While there are far more than 5 things to consider for payment processing in 2021, here are the top five that are bubbling up to the surface and can really make a difference in your business going forward and staying ahead of the curve.
We always make it a point to focus on what is happening and the impact of trends in the payment industry on individual businesses, the various industries we serve, as well as those that could be impacted most by payment processing trends and changes.
As we look back to last year and how transaction preferences changed quickly, we believe these are here to stay and should be on your radar.
Security of Non-owner Processing of Credit Cards
Training of your staff is of the utmost importance and can really make a difference in the security of your business and customer data. Besides being a best practice and requirement for PCI Compliance, making sure that everyone follows safe handling of cards is essential.
Now is not the time to throw someone new onto the payment processing portal or the POS System without adequate training. TransAct always supports clients with employee and staff training, so whether they are new, need a refresher or you just want to make sure they know what they are doing, give us a shout.
Digital Payment Suite of Solutions
Digital digital digital.
It was all about the hands-free, no contact digital suite that continues to grow.
From curbside pick-up with advance payment online or in-person contactless payments, to text and e-mail payment links along with the easy to set up secure online payment portal, TransAct was ready – as were many of our clients.
The trend toward digital payments had already started and the health crisis impacting 2020 just cinched it. We are not going back to card in hand, swipe to pay.
If you haven’t already taken the initiative, there are several easy ways to adapt your business with digital payment options that will not only help to protect health and safety, but they can also proactively improve the turn-around of payments. Get paid at the time of transaction or purchase and reduce your accounts receivables, giving you more cash on hand to support your business operations.
Mobile Devices – No Need to Remove a Case to Use Bluetooth Devices
Advancements in mobile devices and Bluetooth readers have been extraordinary. There is no need to remove a phone case to use the hardware TransAct recommends. This can really enhance the use of mobile payment technology.
Now, there is no risk to the hardware (aka the phone or tablet, which we know are more fragile than we would like), and limiting the need to touch just one more thing is good for the health and wellness of your team members and customers, too.
Accepting payment on-site during service calls, field installations, or project-related work is ideal not only for trades but also for professional services companies. Being able to process a credit card payment as soon as a service or appointment is complete is a real benefit to the company; reducing paperwork, shortening the time to get paid and shrinking accounts receivable balances.
Send Secure Invoices – with Built-in Payment Technology
Regardless of the POS System, accounting software, project management or field service applications you use today, the ability to send a secure invoice is key. A built-in payment link allows for secure e-payment via credit card, e-Check, EFT or other digital payment and closes the loop on the paperwork trail. Combine this with reductions in time to receive payment and more efficient record keeping, it is a win-win.
This also improves cash flow and reduces outstanding A/R balances which is an even bigger win!
Online Statements and Deposit Access
Keeping track of your financial standing with online statements, deposit records, easy access to critical information for reconciliation and fighting chargebacks are all part of the TransAct system when you become a client. The variety of tools at your disposal are nearly endless and all of them are meant to make your business more efficient, reduce management time and improve payment processing time.
Automatic integration with QuickBooks is another aspect of this trend and if you haven’t already set it up, we are not sure why you are waiting. This has been available and is a core feature that most clients utilize already.
So, 2021 is finally here, and the latest technology and digital payment processing trends are only going to continue to evolve. Take advantage of them now and be ready for whatever 2021 brings you and your business.