.
The payment processing industry is constantly evolving and merchants need to be able to keep up with the changes to keep their customers happy. Many consumers now expect to be able to pay not only with a credit card, but by using a mobile app. In addition, it's often helpful for merchants to take payments on the go, and mobile devices are one of the best ways to do so. Mobile payments allow retailers to accept credit cards while attending events and sales opportunities outside their premises.
Are you getting the most out of your merchant services credit card processing company? If you don't have access to the features mentioned above, it's likely you're not. Any vendor can enable you to process credit cards, but the right tools make a huge difference in running a successful business.