Why It Pays to Explore Card Payment Solutions
At the risk of stating the obvious, relying on cash payments is not an option for businesses any more. Customers expect card payment options. And to be fair, very few businesses expect their customers to pay with cash anyway, even among SMEs.
Thankfully, COVID has made contactless payments a thing. Besides, carrying cash isn’t the safest option for you or your customers, especially for small and startup operations.
Basically, you can attract more business when you offer the convenience of cashless options.
If you have a business, then you need to look at card payment solutions. Don’t let all the options overwhelm you, and don’t settle for the one with the lowest rates. Keep reading to find out why.
Card Payment Solutions
There are a lot of card payment solutions on the market and it’s worth exploring them. The most suitable choice for your business might not be the one with the lowest fees.
Here are six factors you should look out for when it comes to choosing a card payment solution for your business:
1. Support
What kind of support do you get if there are problems with a transaction? Will the service provider offer protection against insufficient funds, expired cards, closed accounts, or exceeded limits?
2. Security
Secure connectivity protects you and your customers. It provides failover and anti-fraud measures. It also influences the speed of your connection.
It regulates the exchange of encrypted credit card information across a network. Secure payment solutions are vital.
3. Contract Terms
The best payment partner is one that will help you grow. Therefore, a card payment solution that facilitates this and offers the flexibility you need, is key. Be aware of the contract period and termination policy.
4. Mobility
Consider what type of POS terminal will fit your business and think about your future plans. Would a traditional or a portable POS device suit you best? Do you plan on opening an online store with a payment gateway?
5. Bells and Whistles
Some POS service providers add extra features, some don’t. Make sure you know what you’re getting. As mentioned above, as your business evolves you might grow into features that you didn’t need at first. For example, business analytics tools and accounting software integrations.
6. Counting the Costs
Transaction fees are usually the first thing every merchant wants to know. Of course, you want your charges to be as low as possible. But, be aware of sacrificing service and secure connectivity for lower transaction fees.
POS charges often include device rental, set-up, extra features, and cancellation so be sure to take these into account.
These are some of the general points to consider when looking at card payment solutions. However, there might be other aspects that are specific to your business.
Paying by Card
You can process payments both online and in-person, so you must offer a way for customers to securely pay by card on both options.
Paying Online
To accept online card payments your business will need an e-commerce website with a secure payment gateway.
A payment gateway facilitates communication between your bank and the customer’s bank. It allows funds to be carried across safely.
Gateways are like the online version of physical card readers; they authorise the fund transfer. Data is relayed using encryption to keep threats away from private card information.
When you set up a payment gateway, there are two crucial decisions you’ll need to make. The first is deciding which type of account will suit your business. The second is making sure that your customer’s payments are secure.
Paying In-Person
This means that transactions are processed using a POS system and a card reader.
Traditional POS card machines are often beyond the reach of startups and SMEs which is mostly due to their red tape and high bank fees.
However, mobile point-of-sale (mPOS) devices work as on-the-go card machines. You can use a smartphone, tablet, or dedicated wireless device as a card payment solution.
Most mPOS service providers charge lower transaction fees as well as offering supporting software that integrates with your device. This software helps you track your sales and income. If you’re looking for an mPOS solution, most banks and terminal providers have something to offer.
Here’s a quick list of three out of countless options:
Huge Solutions for Small Businesses
When customers choose to buy something from you, they aren’t worried about your bank charges. They are, however, concerned about being charged twice if a payment doesn’t go through the first time. And, they will be concerned if you can’t offer a refund.
Most importantly, customers want to know their information will be safe, and their funds protected.
Think about the experience you’re offering your customers. Will they need to stand around for ages waiting for your device to connect? Can they tap and go? Look for convenience and flexibility combined with security.
The card payment solution you choose will directly impact your profits. You want to make it easy for people to swipe their cards at your business.
Huge Connect supports secure connectivity, reliable connections, and fibre/GSM as a failover. If you’re a small business needing big solutions, have a look at what we’ve got!
