Small business owners know that their payment processing requirements are unique, but they may not be aware of just how important it is to choose options that are tailored to their specific needs. TransFirst® is pleased to outline what we consider to be the basic top five services that we recommend every day to our small business clients:
- 1. Credit cards acceptance. These remain one of the best ways to grow your customer base and, by extension, your business. Credit cards remain among the most common and popular ways for customers to pay for their purchases, so if you’re not accepting credit cards you’re missing out on those sales. For a traditional retail operation, a POS credit card terminal has got you covered when it comes to processing credit and debit cards, EBT (Electronic Benefits Transfer), gift and loyalty cards.
- 2. PIN/signature debit cards acceptance. Debit card usage at the point of sale has grown dramatically in recent years in the U.S., and now exceeds the number of credit card transactions, according to recent Federal Reserve statistics. Many customers prefer the convenience and ability to pay-as-they-go with a debit card. From a merchant’s point of view, debit card transactions are processed efficiently and easily — just like credit cards — and they carry lower processing fees.
- 3. E-commerce solutions. Buying and selling products and services on the Internet has never been more popular, and it’s predicted this new business sector will continue to expand at a rapid rate. According to Forrester Research, U.S. online retail sales will grow to $480 billion by 2019. By adding e-commerce to your company website, you can tap into that burgeoning market. TransFirst can set you up to accept credit card payments online with Transaction Express®, our electronic payment gateway.
- 4. Gift and loyalty card offerings. A gift card is a type of stored-value payment card that’s preloaded with a set value and commonly issued by retailers. Loyalty cards are basically a rewards program for your frequent and valued customers. Both are easy to use and process, drive shoppers to your business, can increase the amount of money you take in and function as a marketing tool to promote your business. They’re popular with consumers, and should be with merchants, too.
- 5. Mobile processing. Mobile is the new trend in credit card processing. It allows merchants to process payments through a mobile device like a smartphone or tablet. TransFirst’s mobile processing solution, ProcessNow® Mobile, lets you download a free app to your smartphone or tablet, attach the recommended cardreader and swipe major credit cards and signature debit cards wherever you need to go to make the sale. ProcessNow not only saves you money on processing fees by turning your transactions into card-present sales, but gives you the freedom to travel that puts you a step or two ahead of your competition.
Small businesses that are committed to growth should analyze how these five merchant services can help get them there. Talking to an experienced merchant services provider like TransFirst is a great first step in the right direction.