5 Payment Processing Tips for Small Businesses
For small businesses, accepting all types of payment methods is essential to staying competitive in today's market. You want to be prepared for a customer to use their Apple Pay, credit or debit card. When they want to buy, you need to be ready. However, managing payment processing can be overwhelming and costly if you don’t have the right information. Here are five payment processing tips for small businesses to help you save money and streamline the process.
- Choose the right processor: There are many payment processing companies out there, each with their own fees and services. Be sure to do your research and compare rates to find the best fit for your business. Look for a processor that offers transparent pricing, the best technology solution for your business and excellent customer service.
- Select the right Point of Sale Solution: Do you need a touchless solution? Does your POS include all payment methods including Apple and Google Pay? Is it NFC? Make sure your POS has all the functionality that you need to service your customers.
- Negotiate fees: Don't be afraid to negotiate with your payment processor. Small businesses are often charged higher rates than larger corporations, but you may be able to negotiate a lower rate based on your volume or sales history. Remember, everything is negotiable!
- Be PCI compliant: Payment Card Industry (PCI) compliance is required for all businesses that accept credit card payments. Compliance ensures that you are following the proper security protocols to protect your customers' payment information.
- Implement a Cash Discount Program: Find out if a Cash Discount Program makes sense for your business model, you may want to offset any credit card processing fees by implementing a cash discount program.
Running a small business is challenging enough. Payment processing shouldn’t be. Following these tips can help simplify the process and save you money. By choosing the right processor, the right Point-of-Sale Solution, negotiating fees, being PCI compliant, and implementing a Cash Discount Program, you can streamline your payment process and focus on growing your business.