Payment processing is arguably one of the most stressful parts of running a business. Depending on the manner of business you’re running, there might be some significant legal considerations involved with processing payments, and of course there are dozens of other potential hangups, such as what point of sale payment gateway to use. There are hundreds of options on the market, and where small businesses are concerned, there’s no easy one-size-fits-all solution. These days, the modern consumer uses more than just a traditional debit and credit card: there are also EMV compliance issues, and considerations for NFC payment gateways.
So given all the complexities of payment processing, how can small businesses fine-tune their payment processing?
Consolidate Your Gateways
Many businesses, if they accept many different kinds of payment options, believe that they need a different gateway for every different type of transaction. But it’s possible to consolidate all of your options! It’s usually much more cost effective to use the same payment vendor for credit cards, web stores, ACH payments, and so on. And if absolutely nothing else, it can often make bookkeeping significantly easier, saving long labor hours at tax time.
Maximize Your Checkout Channels
If you have a brick-and-mortar store, you might feel that your business doesn’t need to have a checkout-capable webstore; but believe it or not offering the ability for clients to buy from your store using multiple channels can significantly increase your bottom line. If it’s too much work to maintain a full web store while you’re also managing a retail location, consider only offering your top 10 most popular products, just to start out with. You’d be surprised to see how much more your business can make!
Always Accept Credit Cards
Many individuals use credit cards for small everyday transactions so that they can easily build their credit. But many popular point of sale systems for small businesses, such as Clover and Revel, don’t accept credit cards! Accepting credit cards can be a simple and easy way to increase the number of completed transactions for your store. And believe it or not, doing so doesn’t usually cost very much! You can usually find credit card processors which charge only between 2 and 3%.
Make Sure You’re Compliant
Not all payment gateways are PCI compliant, and there’s also the upcoming need to become EMV compliant! Don’t let important legal deadlines sweep past you: be sure to double-check with your payment gateway provider regularly to ensure that you’re compliant on all issues, or else you might be putting your business at risk! Not being compliant with initiatives like these means that your business might be liable for fraudulent or incorrect financial transactions.
Built Your Client Database By Integrating Services
Did you know that many payment gateways can now ask clients for emails at checkout for your business newsletters? Others will automatically inform your past clients about sales you’re running via email, or send timed reminders to prompt them to visit your store again. Make sure to investigate the many ways your payment gateway can help your small business build a loyal base of customers.
The Bottom Line
There is a wide range of different payment gateways and systems available, and they all vary substantially: from their rates, to their methods, to the unique perks they give business owners! It’s hard to get the best deal, and juggling different payment options can waste time and money. Look for ways to maximize your business’ opportunities for growth and income while streamlining your checkout processes and financial tasks for the best chance at success!