Accepting payments from customers is a vital component of every single small company. Your organization could offer a better experience, higher product quality and superior customer service in comparison to competitors, but still suffer if your ability to easily process transactions is lacking. How can your business develop the most effective system possible for handling customer payments? Take the following advice into consideration:
Move past older systems and limited options
There's nothing wrong with taking cash and checks. They both fill important roles for shoppers, although checks are in rapid decline as a form of payment – NPR noted a significant drop in check usage during the 21st century thus far, one that's likely to continue. These two options shouldn't be the focus for business-owners, however. Too many customers are not only moving toward other forms of payment, but expecting the stores, restaurants and similar enterprises they frequent to accept credit and debit cards and, to a lesser extent, digital payments.
Accepting more modern forms of payments and using an effective card payment processor is a vital consideration for all small businesses. The last thing any business owner wants is to lose a sale or discourage customers due to a lack of ease when purchasing their goods and finishing their visit to your store.
Increase security and peace of mind
The EMV standard has been in place for nearly all businesses – except for dedicated terminals in gas station pumps – for close to two years. The value of the chip-and-pin system has been proven across Europe and in many other countries, both for customers and businesses. Increased security is another obstacle in the way of criminals attempting to access sensitive payment data, which means better outcomes for everyone involved. Tyler Vaughey, vice president of U.S. small merchants for American Express Global Merchant Services, said this dual benefit is one of the best arguments for EMV adoption.
It's worth noting that the least-compliant participant in a transaction is ultimately responsible for instances of card-present fraud under the current EMV regulations. If your business doesn't have the appropriate systems in place, you could face significant financial issues. The solution is a simple and straightforward one: Upgrade to an EMV-compliant payment processing system as soon as possible.