Choosing the Right Payment Processing Solution

All merchants need to be able to accept payment. This is a truth long tested since the dawn of time. If you’re a business trying to make a profit it is essential to not only be able to accept a payment from your customer, but it is also essential to do so in a way where your customers are going to be willing to provide the payment. If you’re making your customers jump through hoops just to obtain the products or services you’re providing you might as well give up on the sale.

 

While accepting payment in one thing, accepting payment in the best way for your business can become a difficult task. With so many different ways to accept payment it is important to understand which one best suits your own usage scenario. No two businesses operate under the same notions and therefore they attract different types of clients. It is important to take your target consumer into consideration when signing up for merchant services.

 

Merchant Accounts

 

A merchant account is one of the simplest strategies towards accepting payment from a customer. Through a merchant account and merchant is able to accept payments through credit and debit cards while ensuring that the money they have earned is debited into their account. The merchant account provider offers the merchant their own bank account with the merchant services provider in order to provide them with an all-in-one solution. Many merchants go this route as it is the simplest option available to them.

 

Credit Card Processing

 

For businesses that already have a bank account or prefer to do banking with their trusted bank a simple credit card processing company can provide them with the ability to accept credit and debit card transactions at their place of business. While there are certainly a number of different ways to handle a credit card transaction, all of these solutions end up with the payment being deposited into the business’s account at the end of the day.

 

The main benefit to both merchant accounts and credit card processing services lies in the convenience of accepting a credit card transaction. Most consumers in this modern era have access to a credit or debit card for transactions. It’s something that most consumers expect to be able to use whenever they are out shopping. Major retailers always accept credit and debit card transactions in order to attract the highest number of paying customers to their doors. Why wouldn’t you?

 

Accepting Checks

 

Another method that some merchants are able to accept payments from their customers lies in being able to accept check payments. While many merchants deplore having to show up at the bank to deposit the checks, there are some check processing services that provide convenient methods of processing the check at the place of business. Some point of sale systems are equipped with solutions for processing the check at the place of business, submitting the information to the processor, and ensuring that the transaction is legitimate.

 

ACH Payments

 

In addition to the above payment methods, ACH processing payments provide a secure and easy way to accept payments for many businesses that deal with larger dollar amount transactions. ACH payments are particularly of interest to some rental services and utilities. This provides the company with a way to withdraw the funds directly from the bank account of the customer. While this process generally takes more time to clear than credit card transactions, it is a legitimate alternative providing a reduced fee as a result.

ach processing

Choosing the right payment processing solution for your business.

Improving Restaurant Operations With A Good POS System

Paying for a meal with a credit or debit card is quick and convenient.  It isn’t too often that a person would have to scrape up a heap of cash in order to pay for food when dining out.  That’s because most restaurants have payment terminals that easily enable individuals to pay with plastic instead, and with good reason, too.  The love affair with credit and debit cards has swept the country with ardor, and whether the reason for using cards is based on the rewards points that can add up, or simply because people don’t carry much cash anymore is up for debate.  Regardless of the reason, we live in a country where 178.6 million Americans use credit and debit cards to pay for things.

 

If you’re a restaurant owner or manager, you know how hectic a busy lunch or dinner rush can be.  Seeing an army of hungry customers that have formed a line wrapping around the waiting area and outside the door can be intimidating.  You have to have employees in place to clear tables, seat customers, prepare food, and tend to diners needs as they patronize your establishment.  Having good restaurant POS systems can make a difference in the efficiency of your team members as they process transactions, place orders in the kitchen, and accept payments from customers.  They can also provide management with a variety of useful reporting tools that can help you make real time business decisions to keep your restaurant profitable.

 

Placing an Order

 

If you want to see good examples of restaurant POS systems, stop by your local McDonalds.  As you wait in line be sure to watch the employees taking customer orders.  They usually have a touch screen to select items while customers spout out their orders.  Once the customer is finished, the McDonalds employee can provide the customer with the total transaction price.  Payment is accepted and then the customer waits for his or her food to be prepared.  Once the order is complete, a number associated with the customer’s transaction is called out and the food is handed off.

 

It sounds like a simple process, and it is, but in order for it to work as seamlessly as it does, some pretty advanced technology has to be implemented.  On the front line it appears that only the employee running the register is impacted when an order is placed, the reality, however, is that the transaction at the cash register provides a place for money to be exchanged, but it also provides an order for the food prep personnel to work on, and it does this all at the same time.  It may require a small arsenal of terminals with touch screen monitors, multiple receipt printers, and a few wireless tablets in order for order processing and payment acceptance to work as well as it does in an establishment like McDonalds.

 

Communication with Kitchen Staff

 

Good restaurant POS systems enable communication to take place with the kitchen staff once an order has been placed at a table.  It usually requires wait staff to enter the order into a terminal, and then provides kitchen staff with a list of items to prepare.  Once the food is ready, the wait staff can deliver it to the table that ordered it.  Again, it’s a simple process and it works well, but it requires the use of pretty pricy equipment.  As long as orders are entered into the system properly, it can reduce the number of errors that might have otherwise been made.  It can also speed up the process from the time that a customer orders his meal to the time it arrives on his table.

 

Accepting Payments Tableside

 

In addition to the ability to accept payments at a main credit card terminal, some restaurant POS systems have wireless terminals that can be brought tableside.  It adds a measure of convenience processing payments right at the table for both customers and the wait staff.  If some restaurants don’t feel comfortable taking customer payments right from the table, there is always the option for the wait staff to collect the credit card, swipe it at a terminal away from the table, and return it.  Some restaurants even have customers walk up to a main terminal and pay for their meals there.

 

Management Reporting Tools

 

Obtaining real-time data that reports gross sales during a shift can help management determine if staffing is adequate to support it. If sales are tending to be slow, it may not make sense to have a full staff available.  It may seems like a gamble whether or not to keep employees at work in the event sales start to pick up, but having reporting tools built right in your POS equipment can help management make those decisions.  The biggest variable costs that restaurants have are directly related to the food, paper, labor, and discounts (FLPDs) they offer.  If the restaurant is slow, it can make a lot of sense to save on those labor dollars by sending staff members home.

 

In addition to offering up to date FLPD reports, restaurant POS systems can provide management with reports that describe what gross and net sales have been for a specific time period.  This can be especially helpful if the restaurant is a franchise because it helps owners determine the appropriate royalty payments that need to be sent to the corporate office.

 

Improving Operations Management with Quality POS Equipment

 

Most restaurants are constantly trying to tighten processes to do things in a more efficient and cost effective way.  The right POS system can help make operational improvements that can benefit most restaurant organizations.  Just as establishments can vary in service type from quick service, to bars, to cafes, and full service restaurants, POS systems can also vary.  It’s important to find equipment that is designed specifically for your restaurant type.

 

If you’re on the lookout for equipment, keep in mind that the purchase of restaurant POS systems can be expensive.  Take your time.  Be particularly watchful as you go out to eat to see POS systems in action.  Make note of the processes you like and those you don’t.  There are a lot of options to choose from, but once you’ve narrowed your list down it becomes easier to settle on two or three pieces of quality equipment that will make life at your restaurant run a lot more smoothly.

pos system

How to improve your restaurant operations.

Introductory Guide to PCI Compliance

It is a well-known fact that businesses operate in order to obtain a profit. Most businesses operate by providing their clients with a good or service in exchange for a sum of money. This is all a basic concept that has been the standard for thousands of years.

 

With modern innovations in payment processing providing merchants with fast and convenient methods of accepting payment many consumers are embracing the new ways of producing payment. Credit cards and debit cards are a commonplace transaction tool for the average consumer and are a way for businesses to make money.

 

Along with any type of technology there are individuals looking to take advantage of it. In the world of credit card processing there are a number of scams that operate using a number of different strategies. Often times these strategies may work for a limited time, but processes are often put in place in order to identify fraud.

 

PCI DSS standards were invented and put into place as a way to protect consumers from abuse as a result of a merchant’s or processor’s carelessness. These standards dictate certain requirements that must be met for a company to be considered PCI certified. If a company is not found to be PCI certified, they can incur fees based on the type of infraction.

 

These standards are applied to all businesses that accept and/or process credit and debit cards in the United States. It is important for companies to ensure their payment processing strategy involves encryption of cardholder information and restrictive access to this information through the best industry practices.

 

For businesses that have a hard time understanding the standards or for those lacking the ability to handle PCI compliance on their own, there are a number of services available that offer businesses the ability to become PCI compliant. These services help merchants and processors check their security and business practices to ensure that all aspects meet those twelve requirements.

pci compliance

Beginners guide to PCI Compliance.

Types of Payment Processing Solutions

There are a large number of different payment processing solutions available to merchants looking for convenient methods of accepting funds from their customers. For any business to be a success they need a reliable method of charging their customers that is instantaneous and easy-to-use. The more complex and slow a system gets the more of a chance there is to prevent repeat business or to even convert a visitor into a paying customer. No one likes to wait.

 

Selecting a payment processing solution takes time and research to determine which type of solution is truly the best for your business. Not every business is in the same financial or operational situation, meaning there are businesses that like to do things differently to get the most out of what they have to offer.

 

Credit Card Processing

 

The most basic type of payment processing solution is a credit card processor. These types of solutions focus on allowing a business to accept credit card and often times debit card transactions. This allows the customer to pay via one of the most common payment types available on the market. 9 out of every 10 customers will likely have a credit and/or debit card available to them that they would be willing to make a purchase with. Providing them with the most popular payment method ensures that the payment method is not going to stop them from shopping.

 

It is important to keep in mind that special equipment is require to be able to process a credit card transaction. There are also additional considerations in mind such as PCI compliance and ensuring that information being collected for the process of accepting a credit card payment must be properly encrypted. Generally the credit card processing company is responsible for this. It is still a good idea to talk to the provider about security and PCI compliance prior to hiring them.

 

Mobile Payment Processing

 

Many businesses opt to utilize mobile payments as a method of conducting business due to the type of industry they are in. For professionals on the go a mobile application or wireless device may be the simplest way to collect the payment details and to process the payment. For businesses that spend a lot of time at the clients’ residence, a mobile payment processing solution might actually make the most sense. A business doesn’t need a bulky credit card processing machine if they don’t even conduct business in a single location.

 

Online Payment Processing

 

Online businesses have a different way of operating than traditional businesses. It is important for these businesses to be able to accept different types of online payments in order to be able to attract customers. These types of services often allow a business to accept PayPal transactions in addition to credit and debit cards. There are also other specialized payment arrangements that merchants can sign up for.

 

High Risk Payment Processing

 

High risk merchant processing solutions are provided for businesses either suffering from bad credit or dealing with industries where fraud and chargebacks are commonplace. Many payment processors would rather than have a customer from a high risk industry. Instead, high risk processors are especially capable of reducing fraudulent charges.

high risk merchant processing

Find out about the different types of payment processing solutions.

Innovating Your Business Operations

We’ve all had those long evenings when you need to be available at the office waiting for a client’s call or waiting to be able to get the payment details needed to begin a transaction. Working with clients in different time zones can be quite frustrating and time consuming especially when you’re dealing with financial transactions and barter agreements. The world of online business is very different from the traditional method of doing payment. As a business professional it is important to take advantage of every single technological advancement that allows you to handle your business from everywhere.

 

A Change in Culture

 

It has become more of a culture on modern days to be able to handle anything and everything while you’re on the go. Cellular technologies allow individuals to be away from their home and the office while still being just a single phone call or text message away. With the rise of mobile technologies for communications there have been new waves in technology to address the lack of being able to handle certain tasks while on the go.

 

With smart phone prices decreasing and the cost of data diminishing over time it becomes increasingly important to be able to utilize the latest applications and strategies for every facet of your business. There are many different ways to take advantage of mobile technology to keep you organized and efficient over a long period of time.

 

Stay On Schedule

 

You can often integrate your own personal calendar in addition to your work calendar to your mobile phone or tablet through syncing features to be able to keep all of your schedules in one convenient and unified location. This enables you to be anywhere while being aware of when you have to be back at the office or to a dance recital for your ten-year-old aspiring dancer. There are a lot of opportunities in scheduling and calendar management that provide you with the absolute most flexibility in managing and changing your schedules. You can even set notifications via text, email, and other means to give you a reminder when an appointment comes up.

 

Doing Business on the go

 

If you’re looking to be able to do business from anywhere the mobile phone is a start. You’re able to manage and receive documents while you’re away from the office through your cell phone or a tablet with the ability to access the Internet from your location. All you need is to be able to utilize a third-party solution for having your documents in a singular location and you can edit and send documents directly from your cell phone. While this may not be the most ideal situation for creating entire documents, you can often edit an agreement or a key document with a correct and resend it while you’re out. This makes solving issues or adding new terms to an agreement much easier than having to head back to the office or ask someone else to handle the issue.

 

In addition there are strategies which allow professionals to accept mobile payments through mobile credit card processing solutions. These solutions allow you to accept payment through either an iPhone or Android phone or tablet using a specialized app created for that particular process. Each solution has its own pros and cons but are generally capable of accepting credit card and debit card payments securely at the minimum.

mobile credit card processing

Ways to improve your business operations.

Efficient Cash Advance Lenders

If you are looking for the best lender of instant cash, then in that case you must make online research or can ask for local references from your friends or colleagues. First of all, you need to collect the list of all the reputed cash advance lenders from online business directories or yellow pages as that will be quite facilitating to make your search successful. You can also directly visit the online sites of these lenders and can collect the necessary information in order to compare the same for choosing the most efficient one among them.

 

Collection of requisite information about the lender

 

• The cash advance lenders that are having proper registration and license are mostly trusted as genuine ones. This piece of information can be easily gained from the online sites of these lenders.

• Low interest-rate and ideal lending terms are mostly entertained by maximum borrowers.

• Proper customer support and flexible application procedure with quick approval is also quite important in this regard.

• The reputation and experience along with past performances of the lenders also need to be considered.

• The online comments or customer testimonials are also quite useful in this regard and thus need to be considered.

 

It is important to consult online reviews and information about the lender in addition to any news articles or legal actions taken against the company to determine whether they are a legitimate provider or a fly-by-night operation. Understanding the type of solution provided by each lender ensures that you understand the fees and the premiums associated with taking out merchant cash advance loans through each particular vendor. Use the one that you’re most comfortable with.

cash advance loans

Finding the most efficient cash advance lenders.

Dealing with Bad Credit in Business

Having bad credit associated with your business can often make things challenging. When normal businesses are normally able to seek assistance from a bank or financial institution some businesses find it hard to obtain acceptance. Luckily there are a number of alternative strategies that businesses can employ in order to deal with bad credit.

 

Merchant Cash Advance Services

 

If your company is in dire need of finances but cannot seek a small business loan, a merchant cash advance can be a great opportunity for a quick influx of cash. While a merchant cash advance loan is generally going to be more expensive for a business in the long-term, for businesses with bad credit a merchant cash advance may be the best option. These services are a bit more willing to lend the money based on a company’s history of credit card sales.

 

Unlike traditional loan services the accessibility for loans is based on credit card sales and not the credit history of the business. This can be a saving grace for a business that needs to repair a key piece of equipment or needs to pay off a lender quickly. Merchant cash advance services are a great way to get emergency cash for the business.

 

Asset Sales

 

Many businesses don’t realize their old unused assets are worth money. Rather than throwing away old parts and equipment there are a wide range of opportunities available for a business to obtain additional funds through asset reselling. Whether it is through an online portal like Craigslist or through a third-party provider, there are a number of ways to turn unused business equipment and other assets into cash.

 

High Risk Credit Card Processors

 

When attempting to accept credit cards bad credit can cause businesses to incur higher fees. For businesses that are a target of fraudulent charges, high risk processing companies are a great way to get assistance. Many high risk credit card processors can help a bad credit business accept payments in a quick and efficient manner. These companies have a history of helping out businesses that have a hard time with credit or with eligibility for one reason or another.

 

Conclusion

 

While bad credit can make it hard to do business it is not the end of a business. There are a number of resources a business has available to them to get back on their feet and to work on turning their credit situation around.

high risk processing

How to deal with bad credit in business.

The Truth About Online Credit Card Fraud

You may feel that it’s easier to buy things with your credit card, and you’re right. It’s less work to swipe a card through a reader than it is to look for the right amount of dollar bills, wait for the cashier to make sure that you have the right amount, give you back you change and then arrange it back in your wallet before accepting your receipt and going about your business. On the other hand, it can be more dangerous to only carry around a credit or debit card instead of cash. There’s no personal information on a ten dollar bill, but there’s all kinds of information linked to your credit and debit card. There’s your social security number, address, telephone number, account number, birthdate and more. If you have your own business and accept credit cards, you’ll want to make sure that there are adequate measures in place to protect you as well as your customers from becoming victims of credit card fraud or having sensitive information fall into the wrong hands.

 

The Benefits Of Good Business

 

When you make sure that your customers are taken care of, they’ll make sure that you’re taken care of. Customers will be reluctant to do business with you if they become victims of credit card fraud while shopping at your online or brick-and-mortar store. Even if the fault lies elsewhere, there’s still a possibility that the customer will blame you on the incident. You can assure them that it is no fault of yours as long as your payment processing agent does their job as well as you do yours.

 

Payment processing agent programs act as gatekeepers between your bank and your customer’s bank. They verify that the cardholder is who they say they are, that they have the funds to cover the cost of the item they are purchasing and they also make sure that the money is properly transferred to you, all while protecting the cardholder’s sensitive information. When business transactions are processed with a minimum of error, your customers will grow to trust you and you’ll find yourself growing a loyal client base. Not only should you strive for error-free transactions, but quick and hassle-free transactions as well. Some customers may not mind that it takes a few business days for a transaction to go through, but others may prefer to have the money immediately taken out of their account so that their balance is always accurate and up-to-date.

 

Preventing Card Fraud

 

If your business is solely online, you owe it to yourself to have the best payment processing agent services that you can afford. Not only are you taking a risk, but customers are taking a risk as well since hackers can steal information transmitted over the Internet. You’ll want to make sure that your chosen payment processing agent programs are aware of the variables that are connected to fraud, have a way to determine the risk of certain transactions and have a verification process in place that every received order goes through. All of this should only take a few minutes and have a high success rate. Otherwise, you may want to consider switching payment processing agents.

 

In the event that the payment processing agent’s risk factor level is exceeded, they may contact the cardholder in order to verify information so that the cardholder can either confirm or deny that the purchase was made. The best payment processing agent for you and your business should have low cost, be able to increase your sales, be simple to set up and have affordable setup fees and transaction costs. If you have brick-and-mortar stores, you may want to look into an agent with antifraud services that you can share between multiple locations.

 

Chargeback Blowback

 

Both you and the customer suffer from fraudulent charges. Chargebacks occur whenever a customer backs out of a deal for whatever reason they see fit to give, which could be they changed their mind, the product never arrived or the purchase was a fraudulent one. Since customers are not required to sign anything when they make an online purchase, you’ll have to be the one to cover the chargeback fees.

 

There are steps you can take to reduce if not outright eliminate chargeback fees. Make sure that whichever payment processing agent services you are considering have a good reputation. Ask about limit, penalties and fees. While you want to save money, you also shouldn’t be afraid to spend money. Spending a bit more on the best payment processing agent programs means that you’ll be working with a company that has integrity, a good policy and excellent customer service. Reputable processing agents have state-of-the-art anti-fraud measures, such as SSL encryption, address verification and CCV2 verification.

 

There are things as a business owner that you can do as well to protect yourself from chargeback fees and your customers from becoming victims of credit card fraud. If an order ever looks suspicious, don’t be afraid to do some investigating of your own. Any orders that are inconsistent with usual consumer trends demand your attention. If an order ever looks questionable, verify the address and get a signature. Any orders that you receive from overseas should be investigated as well so that you don’t have to suffer extreme chargeback fees. Credit card companies won’t hesitate to increase your chargeback fees if the number of your international orders is greater than a specific percentage of your total orders.

 

There are several details to tend to when you have your own store, and there are even more to see to when you have an online store. Educate yourself on payment processing agent programs so that you and your business can operate at maximum efficiency. You also don’t want your payment processing agent to do all of the work. Do your due diligence to see what the current shopper trends are so that you are that much more aware of what a possibly fraudulent charge or fraudulent activity looks like. While merchant services agents can catch this, it’s still a good idea to be able to catch it before it even happens. Protecting your customers against fraud is a genuine way to show them that you really care.

merchant services

Find out the truth about online credit card fraud.

Significance of Small Business Merchant Services

In the present age, the entire commercial industry is based on credits rather than liquid cash and thus the importance of best credit card processing is also going on increasing to a great extent. This is regarded as one of the most convenient and reliable sources of making payments especially in case of bulk payments to dealers, vendors or suppliers. These kinds of small business merchant services are getting huge promotion these days as a result of which the commercial transactions are also increasing in number.

 

In this case, if you want to take any bulk supply of raw materials for your company’s product purposes from any supplier or vendor, then instead of paying liquid cash or taking credit card processing, you can use your creditor card. In this regard, the bank will pay the total amount on your behalf as cash advance and you will get a month’s time for the payment of the amount to the bank with a bit of interest. If there is a great risk or inconvenience in carrying huge cash, in that case you can carry your credit card which is equivalent to the cash payment. Even if you are not having huge cash in your pocket, you can arrange for the same by taking some potential time in your hand as your payment is getting done by means of your credit card instantly.

 

Significance of online payment by credit cards

 

Nowadays, all the online stores and dealers are providing the facility of online payment by means of using credit cards. You can use these cards either for small amount purchases or for the purchases of huge amounts. These first data merchant services are quite improved and can provide you the facility of using easy e-commerce solutions. This has also facilitated the online purchase as a result of which the online purchases area also growing in great numbers in numbers resulting into huge volume of sale. This is the major reason that the small businesses are looking for the online suppliers or dealers for their dealings. You can access this mode of online payment at any point of time from any place and this is one of the greatest advantages of this kind of merchant account services which are getting used by businesses. Instant payment is another benefit for which these services are of great importance these days. Hazardless payment can be entertained easily without any mess in making payments.

 

Online store payment

 

Online stores are catering the modern online payment services by credit cards in the form of small business merchant services for collecting more and more customers from the targeted community and also for boosting up their sales. Only reputed online stores are dealing with the most secured system of credit card payments and thus the customers or online purchasers are confidently making their online transactions without any sense of doubt. By means of these online payment services, the cards details of the customers are kept in a secured manner so that the details are not exposed to wrong hands for exploitation. Therefore, there is no risk of losing privacy.

 

Why the modern small business merchant services are so important?

 

In the present age, the entire commercial industry is based on credits rather than liquid cash and thus the importance of credit cards is also going on increasing to a great extent. This is regarded as one of the most convenient and reliable sources of making payments especially in case of bulk payments to dealers, vendors or suppliers. These kinds of small business merchant services are getting huge promotion these days as a result of which the commercial transactions are also increasing in number.

 

In this case, if you want to take any bulk supply of raw materials for your company’s product purposes from any supplier or vendor, then instead of paying liquid cash or taking small business loans, you can use your creditor card. In this regard, the bank will pay the total amount on your behalf as cash advance and you will get a month’s time for the payment of the amount to the bank with a bit of interest. If there is a great risk or inconvenience in carrying huge cash, in that case you can carry your credit card which is equivalent to the cash payment. Even if you are not having huge cash in your pocket, you can arrange for the same by taking some potential time in your hand as your payment is getting done by means of your credit card instantly.

 

Significance of online payment by credit cards

 

Nowadays, all the online stores and dealers are providing the facility of online payment by means of using credit cards. You can use these cards either for small amount purchases or for the purchases of huge amounts. These small business merchant services are quite improved and can provide you the facility of using easy e-commerce solutions. This has also facilitated the online purchase as a result of which the online purchases area also growing in great numbers in numbers resulting into huge volume of sale. This is the major reason that the small businesses are looking for the online suppliers or dealers for their dealings. You can access this mode of online payment at any point of time from any place and this is one of the greatest advantages of this kind of merchant services which are getting used by businesses. Instant payment is another benefit for which these services are of great importance these days. Hazardless payment can be entertained easily without any mess in making payments.

 

Small Business Loans

 

With many online merchant services there are options for small business loans to help you manage the costs of your business expansion. Small business loans are generally backed by the Small Business Administration and are therefore safer than other financial assistance methods. You receive the funds you need for operation and expansion directly through the provider you already trust or in most cases a reliable merchant services provider.

 

Online store payment

 

Online stores are catering the modern online payment services by credit cards in the form of small business merchant services for collecting more and more customers from the targeted community and also for boosting up their sales. Only reputed online stores are dealing with the most secured system of credit card payments and thus the customers or online purchasers are confidently making their online transactions without any sense of doubt. By means of these online payment services, the cards details of the customers are kept in a secured manner so that the details are not exposed to wrong hands for exploitation. Therefore, there is no risk of losing privacy.

small business loans

The significance of small business merchant services.