Trends are not supposed to stay around long, but here are here are 4 merchant service trends we see staying in our business management portfolios. If you have not adopted these yet, you should reconsider.
2020 changed the world in more ways than we can put to words, but for the payment processing industry, emerging technology made it’s way to the forefront and it is not going back.
Consider these tools for your business. We know “One Size Fits All” doesn’t cut it anymore. That is why we offer customizable solutions for each business and the unique needs your industry may have.
Top Payment Processing Tools
- Mobile friendly. Accept payments wherever you are. On the road. Standing in front of the customer, not stuck behind the front counter. At the table. Curbside. Process payments wherever clients and customers are.
- Security controls. Monitor and reduce risk by adding access controls. Obtain a secure certificate. Set up unique log ins for each employee. Establish overnight limits on processing. Always (always) run your monthly PCI compliance scan.
- Q/R codes. Easy scan with links to pay, review a menu, place an order, schedule a service and more. Sure, they were hot for a while, but had became cliche and underutilized. Then they returned as an essential part of many businesses and they are not going away anytime soon.
- Text to pay. Customers of all ages are using this easy processing option – and almost all industries have adopted this feature:
- after school enrichment
- personal care services
- hair and nail care
- lawn care
- pest and mosquito control
- maid service and house cleaning
- gutter cleaning
- home remodels
- tax prep
- financial management
Here are a few others that did not make the top 4, but you should consider. Perhaps these are not cutting edge technology, but they are critical components of the payment processing toolkit.
Processing Options for Today and Tomorrow
Incorporate EFT and ACH payment options. No one carries a check book anymore, but plenty of people don’t want to use their credit card for some reason or another. This is an easy process for you and the client. Plus, it reduces processing fees you pay.
Integrate your POS with QuickBooks® to streamline accounting and bookkeeping.
Add a service fee (where allowable by law). Pass on the percentage processing fee as a flat rate surcharge to the buyer and reduce overhead on payments made to your business.
Recurring billing. Automate this process. No one wants to remember how much to pay for their tutor, monthly spa service, or the balance on their high deductible medical device or procedure. Create a simple, automatic payment for clients who pay the same amount each month.
Choose what works for your business now. Facilitate payments, reduce expenses, mitigate risk, improve cash flow, increase loyalty and repeat visits.