Payment Processing Tips for Small Business Owners

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payment process for small business

One of the main things a small business owner must decide on when starting up a new business is how they will accept payments from their customers. In this modern age, where technology has made it possible for consumers to send virtual payments online, it is very unlikely that any new business owner would choose to not accept credit card payments. These days, the bigger question is, Which payment vendor should I go with? and Which additional remote payment options should I choose?

Learn to Embrace the Good and Bad side of Credit Cards

Credit cards can be more expensive to process than cash payments or paper checks, and if you’re in a perceived high risk area such as a computer store or a pawn shop, credit cards can be very expensive. In that case it can be worthwhile to use a high risk merchant account service. HighRiskPay.com and several other credit card processing sites offer this at a low price. Fortunately, many consumers choose to only use credit or debit cards to pay for their everyday purchases, which can lower credit card processing costs. Many people enjoy the convenience of an easy transaction and the security of having all their funds in one place. If you choose to not accept credit cards due to the additional fees that you will have to pay, do not expect your sales to skyrocket anytime soon. If you have customers who choose to pay by credit card only, they can always choose to go to your competitor and make their purchase there instead. After all is said and done, choosing to accept credit card payments will increase your sales even if you have to pay out a little money in order to do so.

Increase your Sales by making your Goods more Accessible  

If you own a store in town, and would like to attract customers from several miles away, it can be hard to entice them to drive an hour or two in order to check out your brand new inventory. In order to attract more customers, you need to make yourself known to a wider audience. Consider starting an online website, or even a mail-order catalog, that will allow your potential customers to order merchandise by phone, by mail, or online. Of course, in order to accept payment for these remote orders, you will need to accept alternate payment methods.

Learn More about the Importance of PCI

PCI, also known as Payment Card Industry, is required by all businesses that accept payment by credit or debit cards. PCI compliance helps to guarantee that you are up to date on all the latest practices that will ensure that your credit card payments are safe and free from fraud. These security tactics will help you to secure your business funds so that you will not be subjected to card payment fraud.

Educate Yourself on the Latest Payment Methods

With the invention of Smartphones and other mobile devices, the amount of payment options that businesses can offer has increased. Now, many merchants have started to accept mobile payments. This allows business owners to swipe a customer’s credit card using a wireless device that plugs into their mobile phone.

Another popular payment option that many businesses are starting to accept is Paypal. Paypal has been used online by thousands of customers for many years and now it is possible to pay for goods and services at many locations using your Paypal login information. While this technique is still very new, if you take a look around at local merchants, you are sure to find several convenience stores and retail shops that are currently accepting Paypal at the register.

Choosing the right type of payment options to accept does not have to be a difficult decision. Consider the type of goods or services that your business provides and decide on which remote payment option would work best for your frequent customers. In most cases, the more payment options you offer, the more customers you will be able to attract.

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