When you think of processing payments, you likely think of cash, check, or charge, but have you considered how ACH payments fit in the mix? ACH – otherwise known as automated clearing house -- works by electronically moving funds from one bank account to another by using a unique routing number that’s located at the bottom of the paper check.
If you’ve ever been paid directly to your account or paid your employees, you likely have already dealt with ACH payment processing companies, but have you considered the benefits of offering ACH for your own customers to make payments?
There are several really solid reasons that you might want to consider when it comes to offering ACH payments:
The Convenience Factor – When you go with an ACH payment processing company, you can avoid filling out paper invoices, paper checks, or making trips to the bank. Your customers also benefit – no remembering to fill out a check, slapping on a stamp, and hoping it gets to you on time.
Lower Fees for You – Yes, the biggest draw for you as the business owner is that ACH payments will generally have the lowest fees compared to all of your other payment options – other than cash.
Easy Automatic Payment – When you opt for ACH payments for recurring billing, you can automatically get paid. All your customer needs to do is authorize the billing schedule and you’re all set...
If you are researching about credit card processing providers, this post is for you. Find out how to choose the best credit card processing company, and how to ask the right questions to find the best deals.
There are still many businesses in the U.S. that still aren’t set up to take credit card payments – some business owners feel that their business is doing fine without adding credit card processing into the mix. Still other business owners feel that they would rather not worry about special POS equipment or extra costs involve with processing.
Whether you’re an established business or you’re just getting started, it makes sense the credit card processing could be intimidating. We’re here to say that it doesn’t have to be. From mobile processing solutions that require no added equipment, to user-friendly point-of-service options that can make your life easier, there are many smart choices that make good business sense.
This post will help you make sense of some of the terms you need to understand when you call credit card processing providers.
Don’t miss out on sales
But first, did you know that if you’re a business that only accepts cash, you could be missing out on sales every day? Investor’s Business Daily posted some very sobering statistics when it comes to small businesses and payment processing. The study they shared found that...
If you’re a startup or you’ve made the decision to begin accepting credit and debit cards, read on to learn more about merchant processing. We’ll demystify key terms and you can find out what to expect with credit card processing.
How your business benefits from processing credit card payments
When any discussion opens up merchant processing, we always like to note how your company can benefit from the move to accept credit and debit cards for purchases. According to data presented in the Nilson Report, shoppers will have doubled the use of credit cards between the years of 2007 and 2017. Studies consistently show that businesses who don’t make the switch to processing credit cards for their customers lose on a considerable number of sales every year.
That’s why with more credit cards being processed now more than ever, it is a smart business move to offer your customers more ways to pay. Most customers just aren’t walking around with cash – and the use of checks has also dramatically decreased in the last decade. When you don’t offer credit card processing, the next thing that happens with a customer that doesn’t have the cash on hand is that they leave. Even if they do leave with good intentions to come back – we all know that it isn’t convenient and that some customers just don’t come back.
Whether you do business right from your...
Although writing a check can feel like a vintage activity for most people, checks still represent billions of transactions each year. They haven’ quite gone the way of the dinosaur yet, so accepting checks at your location is still relevant to your business in many ways. The most important reason being that checks are still preferred with some shoppers – especially over 50 – so making sure you keep checks as an option is important for your business to make those sales.
There’s no arguing that the use of checks has declined sharply for the past ten years in favor of credit card processing, however. This shift in consumer attitude is due to several factors. The convenience of simply swiping a card as opposed to filling out all of the fields in a check is hard to beat.
Checks also bring some risk of identity theft – the customer’s name, information, and bank account routing information is all right there – not to mention the inflated fees that come along with a bounced check. Despite these concerns, checks still offer a good alternative in certain situations.
Why People Still Use Paper Checks
For some people, checks make the most sense – especially when a person is faced with little options other than cash. Here are a few reasons people still like to keep their checkbook handy:
#1 Getting stuck with extra fees to process credit card payments....
If you’re considering how to expand payment solutions in the coming year, deciding on which company to go with can be a challenge. There are several things to consider before deciding not only what company to ultimately trust with your processing needs, but what services you’ll need to make everyday business a success. That’s why we put together a guide to the basics of credit card processing, along with a short list of credit card processing reviews for January 2016.
When you’re checking over company reviews for credit card processors, it is vital to take into consideration what reviewing methods were used. Learning more about the business, their track record, and the other products and services available will also help you make the best decision. You’ll want to choose a business that is a good fit over the long term – and that means good rates and good customer support, too.
How Taking Credit Card Payments Helps Your Business Grow
Whenever the discussion opens up about credit card processing, it is worth taking note how your company can benefit from processing credit cards in the first place. You might have an idea that you’re missing out on a few customers here and there, but recent studies have shown that businesses who don’t accept credit cards are missing out on a huge chunk of business.
In fact, a software company that studies that...
Are you a small business owner considering your options in online credit card processing? Read on to find out what you need to know to find the right balance of services for your business.
Whether you have a brick-and-mortar storefront and you’re planning on expanding your presence online, or you are opening a new store this year, online payment services can help your business grow.
Online credit card processing allows your business to accept payment electronically over an Internet connection. Once you get your online store up and running, you can start accepting payments from more people across the US - and the world. Because of the vast potential for growth, online credit card processing services have become more popular in the past several years, and what that means for you is more choices in processing companies.
Choosing online payment services can help you supplement your in-store sales or provide the sole way to accept payment from your customers. Beginning a payment account online can provide you with speed and convenience over a traditional merchant account. A traditional merchant account is one that enables your business to accept both credit and debit payments.
Generally, you can expect smaller startup fees with online-only payment processing in comparison with traditional merchant account services. If you run a business that accepts a large amount...
Thinking about mobile credit card processing? Keeping up with current demand for efficient and secure customer service that comes with mobile credit card processing is going to be a good move in 2016. More customers and businesses rely on their smart phone and are becoming aware of the capabilities of mobile credit card processing.
The fact of the matter is that most customers just aren’t carrying stacks of cash around, and it’s easy to see why asking your customers to leave and withdraw money may mean that you just lost a sale.
Time is valuable, and one benefit that mobile credit card processing provides is creating a quick and easy way for your customers to process payments. Whether you’re a stylist, a crafter, or you own the favorite local bakery, giving your customers this payment option not only helps them but you, too.
If you’re ready to learn more, read on to find out why it is a smart business move to start accepting mobile credit card payments, and how to find the best mobile credit card processors. Check out our list of the top 3 processors for December 2015 on down below, and make sure you’re ready for the business that awaits in the coming year.
The Ever-Increasing Move to Paperless Spending
According to a Nilson Report that covered the changes that are projected to occur by the year 2017, customers will have doubled the amount of card...
If you have a storefront business that processes the majority of your transactions inside your store, you’ll qualify for retail credit card processing rates. The good news is, these 'card present sales' allow for some of the lowest rates available.
Card present sales are also known as swipe transactions – don’t mistake card present sales for manually keyed-in credit card processing transactions, however. To get the best retail credit card processing rates, you’ll need to make sure that your whole team is swiping as opposed to manually entering credit card transactions whenever possible. The difference between manually keying in your credit cards and swiping is that the magnetic strip offers you more security. With that reduced risk of fraud, your rates will be comparatively lower.
Why there is Less Risk for Retail Purchases
In addition to reducing the risk of fraudulent charges by swiping the card in store, there are a few other factors that come into play when the rate structure is developed for your business. The merchant services company will also take into account your AVT, or ‘average ticket size’. Generally speaking, the lower the average cost of your transactions are, the better rates you’ll get. We’ll go into the specifics later, but take the example of a local gourmet coffee shop as an example of how lower AVT poses less risk to the financial...
There are a few different ways that a business could be classified as high risk, but it doesn’t always have to be a bad thing. Today’s post will work through why your business may be labeled in the high-risk category, what you can do to prevent an unnecessary high risk rating, and best of all—how you can benefit from being a high-risk merchant. Believe it or not, there are some serious benefits that you gain when you do away with the restrictions a low-risk business operates under.
What does a high-risk business rating really mean?
As far as the credit card processing industry is concerned, high-risk merchants have a higher level of managed risk, so they often need specialized attention to help set up their payment processing account as well as keep it running while taking into account the increased risk.
That being said, high-risk businesses still need to find a service that equips their non-traditional business model without adding excessive costs or slowing down service.
Risk of Fraud and Chargebacks Increase
In a nutshell, a high-risk merchant account has a higher potential for fraud or elevated level of chargeback risk than a traditional retail business. One of the ways your transaction rates will be determined is by taking into account the average amount of each sale you process.
While higher ticket items may mean more opportunity for profit,...
