The Merchant Services Your Small Business Needs Before the New YearNovember 2019 / Share
The holiday season is rapidly approaching, and for many small businesses that means an expected increase in sales. To make the most from the influx of customer interaction, making sure your business operations are prepared to process payments is crucial. Now is the time to reevaluate your merchant services to ensure they're maximizing your efficiency and investment.
What are merchant services?
No matter if you operate a brick-and-mortar store, are strictly online or are a mobile pop-up shop, you need the ability to process payments. Considering a recent survey by CreditCards.com found that 80% of consumers prefer using a debit or credit card to make purchases, running a cash-only business simply isn't viable anymore.
As consumers begin to accept the move toward a cashless society, they expect businesses to do the same. Instead of struggling to juggle multiple different payment methods and the technology that accompanies them, businesses can utilize merchant services. These cover a wide array of applications and systems that are necessary for processing card payments.
Merchant service providers can be used as an intermediary between the bank and your small business in these instances. They are knowledgeable on the processing solutions used and can provide your business with the necessary technology.
Three things your merchant services provider should offer
Finding a provider that offers cost-effective solutions to help you get paid, sell more and run your business better, is vital to the longevity of your company. Before the new year, make sure your service provider offers these three essential technologies:
1. Point of Sale System: First and foremost, it's important to have a Merchant Terminal in place that accepts credit and debit card payments at your place of business. With robust web-based reporting tools and local support, a POS system accepts most major cards at competitive processing rates.
2. E-commerce Capabilities: Having an online presence can not only help improve brand awareness, but if set up correctly can also increase sales. Adding online payment functionality offers a convenient method of tracking, reporting and processing payments. A web-based centralized payment process makes it easy to maintain recurring payments with competitive processing rates.
3. Portable Technology: Even if you operate a permanent storefront, being able to process sales with a handheld device is incredibly convenient. Many merchant services providers offer transportable devices that function the same as a Merchant Terminal. They are becoming increasingly more popular at restaurants, food trucks and other fast-paced businesses.
There are also POS devices for smartphones. All you need is WiFi or a cellular connection, and you can operate your business.
Moving toward 2020
It's likely that the retail landscape will change once again with the rise of e-wallets and other electronic payment methods. The merchant service providers mentioned have already taken this into consideration, and are fully equipped to accept and process these new payment methods.
Stay ahead of the new payment trends and make sure your business is prepared to enter the new year and meet customer demands by reevaluating your payment processing methods. Learn more about how merchant services can benefit your business.
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The information provided is presented for general informational purposes only and does not constitute tax, legal, business or investment advice.