Payments

[Video] Small Business Payment Processing 101

By | 05.15.18

[Video] Small Business Payment Processing 101

There are a lot of payment processing options out there that help small businesses accept payment from customers.

But many of those popular options are stand-alone, one-size-fits-most systems that may not exactly fit your business. And when your payment processor doesn’t connect to your business software and tools, you lose the opportunity to know how much money you have, when it’s coming in, and where it’s coming from.

3 Things to Look for in Payment Processing Solutions

1. Mobility

Your business isn’t run 100% behind a desk, so you shouldn’t limit your ability to get paid to a desk either. Most common payment processors solve this problem with plug-in card swiping technology.

Here’s the problem with card swipers:

  • They lose connection frequently, making for a poor customer experience.
  • They’re costly to purchase and replace.
  • They’re clunky and annoying to keep track of.

Choose a payment processor that can process payments through your mobile phone without a plug-in swiper, either via its camera or even manual card number entry.

2. Competitive Pricing

Payment processing isn’t cheap. Most payment processors out there charge by the swipe and add fees for any out-of-the-ordinary instances.

Look for:
  • Rates under 3%, and less than $.30 per transaction
  • A processor that doesn’t add on sneaky charges for online or over-the-phone instances, otherwise called “card not present” or CNP transactions

3. Integration

Imagine what you could accomplish if your payment processor were connected to your sales communications tools (like invoicing and receipts), customer records and even your marketing tools.

When everything’s connected, you have more insight into customer trends and can keep conversations open after you get paid, to keep them coming back.

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