What Kinds of Payment Should SMBs Be Able to Accept?

Date posted: July 10, 2017

payment

Sponsored by Total Merchant Services

 

By Rieva Lesonsky

 

Is your small businesses success and profitability being limited by the types of payments you’re able to accept? Consumers are moving far beyond cash and checks or even debit cards—especially younger ones.

Here’s an overview of the types of payments your small or midsize business should be able to accept.

Magnetic stripe payment cards

Fewer and fewer consumers are carrying cash these days, even for the smallest purchases. That’s why every small and midsized business should accept traditional magnetic stripe debit and credit cards including Visa, MasterCard, Discover and American Express.

Chip cards

In 2015, U.S.-based banks and payment processing networks change the way they handle credit card fraud. If your company’s payment processing devices don’t accept EMV (Europay, MasterCard and Visa) cards, which use an embedded chip instead of a magnetic stripe to transmit data, your business could be liable for some types of fraudulent card transactions. If you haven’t yet upgraded your point-of-sale or payment terminals to accept EMV chip cards, what are you waiting for? You’ll appreciate the peace of mind they provide for your business; consumers will appreciate the added security EMV chip cards offer.

Near field communications (NFC) mobile payments

Consumers increasingly rely on their smartphones for just about everything, including making payments. Also called contactless payments, digital wallets or mobile wallets, NFC technologies such as Apple Pay, Android Pay and Samsung Pay allow users’ smartphones and payment readers to exchange data securely without touching. “Digital wallets are quickly becoming the norm, particularly among millennials,” says Scott Blum, Vice President of Total Merchant Services. “Because digital wallet payments are faster than using EMV or traditional swipe credit cards, users are quickly converted.”

On the go

You don’t always have a Wi-Fi connection when you’re ready to accept payment from a customer. With Total Merchant Services’ Ingenico iWL255 wireless mobile terminal, you can connect wirelessly without a direct phone line or internet connection and take payments wherever you are. (It’s actually faster than using wired payment systems.) The processor accepts contactless payments, EMV chip cards and magnetic stripe cards.

ACH payments

Automated Clearing House (ACH) payments directly transfer funds from a customer’s bank account into your company’s account. If your business doesn’t have a physical point of sale—for example, you provide services, or you sell products online—online payment processing solutions enable you to accept ACH payments, which is convenient for both you and your customers. For example, you can set up recurring billing for customers to whom you provide monthly services, or accept payments for e-commerce purchases from customers who don’t have or want to use credit cards.

PayPal

A lot of consumers like PayPal for the convenience it provides, as well as the fact they don’t have to share their credit card information with vendors (just with PayPal). Even the smallest businesses can accept payments via PayPal (in fact, even individuals can do so), making this a smart method of payment to accept.

Payoneer

Payoneer is a payment solution that lets companies pay individuals even if they don’t have a bank account by putting the funds on a Payoneer Prepaid MasterCard® card. If you frequently work with companies or contractors in other countries, you can also use Payoneer to pay each other in the recipient’s local currency.

Bitcoin

Bitcoin is a global “cryptocurrency” that doesn’t exist in physical form but lives on the internet. While bitcoin is far from widespread, accepting payments in bitcoin can simplify and speed payments, especially internationally, while eliminating PCI compliance requirements and fees.

The Right Payment Acceptance Solution

When choosing a payment solution to handle any or all of the above types of payments, be sure to look for:

  • You don’t always take payments at a counter anymore, so choose a payment processor that can go where you go. Get the most from your payment processing solution with a flexible system such as Total Merchant Services’ Groovv POS Flex, which provides both mobile and stationary options with a detachable tablet interface. It even lets you invoice customers electronically and accept payments online.
  • Payment card security. A solution that complies with Payment Card Industry (PCI) and EMV standards will help protect your customers’ personal and financial information—and your business.
  • Low payment processing rates. The cost of accepting payments can quickly add up if you don’t select the right payment processing solution. Make sure any fees involved won’t eat into your profit margins.
  • 24/7 customer support you can count on. Problems processing payments are the last things you need when you’re running a business. Being able to reach a real person 24/7 gives you the peace of mind you need to focus on the really important things.

For more information on Total Merchant Services’ product family and/or to see if you qualify for free placement of payment processing equipment, call (888) 610-1025.

 

 

 

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