Written By Marilyn Wilson, Senior Manager, Small Business Banking, Coast Capital Savings
When it comes to payment, convenience is king. From tap and Apple Pay, to Amazon’s pilot of a cashier-less grocery story, it seems like new, alternative payments are growing faster than the pumpkin spice craze. It’s crucial that your business can keep up, not just to have the latest shiny technology, but because your customers will expect it.
Here are five payment solutions to keep your small business on top:
Give the people what they want – more options!
We’re living in a dizzying world of choice, but when it comes to accommodating your customers’ desires for flexibility and convenience, more options is key. Choose a payment solutions provider that accepts a wide range of payment methods – from credit and debit cards, to gift cards and loyalty programs, to currency conversion for foreign customers. If your customer can’t easily pay for the product or service you’re providing, they’ll head to your competition.
Rest assured, you’re secured
Just like you lock your front door, put a lock on cardholder data. Safeguard your customers from fraud. If you lose your clients’ confidential information, you stand to lose a lot more than just your loyal customers.
Choose a provider that has an integrated solution for customer data and payment information, and make sure they comply with the global information security standard – the Payment Card Industry Data Security (PCI DSS). It’ll put the tricksters out of business (and keep them out of your business), lower your risk of liability, and enhance your reputation as a safe place to do business.
Don’t like surprises? Know the rates and fees
There’s no getting around it – payment providers will charge a fee for every transaction your business fulfills. Some will charge you a flat rate, regardless of transaction size. Others will charge a percentage amount of each transaction. And if you’re using point of sale (POS) terminals, or offering certain payment services to your customers, like recurring billing, you might have to budget a bit more. As the old adage goes, you need to spend money to make money. Assessing if the payoff outweighs the payout will help determine what fee structure and services will best suit your business. Continue reading Finding the Best Payment Solution for Your Business