Deciding on what type of payments to accept at your business can be difficult, but deciding how your business should accept credit cards can be overwhelming. With so many payment acceptance options available for small businesses, it’s hard to navigate the products and actually begin processing payments. What you think may be the best way to accept credit cards may not be the most beneficial to your business.
Overall, America’s preferred payment method is plastic.
78 percent of Americans prefer to pay with either a credit or debit card, while only 9 percent prefer to pay with cash.
This means that your business needs to accept credit cards, or risk being left behind. There are many ways that your small business can accept credit cards; it all depends on what your business goals are and how payment acceptance fits into those goals.
The most popular payment acceptance solutions include:
Credit card terminals
A credit card terminal is a machine that allows your business to accept credit cards. You type in the amount due, and your customer pays with his or her credit or debit card. It’s that simple.
Credit card terminals are very straightforward and make credit card acceptance easy. There is no complicated software, and credit card terminals are great if you have limited space.
Some other reasons why you should accept payments on a credit card terminal:
- User-friendly: no complicated menus or options, just accept the payment and you’re onto the next customer
- Extremely secure: credit card terminals come with many options to accept payments safely
- Cost-effective: credit card terminals are relatively inexpensive, especially for accepting EMV payments
- Supports any connection: WiFi, 3G, phone lines, etc.
- Easy setup: if you want to accept payments on a credit card terminal, you could be up and running in less than one day
If you are looking for a simple way to accept payments, credit card terminals may be the best option for your business!
Related: The Benefits of Local Payment Acceptance Companies
Point of sale systems
Point of sale (or POS) systems are a bit more complex than credit card terminals, and that is because they do way more than just accept credit cards. They are an all-in-one management system for your business. POS systems can track your inventory and email or text receipts to your customers, on top of accepting credit cards.
Often POS systems are cloud-based, making it easy to access real-time business data from any internet-connected device.
A majority of POS systems have features such as:
- Accept credit cards, cash and checks
- EMV-certified
- Loyalty programs
- Extensive reports and analytics
- Customizable options
- Personalized receipts
Common industries that use POS systems include:
- Retail
- Hospitality
- Restaurant
- Salon
- Healthcare
- Warehouse/distribution
- Entertainment
If your business needs to easily track inventory and is looking for a value added management solution, POS systems may be a great way for your business to accept credit cards!
Mobile payments
Mobile payments are when you accept credit cards using a mobile device, like a cell phone or tablet. Mobile payments are typically used by businesses that are on the go and need the flexibility to accept payments from virtually anywhere. When you accept credit cards on a mobile device, you need to make sure your mobile device has an internet connection or cell phone service.
Food trucks, delivery services and vendors at trade shows or farmers markets are good examples of businesses that benefit from accepting payments on a mobile device.
However, mobile payments are also growing in other industries such as retail and restaurants. Accepting payments on a mobile device brings the payment solution directly to your customers.
If your business is on the go or needs to accept payments in-person, accepting payments on a mobile device may be a good fit for you.
Related: Sign up to receive the StartupNation newsletter!
Online payments
Online payments are transactions that are exchanged electronically using digital networks or the internet. There are multiple ways to accept online payments, which are becoming more and more common.
Online retail sales in the U.S. are expected to grow from $396.7 billion in 2016 to over $684 billion in 2020.
Many businesses are jumping on this trend and giving their customers the option to purchase goods and services online. By giving your customers the option to make purchases online, you create an online presence for your business, opening your revenue stream. Simple integrations with little to no developer experience makes accepting payments online a breeze.
You can pick from online payment acceptance features such as:
- Shopping cart
- Hosted pay
- Virtual terminal
- Pay buttons
- Pay by text or email
- eInvoicing
If you want to accept payments online, there is an easy solution for your business!
EMV
It doesn’t matter which solution you use to accept credit cards, you should already accept EMV chip card payments (chip-enabled credit and debit cards). Accepting EMV payments protects your business against fraud and fines.
There are EMV solutions for every type of payment acceptance solution, no matter if you are accepting payments in person or online.
When you accept EMV payments, you are not only protecting your business, you are also protecting your customers and their data. Without your customer, you wouldn’t have anyone to sell to!
Content provided by International Bancard
