Whether you’re a residential or commercial mover or work in industrial storage, getting the right payment system for your business might seem like a task that you can afford to leave on the back-burner as other priorities take over. However, many companies do not realize the benefits of a flexible yet sophisticated payment processing solution and how a bad one can leave you out of pocket in more ways than one.
There are two main times when you need to get a merchant account: when you are switching merchant services providers to get better rates, service, and tech, or when you’re just starting to build the infrastructure of your business. Your choice of merchant services will define a critical part of your business — the actual way your business accepts and transfers money, and your merchant account is the key that lets you start accepting transactions.
Whether you’re evaluating new options for your payment system or just starting out on your entrepreneurial journey, understanding the payments ecosystem is important. Your choices can save or cost you thousands of dollars depending on your volume and contract length. One of the first choices you’ll come across in your payments journey is whether to work with a merchant services provider and open up your own merchant account or work with a third-party payment processor.
As a merchant, dealing with declined transactions can be awkward at the best of times, so it’s important to know exactly why a particular message has appeared. Whether it’s taking place in-person or online, there are a number of reasons why a transaction might not have been authorized: The customer might have insufficient funds, they’re over their daily spending limit, or the processing system could be malfunctioning. You might also get the message “Pick up card” - but what does this mean exactly?
Ah… QR code payment. The payment type that’s often considered the biggest flop in recent payment history. It was released to wide fanfare and quickly shunned as excessive and pointless by consumers and merchants alike, but that may have been for the wrong reasons. And as you’ll see shortly, QR codes are having a bit of a well-deserved revolution, and merchants should know why. But before we get into the future of QR codes and how that applies to your business moving forward, let’s cover the basics.
As credit card processing becomes increasingly costly for merchants, many are seeking avenues that allow them to reduce this expense. One of these avenues is adopting a cash discount program that incentivizes customers to pay by cash or check - offsetting payment processing costs for business owners. What is a cash discount program? Businesses that use a cash discount program offer a discount to customers who pay by cash or check instead of using a credit or debit card.
Making a business feel like a community is one of the sharpest tools in your marketing shed these days. Consumers want to trust in both the product and the company, and the best way to develop trust is to give back to your community. And what’s a great way to do that? A bank customer appreciation day or other events that uplift and make your customer feel supported and excited!
So your credit union is considering a member drive? Awesome! While drives are certainly a lot of work, they can be super rewarding when you finally sit back and appreciate the fruits of your efforts. But how can you be sure you succeed? What does it even mean to run a successful drive? Fear not! We’ve got your back. But first things first, let’s cover some basics that will do wonders for your post-drive analysis.
As a merchant, one of your most important priorities while processing payments (if not the main one!) is going to be avoiding fraudulent transactions. Merchants can be deemed susceptible to fraud if the card is not present during the transaction, such as with online purchases, payments made over the phone, or online invoice payments. So while it might seem like the payment and anti-fraud landscape is getting more and more complicated - it’s for a good reason.
If we had to bet, we’d say you’re in 1 of 2 camps: You’re considering opening a business and are researching how to make an informed decision when to comes to payment processing. You’re considering switching payment providers and are curious to see what your options are. Regardless of where you are in your business life, you’re in the right place. The payments world is confusing, and understanding all of the players and how the money flows between them is important.
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