Credit card and debit card processing is a must for any business operating today. The right systems not only give your customers the ability to pay however they want, but will also let you sell online and even by phone. And while it may seem like a simple, standard operating process, the reality is that for many businesses just taking a closer look at their credit card processing strategy could actually help you get more from it.
You could lower your rates, increase your sales, and much more if you just take some time to improve your credit card processing efforts. Here’s a look at some tips to help.
• Upgrade! – Better technology means better processing. Chip readers add increased security to your transactions, which can lower your overall fees. Additionally, upgrading to new systems can allow you to accept new methods of payment including things like mobile pay.
• Market Your Capabilities – Most businesses don’t look at their POS as a marketing point. But, when you upgrade as mentioned above, you actually end up with a powerful tool to help your company stand out. For example, you can use things like mobile pay, chip reading, and more to show your businesses that they can shop with you any way they want to.
• Don’t Enter Manually – When you manually type in your transaction info, it increases the cost of each transaction. The reason? It increases the chance of fraud taking place as well as mistakes occurring. Instead, always swipe a card whenever you can. This reduces fraud and helps keep your overall fees lower.
• Set Up Minimum Sales – Small transactions end up costing you more in overall fees. Transactions under $5 with a profit margin of just 10% means that your fees often make it so that the transaction isn’t worth it. A minimum sale of $10 or $20 will ensure that your transactions are actually worth it.
• Market it! – Don’t forget that with some creative forethought, you can actually market your credit card processing so that it ends up being a selling point of your business. For example, highlighting the fact that your customers can now use mobile pay to speed up transactions could be enough to drive up business, at least to a small degree.
Credit card and debit card purchases are the norm today, and the fees associated with them are unavoidable. As such, taking the time to strategize and use them to your advantage is important – and could help you get more from every credit card purchase