Business Strategies to Accept All Types of Payments
Filed under: Credit Card Processing
Is your business set up to accept all types of payments? If you don’t have a system that can handle certain payments, then you could be missing out on potential sales. Customers have varying preferences for the way they want to pay, so you need to be sure that you are accommodating their needs.
Cash or Credit Cards?
Gone are the days when a cash transaction or a handshake deal was enough for a sale. Now, you need to stay current with the trends of digital payment processing. It is estimated that 11% of the population still prefers to pay with cash, but the majority of people prefer using another payment method instead.
Having a cash-only payment policy means that you are missing out on the majority of the sales that are moving through the industry! Consumers have a preference for plastic, and you need to be ready to accept these sales.
Just because it is a card transaction, doesn’t mean that the person needs a credit card. Instead, customers can use debit cards for purchases, which is similar to a cash transaction because the money will come straight out of their checking account.
Mobile Payment Options
In addition to swiping a card, there are other types of payment methods that are popping up. Paypal, Venmo, and other online payment platforms allow a money transfer without exchanging credit card information.
Another option includes NFC technology where a person needs to hold their smartphone near the payment terminal. These services are available through Android Pay, Apple Pay, and Samsung Pay. Your Point of Sale (POS) system must be compatible to accept NFC payments to process the transaction through an app.
What Payment System is Right for Your Business?
Every situation is unique, so the best thing that you can do is talk to our team for more information about the payment processing options that are available. Choosing the right payment system will enable you to focus on business growth without worrying about how you will accept transactions.
Rick Johnson is an expert in the industry. He can offer personalized advice to help with your business processing options. Contact him at National Merchant Services to learn more: 888-891-0811
