Provide Customers with Convenient Payment Options

Provide Customers with Convenient Payment Options

When it’s time for customers to pay, they want their payment experience to be fast, easy and secure. They expect to be able to use their payment option of choice, whether they’re checking out online, in person or through their mobile device. Merchant services enable you to accept and process a variety of payment types, from credit, debit and gift cards to mobile payments.

Your customers aren’t the only ones who can benefit from the convenience and security of merchant services; your business can benefit, too. Merchant services can help your business:

• Increase sales - Customers prefer buying from companies that are easy to do business with. The easier you make the payment process for them, the more likely they may be to buy from you.
• Protect your customers and company from fraud - Reputable merchant services partners provide state-of-the-art security and encryption to safeguard data and financial assets.
• Forecast with confidence - Merchant processing’s digitized payment records offer enhanced visibility into sales, revenues and other metrics so you can more easily identify customer trends and project future purchasing activity.
• Ease employees’ workload - Electronic payments are fast, easy and efficient, plus they minimize the need for making change, verifying check information and manually preparing sales reports.
• Scale - Centralizing payment processing under a single platform can make it easier to accommodate growing sales activity as your business grows.

What a merchant services partner provides

The term “merchant services” can cover a range of financial services and equipment, which may differ from one provider to another. Consider which of the following you may need as you compare merchant services partners.

Payment gateways. A payment gateway is a digital interface that enables you to accept credit and debit card purchases for online as well as in-person purchases. It facilitates the secure transfer of funds from the customer’s preferred payment method to your bank, where the transaction can be processed.

Card payment processing. With an overwhelming majority of Americans carrying debit cards (93%) and/or credit cards (82%), businesses feel increasing pressure to accept cards as payment alternatives. Credit and debit cards were used to make 62% of consumer payments in 2023, as card usage continued to climb, while cash and check payments continued to decline. Merchant processing services enable businesses to accept and process card payments securely, encrypting data to protect the customer as well as the company.

Contactless payments. For customers who prefer to make debit or credit card payments right from their phones, merchant services providers can supply mobile technology that enables companies’ POS systems to accept these transactions as easily as physical card payments.

Online transaction processing. Online payments are similarly accepted and securely processed for e-commerce companies and others that do business online. Once the customer enters payment information into the payment gateway, the customer’s bank and the business’s bank communicate electronically to transfer the money. 

POS equipment. Retail establishments require point-of-sale equipment — hardware such as card readers and terminals, as well as software — that is often provided by the merchant services partner. POS systems can also digitize sales and inventory tracking to help streamline internal processes.

Determining which POS equipment is right for your business begins with a discussion of your needs, your customers’ preferences and more. For example, if you run an on-the-go type of business, such as a food truck or an onsite repair service, a card reader that attaches to your phone or tablet may be more practical for payments than a standalone card reader or one that is part of a larger POS terminal.

Gift card and loyalty program processing. Many merchant services programs can be customized to accommodate payments by virtual or physical gift cards, and to facilitate loyalty programs, sales and other promotions your business may offer. Talk with your merchant services partner about tools that may be available to help you manage your specific programs.

EBT processing. If you’d like to be able to accept electronic benefit transfer cards, such as those issued to Supplemental Nutrition Assistance Program (SNAP) participants, you may be able to do that through your merchant services processing system.

Reporting. Sales tracking, inventory management and forecasting can all become simpler when you take advantage of the reporting and analytics capabilities built into many merchant services platforms. Ask your provider what type of reporting is available and how you can set up customized templates that provide you with the precise data you need.

How to choose your merchant services partner

In addition to comparing merchant services providers by the types of payment services and tools they can provide, explore their fee structures and their approach to customer support to see which aligns most closely with your needs. It’s common for merchant services providers to offer flat monthly rates, per-transaction fees or a tiered pricing structure that takes into account the specific services and features you choose.

But even more important than price is their commitment to supporting you when you need assistance. Do they offer clear, consultative training? Do they assign a point person or team to be accessible to you when payment issues arise at point of sale or online? Are they committed to resolving those issues quickly and competently?

Spend some time getting to know potential merchant services providers before you make your choice. Payment processing is a critical element of running your business; make sure you have a partner you can trust.