Small businesses payment processing must be adaptable and scalable to keep up with changing technology
Incorporating the Latest Merchant Services Technology for Your Business
Technological advancements and changing consumer preferences have taken payment processing to a level not imagined just a few years ago. Businesses must be able to keep up with both to take advantage of new growth opportunities. Omni-channel payments (allowing customers to pay in multiple ways through multiple channels) are becoming the norm. That means accepting mobile and online payment options along with credit and debit cards. Customer satisfaction is increasingly tied to payment efficiency and how quickly they can move through checkouts—both in-store and online.
For small businesses, payment processing must be adaptable and scalable to keep up with changing technology. Fortunately, any small business can have access to these game-changing technologies.
The adoption of contactless payment methods was well underway before the pandemic struck but accelerated due to the health concerns of COVID. Contactless payments use near-field communication (NFC) or short-range wireless technology embedded in credit cards and mobile wallets such as Apple Pay. The new technology allows consumers to avoid having to swipe their cards using magnetic strip technology, which can increase the chances of credit card fraud. Plus, it is much faster.
If your business is considering purchasing new payment acceptance equipment, check to see that it can accept contactless payments.
Most consumers today like to carry their smartphones when shopping. Making payments using their phone or, in some cases, their watch is much more convenient than having to pull out a credit card. Using technology similar to that used in contactless credit cards, consumers can simply wave their phones in front of a payment terminal to complete a transaction. It’s secure and fast, and consumers can leave their credit cards at home.
If you are considering upgrading your payment processing equipment, ask your merchant service provider about mobile payment functionality.
Cloud-Based Payment Processing
With the threat of data breaches increasing daily, many businesses are migrating their data storage from vulnerable on-site servers to cloud servers. While it changes nothing as far as how consumers make payments, it adds layers of protection for the business and customer data. Cloud servers are housed in secure data centers, which are heavily fortified and tested regularly.
Cloud-based payment processing is ideal for small businesses because it is scalable, allowing them to easily add more storage capacity as they grow. In addition, it more easily facilitates the flow of customer data from payment terminals into other business software systems such as Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP).
All businesses with growth ambitions should consider payment processing systems that reside in the cloud.
Gift Card Acceptance
Gift cards are a multi-billion-dollar bonanza for popular brands such as Starbucks, Wal-Mart, and Amazon. Even if your business lacks the recognition of more prominent brands, it can benefit significantly from offering gift cards.
Gift cards are known to build customer loyalty and win new customers. But, until recently, it was challenging for small businesses to incorporate them into their payment systems, often requiring manual recording of transactions. Today’s payment processing systems now include the capacity to seamlessly accept and record gift card transactions so they can be tracked separately.
Upgrading your payment processing capabilities is an investment that can generate positive returns in the form of reduced processing costs, decreased time processing transactions, reduced fraud risk, increased customer satisfaction, and broader customer appeal. It would be important to work with a merchant services provider offering advanced technology, competitive pricing, and best-in-class services.
The Benefits of Mobile Banking and Remote Deposit Capture - Embrace mobile banking now! Streamline operations, access funds, and manage finances conveniently—maximize your business potential.
Should You Have a Blog on Your Website? - Embrace blogging to engage, boost visibility, and drive traffic. It’s a vital tool for business success in today’s digital landscape.
Best Practices for Protecting My Business Online - Secure your business online: Understand cloud security, train employees, encrypt local data, and clarify provider responsibilities to prevent data breaches.
Using ACH to Improve Cash Flow - Discover how ACH streamlines finances: cost savings, faster transactions, improved cash flow, and security. Maximize benefits with bank collaboration.
10 Ideas to Help You Recruit New Talent - In today’s highly competitive arena, effective recruitment must be an ongoing process requiring adaptability and continuous improvement. Here are 10 ideas to help you recruit new talent.
How AI Could Improve Your Business - Small businesses are beginning to integrate AI technology into their operations. Can AI impact your businesses performance making it worthwhile? Here’s how small businesses are benefiting from AI technology.
- Local, State, and Federal Resources for Your Business
- Security Essentials for Keeping Business Data Safe
- Leveraging Your Bank’s Cash Management Services to Improve Your Business
- When is the Best Time to Obtain a Business Loan?
- How Much Insurance Do I Need for My Business?
- Incorporating the Latest Merchant Services Technology for Your Business
- A Checklist for Getting Your Small Business Tax Compliant
- How Third-Party Data Can Help Target Marketing
- Is Your Small Business Taking on too Much Debt? Steps to Take to Pay it Down More Quickly
- Leveraging Digital, Direct Mail, and Social Media to Drive Business Customer Acquisition
- Businesses Should Plan Ahead for Year-End Tax Strategies
- Cash Flow Management Tips for Small Businesses
- Recruiting Top-Tier Talent in a Tight Job Market
- Sales or Marketing – Banks Need Both to Grow Revenues
- The Biggest Security Threat to Your Business
- How to Prevent Employee Fraud in Your Business
- There's Still Time to Claim the Employee Retention Credit. What is it, and How to Qualify
- Preparing Your Business to Borrow
- Insurance Essentials for Managing the Many Small Business Risks
- Employers are finding that remote work can be an effective way to increase productivity and lower cost
- Is Your Business Prepared for Generation Z?
- Don't Let Your Business be the Next Ransomware Victim
- Taking Advantage of Bank Cash Management Technology
- How to Take Your Digital Marketing to the Next Level
- How Annual Assessments Can Prevent Fraud in Your Business
- How to Position Your Bank as a Trusted Advisor for Small Businesses - And Why it Matters
- Getting to Yes with a Solid Loan Proposal