How New Merchant Services Technology Helps Businesses Be More Efficient
Banking technology has made remarkable strides in recent years, helping businesses manage cash flow and revenue.
Banking technology has made remarkable strides in recent years, helping businesses manage cash flow and revenue. It's hard to imagine that not that long ago bankers used microfiche to file and proofed each check, and then waited upwards of a week for checks to clear.
Businesses today would likely not stand for that! It's the banking industry's evolving technology that now allows some checks to clear the same day, and permits businesses to transfer funds from outside accounts – to another bank or to an individual – from the convenience of their phone. Business owners don't have to leave their offices to make deposits or conduct other crucial transactions for their businesses by simply using online or mobile banking and remote deposit.
Another change in merchant services is the rise of global commerce and an increasingly borderless economy. Businesses should provide the payment method their customers prefer, regardless of geography. This allows businesses, particularly eCommerce businesses, to do business worldwide and customers to pay how they want, whether it be debit card, mobile wallet or cash payments.
These new technologies highlight just how much merchant services has evolved in recent years. Historically, customers would swipe their credit or debit card, sign for the goods or services purchased, and that was that. Today, a system like the Clover® platform can collect important demographic and purchasing data through card swipes (or the insertion of chip cards). It is also becoming more common for business owners to process transactions using tablets or smart phones, rather than the traditional card reader machine. This allows them to track inventory, manage employees' time and pay and offer rewards to loyal customers, all in one place.
For example, a restaurant owner can use the Clover system not only to process payments, but as an entire business management system. They can build their menu directly in the system so that staff can use it for logging orders. This also allows for keeping track of inventory and sales, so they have an up–to–date revenue stream for the day. Similarly, hair salon owners can book appointments directly in the system, as well as keep notes on their client's hair styles and color.
Additionally, merchant services technology such as those provided by First Data Merchant Services LLC * helps to shorten the time for businesses to receive payment. Merchants may be able to receive next day deposits at no additional charge, while other processors may take 2-5 days for credit to reach their account. Knowing that funds will be in their account Monday morning after a busy weekend can be a big benefit for small businesses.
As a result of these new technologies, business owners are better able to analyze their business and in turn make strategic decisions that can save them money. They can determine what their best–selling products are, as well as determine who are returning customers and high–performing sales staff. With this knowledge, they have the power to eliminate inventory that doesn't sell, offer rewards to loyal customers and staff busier times with the people that drive more sales. These tools can help to decrease costs and waste while focusing on what is going to drive more business.
*The FIRST DATA name, logo and related trademarks and service marks are owned by First Data Corporation and are registered or used in the U.S. and many foreign countries. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Merchant Services products and services are provided by First Data Merchant Services LLC and not by Vectra Bank, a division of ZB, N.A. Member FDIC.
The Clover® name and logo are trademarks owned by Clover Network, Inc., a wholly owned subsidiary of First Data Corporation, and registered or used in the U.S. and many foreign countries.
If you would like more infromation or have any questions please contact a Merchant Services Sales Representative at 720–947–7689