A guide to accepting credit card payments for your business

Every business owner knows the importance of accepting credit cards as a method of payment. They can help you increase conversions. If you have not yet incorporated this system, this guide will show you how to start. There are different ways you can accept the use of credit cards depending on where you are taking payments. For instance, if you want to accept these cards in-store, you need a merchant account and a card reader.

For a business to accept the use of credit cards to increase convenience for online shoppers, they need a payment gateway and e-commerce site. You can choose from two options starting from the all-in-one provider. You can also choose an individual provider for different POS systems as well as merchant accounts.  A POS system is a form of a software system designed to act as a central hub for your company. This system is supposed to manage transactions, track inventory as well as offer business analytics. You can also use the system to manage your employees and even establish relationships with your customers.

Choose the POS system according to the size of your business and specific need. Your budget and the type of business should also guide you in selecting the right POS system for you. Global Payment terminal is a good place to start. A company that sells in person would need a POS system that can manage customer interactions. For online sales, you should choose a digital POS platform that can allow your customers to purchase products directly from your website.

An all in one solution come with a built-in payment mechanism to accept the use of credit cards as a payment mode. If you are a small business owner, this option is an ideal one. A large business owner needs one with a separate merchant account. An all in one system is easy to use since you can associate transactions with your customers and monitor their payment methods automatically. You can also create and sell gift cards from an all in one system. This system makes it easy to process credit cards thus reducing delay time for customers. Each card is also managed from a single central account, and the system comes with minimal connectivity problems. A lot of online shopping carts work with all in ones due to these merits.

The problem with this system is that it is expensive and not flexible. The system comes with fixed rates compared to merchant accounts which have volume discounts and offer flexibility. If you sell products in high volumes from a retail location, you should use a traditional merchant service provider. In this case, you would incur fewer fees from this option compared to an all-in-one system. Before you consider this option, you should comprehend the different costs associated with it including account fee, fraud prevention and gateway fee. Use either of the two options to ensure that your business accepts credit card payments to meet the needs of both local and online shoppers.

Credit card prevention measures that every business should take

Since people started using credit cards to pay for products and services, payment security has been a top concern to shoppers and businesses alike. Fraudsters continue coming up with new ways of stealing customers’ data. You can, however, keep your customers safe from malicious people by knowing everything about credit card fraud. Start by getting familiar with how unauthorized parties try to access the personal details of customers so that you find ways to prevent each technique.

Some of the fraud schemes that thieves use include credit card skimming, identity theft, tumbling, refund fraud and direct deposit fraud. Skimming involves the use of a device which records the card data of a customer when making payments then sending this information offline. Credit card skimming often happens in gas stations, kiosk and ATMs. A thief can also make an unauthorized transaction using a customer’s credentials to steal funds.

The cases of identity theft are on the rise. An identity thief is one that obtains social security numbers and payment card details to impersonate a client. Some online businesses are also vulnerable to credit card tumbling which involves generating credit card numbers and testing them until the valid number is revealed. If you run a business with a high turnover, it may be challenging for you to identify fraudsters easily. You should however not take any risks and understand the right strategies that can help you combat fraud.

You can keep credit card users’ information secure through encryption. This ensures that the personal data of customers is unreadable as they make transactions. The system converts data into a secret code which no one can unlock without the use of a decryption key. It prevents payment data from being stored or even transferred. Some businesses also implement the use of tokenization to prevent credit card fraud. This replaces sensitive information with unique tokens such that a thief cannot access payment data without using these tokens.

Two-factor authentication also secures credit card details.  A customer has to authenticate their identity before making any purchases. The system needs one to key in a special code sent as a text or email before they make any transaction. EMV cards ensure that your business machines cannot read customers details to prevent people from stealing credit card numbers. As an entrepreneur, you can also invest in systems which provide user access levels. With this, you can authorize some employees to utilize the payment technology and monitor who can access such systems. Ensure that the payment processing technology you use complies with PCI.

The foundation of boosting payment security lies in investing in a secure POS system. Consult Global payment terminal for you to get a system with security features to mitigate the risks of credit card fraud. Your POS system should provide encryption and offer contactless payments while at the same time accepting EMV chips. It should also have data reporting tools that can allow you to keep track of your company’s expenses, profits and any other relevant information.

How you can make customers feel safe during transactions

Every business looks forward to gaining a lot of loyal customers within the shortest time possible. Though you may have the right products, it is not enough for customers to feel safe making purchases from your store. The habits of shoppers keep on changing every day and safety is a significant concern to your customers. Due to the changes in technology, customers are adopting new payment methods that make them feel safe making purchases from a store.

They expect any store whether a small or large to offer new payment methods for them to enjoy seamless and safe shopping experience. Some of the small businesses fail to keep up with changing payment systems thus end up losing customers to other competitive shops. You should incorporate the use of secure payment options in your business so that you can meet the evolving expectations and needs of your customers.

Start by embracing online sales. The internet has changed the way customers used to purchase products. Due to the presence of smart mobile devices, people can shop for almost anything from online platforms. This gives customers convenience and saves them significant time. They can also compare different products as well as providers easily and purchase what they are searching for from an ideal online store.

During purchase, customers expect fast and secure online transactions. This implies that your business can remain competitive and relevant in the field if it offers safe and fast online transactions. If you are running a small business, you should create a user-friendly e-commerce website for the sake of online purchases. Give it a professional look and include impressive features such as free shipping and a streamlined interface. This can increase sales since your business would not have to depend on local shoppers alone. An online presence is a crucial ingredient for every business looking to grow.

As a business owner, you should also offer numerous payment options to your customers. The use of cash is losing relevance due to safety concerns. Most customers prefer using debit and credit cards in paying for products and services since they are more secure than moving around with a lot of cash. You should facilitate the use of digital wallets in your business to meet the expectations of customers. Consult the Global payment terminal and make this possible. You can also come up with a branded app which can allow customers to load funds into a prepaid account.

You can improve the safety of online shoppers by keeping their personal information secure. Customers don’t trust easily, and a security breach is not something that customers take lightly. This affects not only the reputation of a company but also decreases sales. You should, therefore, safeguard the personal data of every customer to avoid such problems. Keeping up with the changes when it comes to making payments should be a priority for your business.  Start today and attract loyal customers who are happy with your services. All the best!

The merits of digital transactions for business owners and shoppers

According to statistics, 77% of adults own smartphones. Apart from texting, emailing, taking photos and calling friends, a smartphone can help one pay for products and services. The capabilities of this small gadget have changed not only individuals but also business owners. Companies are now accepting the use of new payment forms such as mobile wallets. This makes use of near field communication to transmit data from a customer’s smartphone to a payment reader.

Near field communication makes use of radio frequency technology which facilitates wireless communication between smartphones and payment devices. In layman’s language, it means that a customer does not have to carry cash around since they can pay for services or products through mobile wallet.

To a small business, such digital transactions come in handy. Customers have busy lifestyles and being able to make transactions fast is essential for them. Digital transactions take seconds. As a business owner, you should accept payments via mobile wallets to reduce waiting time for your customers and increase satisfaction. Instant payments also boost the shopping experience for a customer and prevent them from experiencing any hindrances. Since the customer’s details are stored in the software, it minimizes check out friction.

Apart from making payment in stores, mobile wallets can help clients manage their reward cards as well as credit and debit cards. Accepting mobile wallets can help your business get a larger audience and raise revenue. Mobile wallets also minimize fraud and enhance security during making transactions. It is also a cost-effective method of making payments. With this method, a business does not need intermediaries such as cashiers since a customer can pay directly thus reducing the cost of hiring such professionals.

For a business, it can increase the rate of conversions since customers can get impressive discounts from using this method of payment. Customers like free things and using mobile wallets makes them get some incentives. A business can also run a loyalty program with mobile wallet customers boosting the relationship between both parties.

Mobile phones are transforming digital space rapidly. They provide real-time contact with some of the decision makers and increase convenience for users. A business owner gets the opportunity to promote their services or products as per the customer’s location. Mobile wallets offer a database marketing opportunity for your business.

A customer gets the chance to make single click payments since they can store their card in the mobile device. A shopper can also make payments from different devices including a desktop or a mobile device without limitations. You have to provide your login credentials or even fingerprint when making payments using digital wallets.

The authentication layer makes digital wallets secure to use. An unauthorized party cannot access your personal details with ease. They, therefore, increase transparency while making payments. Consult Global payment terminal for you to set your business to accept such forms of online payments. Employing this form of technology can give your business a competitive edge in the industry.

The strategies you need to boost cash flow in your business

Cash flow determines how fast your business can grow. To achieve success in your business, you should aim for positive cash flow. For you to get this, you have to manage your expenses well so that you can avoid cash outflow as you look for ways to increase cash inflows. Here are some practical tips that you can use to achieve this.

Don’t delay on sending invoices. Both sales and invoices contribute a lot to a business. For you to receive payments for the goods or services delivered over a certain period, you have to send invoices on time. Invoicing your customers on time helps you get cash to purchase the necessary supplies to use in production. If you find the invoicing process a tedious one, you can use cloud-based software to help you create invoices.

You should encourage customers to pay on time. You can raise the likelihood of invoices being paid on time by sending email reminders regularly. Do some follow up after the reminders if they still don’t get back to you. Some of the accounting programs have invoice reminders that allow you to send them automatically to customers who settle invoices late. You can also give customers who pay invoices on time some incentives. Penalties for late payments sometimes prevent this habit.

Another way of boosting cash flow is increasing prices. Look at what your opponents are charging for similar products. Sometimes, the cost of inventory or equipment may go up forcing you to raise the price. Try to find a balance between keeping the prices of your product competitive as you compensate your team adequately for all their hard work.

Feel free to get new income sources through, for instance, adding a new service or product or even incorporating a new marketing strategy. For example, you can increase the number of customers by offering online payment services to those who prefer shopping for your products from your site. Increasing the number of customers you have can lead to increased cash flow. Visit Global payment terminal to learn how you can offer online services to your customers.

Take some time to evaluate your operating expenses. You should try to minimize the amount of cash going out of the business by cutting down on some of the unnecessary costs. Go through the cash flow statement and evaluate what your company can work without. Find some cheap alternatives if you are struggling with positive cash flow. Apart from costs, concentrate on cutting time. Can you speed up the process of producing your products and do you have the necessary resources to boost speed and efficiency? Every hour in business counts and speed is a crucial consideration to make when looking at cash flow.

Come up with a saving account for your business. You can generate some extra funds from opening a business savings account. This can help the company when you need funds for emergencies and saving makes it easy for you to monitor your company’s progress.