Credit card processing, other payment services can be simplified for SMBs
February 28, 2014
Nearly all small and midsized businesses have at least a basic strategy for accepting payments from their customers - even if it's just a cash register with a locking drawer.
Owners of these smaller operations should strongly consider adding to their payment solutions plan, from using credit card processing to setting up electronic payment systems. When businesses offer more payment solutions, customers are more likely to find a method they're comfortable using.
Although some companies worry about the cost and technical details of accepting charge cards and mobile payments, a focused plan can easily lead these systems providing significant benefits no additional hassle.
IT Business Edge provided some advice that can guide the process of choosing and optimizing payment solutions by focusing on keeping operations simple but effective.
Find a full-service solution
There's no reason that businesses should use multiple providers for their various payment processing needs. Better rates can be had when multiple services are contracted from one company. Having one contact point to deal with account additions, changes and support means fewer headaches and more time saved. A good provider will also offer some advice related to payment acceptance and can help businesses choose a unique and useful suite of tools.
Businesses should seek out providers that can show a complete fee schedule and are up-front about the various costs associated with their services. Establishing honesty in the relationship between the payment services company and the client is an indicator of a top performer.
Although adopting mobile payment solutions may or may not be an immediate priority for a given business, it can be beneficial to use a payment processor that has these options available. It indicates the company has made a commitment to developing technology for the future and isn't satisfied with just providing the basics.
Build credit without additional work
The Small Business Administration pointed out that the best payment providers provide repayment data to the important business-credit agencies. Developing a good credit profile for small and midsized businesses has some obvious advantages, including allowing businesses to borrow when the time comes to expand operations.
Companies that provide a quick solution aren't necessarily the best. Simple solutions aren't always fast - reputable payment processors don't confuse their clients by speeding through the sign-up process. They make sure that business owners understand the components of an agreement and make sure the services provided make sense for the given organization.