Small business-owners are finding ways to increase productivity and efficiency, while decreasing costs. Utilization of new payment products and services are making small businesses more money and offering consumers convenience at the point of sale. Here are a few tips for revolutionizing your small business’ payment processing system:
• Accept checks: If you are a cash-only merchant, you are losing consumers. Most business-owners, that don’t accept checks, are afraid of issues such as fraud and insufficient funds. If you are in this category, install a modem, such as a Veriphone modem, which electronically scans and processes checks. These scanners communicate directly with the customer’s bank for instant payment. Information on the check, such as bank routing number, checking account number and amount is directly transmitted to the bank. This technology makes it easy and safe to accept checks. The check is returned to the customer once information for the purchase is electronically transmitted.
• Accept credit cards with a credit card scanner. A credit card scanner reads credit and debit cards, instantly transmitting information to the bank. A small fee is charged by Visa, Mastercard and other credit cards, based on sales.
• Accept credit cards with the “Square” credit card reader. Your customers will appreciate the convenience of paying with plastic. Go to www.squareup.com to get your free square device and app for your Android or Apple i-Phone. The device links to your bank account, allowing instant credit card charging, with secure encryption, for every sale. For a small charge of 2.75% of the sale, the Square will pay for itself with sales you wouldn’t have received without it. Another credit card reader to research: Intuit
• Braintree’s e-commerce platform: Braintree offers electronic payment systems from an i-Phone, Android or Microsoft Cloud. With Venmo touch (https://venmo.com), customers can even utilize a payment source, from another Braintree merchant, to pay you.
• Utilize Paypal’s payment processing service. Paypal is a secure consumer payment website, which allows small business owners to accept payments online through a customer’s Paypal account, checking account, or credit card. Accept payments directly from your business’ website from a customer’s bank account directly, via cell phone, fax or email. Paypal now accepts swiped credit card payments from a credit card reader. Using Paypal is quick, easy and safe. Funds in your Paypal account can be transferred to your bank account within 1-2 days. Customers can pay in 24 different currencies, so paying on the go is easy and efficient. Prices vary from free to $30.00 per month, depending on type of plan. Paypal provides transaction statements for easy accounting, and transaction fees are low. Go to www.paypal.com for more information.
• Payments via Bluetooth. Ready for generation Y? If so, you’d better be looking into Bluetooth payments. With this payment system, a modem detects a particular customer’s i-Phone Card Case app. The customer is immediately recognized by stored photo identification and payment methods, such as a credit card, that are instantly available at the cash register.
The checkout process is the last point of contact with the customer in the day. Ensure that it is not the last for good.
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