When credit cards first came onto the market, they were far less widespread. You had to have a high net worth to qualify for one, because your income and wealth levels were seen as proof you could pay off your cards. High end designer stores soon adopted card payments.
The world today is different. We get credit cards in the mail, often without even asking for them. While this is a risky and can lead to bad debt and worse credit, it does open a lot of possibilities. It allows us to have nice things now and pay for them later, and it’s a gift we should enjoy responsibly.
As cards have become more and more ubiquitous, smaller businesses have began to accept them. Part of this is influenced by millennials. They are more likely to use plastic than paper, and a lot of them seem to prefer smaller stores. It may be ideological or practical, but either way, the average 20 to 30 year old would rather use a food truck than a fancy restaurant.
Follow the customer
These consumer segments have drawn businesses toward card payment and e-commerce. Business goes where customers are, and aside from credit and debit cards, customers are being increasingly drawn towards apps. They use them for everything, from deciding where to eat to finding a place to sleep. And all these apps have integrated e-payment systems.
As their fan base becomes more and more used to paying for things online, they expect their offline activities to follow suit. For business reasons, it makes sense to offer your customers the payment options they want to use. Plus it’s really easy to build an e-commerce platform or mobile app, so why not develop one and gain more customers in the process?
The main challenge for small businesses might be capacity. They have a small staff and a cosy remises, so they may not feel equipped to handle the hassle of card payments. Fortunately, they don’t have to. With the right merchant processor, all the hard work will be done by the processor. And the costs can be pocket-friendly too.
Getting into e-commerce
The first step for a small business that wants to venture into e-payment is to identify a good merchant processor. They might be intimidated by big names, but many established processors are just as happy to deal with smaller enterprises because they know that’s where the future lies. It’s also where the customers are.
This type of merchant processor seems tailored for small business. They offer mobile platforms and e-commerce options at no extra charge, and they will handle all the processing bureaucracy on your behalf, ensuring that your business is fully PCI and QIR compliant. It will maintain high encryption levels and offer 24/7 customer support.
Because small businesses have comparatively low transaction volumes, the right merchant processor will charge per transaction rather than offering a monthly fee. And all the fees they do levy will be low cost and high quality. For more information about the future of small business payments or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.