Most companies accept and process credit cards for customers’ payments of products and services. That’s why effective credit card processing for retail businesses is a must.
Aside from credit card processing, there are other innovative payment systems you can use for easier, more flexible, and faster payment transactions.
Check out these helpful tips to make business payment processing smoother than ever.
Choose EMV Technology-Based Payment Processing
It’s essential to invest in a business payment processing system that supports EMV technology because major credit and debit cards, such as Visa, MasterCard, American Express, and Discover are switching from magnetic stripe to EMV smart chip cards. EMV technology revolutionizes the payment ecosystem. It offers plenty of benefits to merchants, processors, and customers.
Here are some of the advantages of EMV technology payment processing for your company and your customers:
Highly Secure Card Payment Transactions:
A simple swipe of an EMV card completes a transaction without the interception of card information by skimmers used in creating fraudulent cards.
Processing payments using EMV technology also protects you and your customers because the data is encrypted with options available for cardholder verification, avoiding fraudulent transactions.
Process Mobile and Contactless Payments:
EMV technology doesn’t only support “chip-and-pin,” but also contactless transactions, in which a cardholder can tap a credit card against the terminal without inserting it into the terminal for fast payment processing.
Also, customers can wave their smartphones instead of dipping or tapping a credit card on a terminal for mobile wallet processing.
Compliance with Global Standard:
Because EMV is global, you’ll comply with global standards when it comes to secure and reliable payment processing. It means that you can also process the cards of foreign customers when they’re traveling. It’ll encourage extra spending and attract more customers to your company. If you are selling CBD products in a brick-and-mortar store, you are more likely to get visits from foreign customers so getting a CBD payment processor is of crucial importance.
PCI Compliance:
PCI compliance is a source of stress for many merchants. It’s a requirement for digital payment transactions. But, transitioning to EMV can make your company payment processing PCI compliant, offsetting upgrade costs.
Process Payments Offline:
EMV cards have built-in microprocessors that interact with payment terminals, so performing offline cardholder and transaction verification is possible. It means that an online connection is not required to verify PIN codes for greater security.
Allow Guest Account Payments
Don’t prevent consumers from availing of your products and services by requiring them to create an account. It’s not practical and may cause frustration. For first-time customers, forcing them to sign up can be intrusive, so it’s a conversion and sales killer.
Here are the important reasons why you should allow guest payments:
- Faster Payment Transactions: Many customers can’t get the rationale of why they’re required to sign up to purchase a product. Remember that brick and mortar companies don’t ask them to sign up, and so why make it a big deal? Consumers want fast and hassle-free payment processing.
- Avoid Customer Frustration: Prolonging payment processing can be frustrating, which leads to the worst buying decision.
- Convenient: Make online payment processing more convenient for your potential customers by allowing guest payments.
- Attract More Customers: Allowing guest payments will attract more customers because they’ll find your online payment processing a lot easier than those stores requiring sign up or registration. This means more sales for your company.
Assure Secure Payments
Security in payment transactions is a major concern for consumers. That’s why you have to ensure that you assure them every time they make a payment. By doing so, it’ll eliminate fears and give your customers assurance and confidence that making a purchase in your company is secure and convenient.
Here are some tips to assure your customers that you prioritize measures in securing payments:
- Put a Secure Payment Badge: Put a badge, such as “Secure Payments,” on your website’s checkout page.
- Brand Payment Processing: Ensure that your brand identifiers, like colors and company logo, are highly visible on your e-commerce store, most especially on the checkout and payment processing pages. It’ll provide a seamless and confident shopping experience for your customers, which increases repeated transactions.
Choose a Trusted Payment Partner
Generating more sales is as important as choosing a trusted payment partner. If you fail in this area, it can significantly affect your sales.
Consult an expert in payment processing. Find a trusted and experienced credit card processing partner to help you find the best possible payment solution for your company.
Here are some tips when choosing a payment processing partner:
- Find a payment processing partner that can help modify payment solutions according to the needs and changes in your company.
- Choose one that offers state of the art payment processing tools and services, with excellent customer and technical support.
Choose the Right POS System
When choosing a POS system for your company, it’s important to check and compare the hardware. Get some feedback from current users like fellow retailers in your area or read online reviews.
Here are some tips when choosing the right POS system for your company:
Set a Budget:
The type of POS system for you depends on the number of customers, registers, your products, and your stores. The more customers to serve, the more advanced and the number of POS systems you’ll need.
Of course, the costs will depend on your budget. So, make sure to ask and compare different POS providers and choose one that can offer a reasonable price with all the features and benefits you’ll need.
Request Local References:
Watch a POS system in action to gauge if your prospective POS system is right for your business. One excellent way to accomplish this is to request local references from various POS vendors.
Know the Features and Benefits:
Not all POS systems are the same, so it’s always a good idea to ask relevant questions to the POS provider that seeks details about the best features and benefits of their product.
Conclusion
When it comes to efficient and reliable payment processing, you always have to choose the best for your customers and your company. You can choose a payment processing partner that can offer the best payment solutions with the best features and benefits that convenient, fast, and highly secured payments have to offer.
Also, you can process payments at terminals, contactless, mobile, or online options depending on the needs and preferences of consumers and your business.
