Today, it’s almost impossible to predict how your customer’s going to pay. But if you want to prevent them from abandoning their shopping carts, walk out of your store or post a negative review on social media, the it’s wise to give them options. If your small business is to survive, stay relevant, competitive, and in sync with your customer, it’s all about options, options and more options.
With extensive access to high speed Internet access from almost anywhere in the world, it is now possible to reach a nearly limitless number of customers, no matter what the size and nature of your business. There is adequate logistical support hence cross-border and international expansion presents huge opportunities. Different delivery terms and business conventions may prevail across geographies and payment methods in Europe may be quite different from those in Asia. Your business needs to leverage these potential revenues by adapting to the varied requirements of your customer profiles. The payment industry is one of the most rapidly-changing sectors in financial services and is still in the process of evolution, driven by technology and operational factors. Faster real time payments are gathering steam, with paradigm shifting advancements like AI, robotics, and cognitive capabilities looming in the future. You can save time and effort by using a payment processing company to accept credit cards.
Options available today include:
- Swiping credit and debit cards at checkout
- Other POS instore
- Payment via Card Not Present
- Online merchant payment gateway
- Remote payments via computer, phone or mobile card reader
- Payments on a smartphone or tablet
- Payments on your e-commerce website
- Payment on the go at multiple locations
- Prepaid or Gift cards
Trends to watch out for
- Cash and checks are a dying species and not everyone carries large wads of currency around with them. Check payments entail time and effort too. A new generation of Digital Natives, or Generation Z, has probably never walked into a bank to cash a check. By 2020 this demographic will make up nearly 40% of the American population.
- Customer experience is the new mantra and unless you grab the customer’s attention and retain it, they’re sure to move on, and fast.
- With APIs and open banking gaining traction, mobile payments seem poised to burgeon.
- Everyone’s looking for rewards and delivering them seamlessly in real time, in sync with the customer’s unique needs, lifestyle and preferences is crucial if you want to stay in the race. Otherwise, they’re going to move on.
- It looks like everyone is set to become a merchant and any device can transform itself into a payment acceptance device.
- However, don’t imagine for a moment that the scamsters and fraudsters are asleep at the wheel. They’re adaptive and swiftand , so your security systems need to stay ahead of the curve.
For more information on different credit card payments options, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.