Easy Payment Processing Solutions for Retail Businesses

Easy Payment Processing Solutions for Retail Businesses

If you run a retail business, you already work hard. When you can find a way to make the work a little bit easier, take it. That’s the thought behind some easy payment processing solutions.

When you have a long line of customers – whether online or in a bricks-and-mortar store – you want to move them through quickly and efficiently. But, you also want to make sure the payments are processed correctly. The last thing you need is for your equipment to fail, your software to crash or a bad credit card sale to go through.

You already know that accepting credit cards will make life a little easier for you because your business will grow. In fact, people will spend up to 30 percent more with a credit card than they will if they’re paying with cash for the transaction. But credit cards also offer your customers easy, flexible payment options. Their transactions will be secure and they can send their worries out the window.

In order to create this safe environment, you need to find the right payment processing system. You need a system that can handle payments made via credit cards, debit cards, EBT, check conversion and guarantee, and maybe even gift and loyalty cards. To do this, you need a full range of processing services, equipment, hardware and software that will support your merchant account.

Here are just a few things the right payment processing solution can do for you, the retailer:

Improve your cash flow by reducing your payment receipt time from one to two months to two to three business days

Help you qualify for the lowest processing costs by ensuring you meet card association requirements for collecting enhanced data

Increase your effectiveness through multi-merchant accounts

Make your employees more productive as a result of efficient equipment

Reduce your costs and lower your overhead by getting rid of repetitive data entry systems and reporting tools

Take care of large payments with online speed

Make good use of existing Internet access

Help ensure you are PCI-DSS compliant

To make sure you take advantage of these benefits, you need to find the right payment processing solution for your business. Look at the different brands the company offers. Ask the company representative questions about the level of support that is offered. Definitely ask other retailers – maybe even your competitors – what solution they chose and why.

As a retailer, you also want the newest credit card terminal and software technology for the most reasonable price. You need to be able to depend on the terminal – and the company standing behind it. Remember, this is real-time processing. Your transactions will be completed automatically and instantly. If your hardware breaks or your online system goes down, you are just about out of business during that down time.

To give yourself an edge, you need to look for a retail merchant account that offers:

Quick turnaround on credit and debit authorizations

A networked, integrated PC or stand-alone system that also offers some flexibility

One-key authorization

A reporting package that is designed for your retail business

Some of the equipment you will be looking at includes:

A check imager, which converts checks to secure electronic documents

A dial-up credit card terminal – preferably a compact countertop model – that will process all card types, complete the transaction and authorize the sale

Internet connected terminals, or an integrated smart card reader, that has the same processing capabilities

A PIN pad that meets all PCI security standards and is compatible with your processing equipment

Software to support all levels of purchasing cards

A wireless, portable payment device that gives you reliable and secure transaction processing

The payment processing industry is changing constantly. New equipment often becomes available, but not all of it will be necessarily good for you or your business. When speaking with a customer service specialist, ask for an evaluation of your particular business situation.