Payment cards have become the most common and convenient payment method. In fact 75% of consumers chose to pay with credit or debit cards. To keep up with customer demand, more businesses are accepting credit card payments. But not all businesses are taking full advantage of robust credit card processing tools that can maximize your sales and streamline your accounting process.
Here are a few credit card processing tips that can help you save time, while increasing sales.
1. Expedite Sales With Mobile Payment Processing
Global payment using mobile devices or wearable tech is estimated to be worth $95bn annually in 2018, up from $35bn in 2015. With consumer demand growing, even among B2B customers, you can't afford to ignore mobile.
Mobile payment apps are also an effective way to speed up payments. You can get a mobile payment app to act as a mini version of your current payment gateway. This will allow your salespeople to accept credit and debit card payments by swiping cards or typing in the card number directly. There are external devices that can be mounted to mobile phones and tablets to allow customers to swipe their cards.
A mobile payment-processing app will also reduce the amount of work that you and your employees need to do to process credit card payments. However, there is the risk of a credit card data breach so make sure your credit card payment gateway is PCI compliant.
Keep in mind that not all payment gateways offer a mobile app solution. So, before you choose a payment gateway, make sure the processor is optimized for mobile payment-processing as one of their features.
2. Capture More Sales with Online Shopping Carts
Ecommerce is growing 23% year over year. In fact, 51% of American consumers prefer to shop online. And this trend is not limited to retail; shoppers are purchasing business and professional services as well.
An online shopping cart will help you increase sales with minimum investment and effort. There’s a wide range of online shopping cart solutions available that can integrate with your sales and accounting platforms. You’ll also need a credit card payment gateway in order to accept online payments. Data security is an important factor, so make sure to choose a shopping cart solution and payment gateway that offers robust security features.
3. Save Time With an Integrated Payment Processing Solution
Companies often rely on accounting software for invoicing. If you’re one of these companies, you could benefit from using an integrated payment processing solution. An integrated solution will enable you to process credit card payments within your system. This will eliminate the need to do double work at the end of the day, correcting your inventory, marking paid invoices, and balancing the general ledger. Instead, the integrated payment processing solution will do all of this for you.
Check to see if your accounting program gives you the ability to do integrated credit card payment processing. If not, a payment processing platform can provide this service. Pricing structures vary significantly from vendor to vendor, so do your research before choosing.
4. Mitigate Risk By Choosing PCI Compliant Credit Card Processing Solutions
Payment Card Industry (PCI) compliance is a requirement for every business that accepts credit or debit cards. According to the 2017 Mid-Year Data Breach QuickView Report, there have been over 2,200 data breaches disclosed, affecting over six billion records. And that figure is only through June 30. What can you do to protect your credit card data?
You should keep current with the latest best practices for PCI compliance, and use security vulnerability software to ensure potential security leaks are identified and dealt with immediately. This will protect your business as well as your customers from credit card fraud.
5. Choose a Payments Provider That Fits Your Company
Before choosing a credit card processing provider, you should consider what your sales and accounting needs are. Then, identify those providers that offer forms of payments and methods that help you meet those needs. Some examples of different forms of payments include debit cards, credit cards, direct deposits, and e-checks. Different methods include mobile, online, check scanner, retail point-of-sale and phone.
In addition to meeting your needs, you also need to ensure that the credit card processing provider is financially stable and technically savvy. In the past, banks owned payment systems. However, due to investments in security and infrastructure as well as product complexities, technology providers now own most payment systems. These technology providers differ in depth, size, and trust.
These are just a few of the ways that payment processing can help you maximize your sales opportunities. Work on making credit card processing available and accessible in every place your customers want to buy your products and services.
For more information about credit card processing and PCI compliance, don't hesitate to contact us.