Does just the mention of electronic payments acceptance make you anxious? Does your heart race and palms sweat when you have to call your payment processor? Never fear – these are (semi) normal reactions to this topic.
If your business wants to stay afloat, you have to accept a variety of payment types. Accepting electronic payments is what keeps your doors open – literally and figuratively. But, calling your payment processor or considering a change to your payments system probably aren’t at the top of your “to do” list. Why is that? Are you afraid that you won’t understand what the person at the other end of the phone is even talking about? Are there just too many confusing options in payments processing these days? We understand. Let’s play a little game to help soothe over your anxiety.
Would you rather…troubleshoot with your payment processor or walk barefoot across Death Valley in the heat of the day?
Famously known as the hottest place on earth and the driest place in North America, Death Valley, California, isn’t the type of place where you want to be caught without your flip flops. Summertime highs are usually around 120 degrees Fahrenheit, with the highest recorded atmospheric temperature on Earth recorded there at 134 degrees Fahrenheit back in 1913.
While troubleshooting issues with your payment processor may sound rough, at least it won’t burn your feet. Your processor is there to assist you and they understand that you probably don’t have in-depth knowledge about payment transactions. That’s why you’re paying them, after all. Don’t be afraid to ask questions, no matter how basic they may seem. You can rest easier knowing that your processor can help in a variety of ways, including:
- Making sure your point-of-sale terminals are working smoothly
- Answering your questions about implementing mobile payments
- Explaining the benefits of value-added features like loyalty programs
Would you rather…discuss payment security or listen to a baby hysterically crying on a plane?
Ooooh…good one! While dealing with your company’s payment security may make you want to cry like a baby, it’s a subject that you can’t afford to ignore. Data breaches increased 40 percent from 2015 to 2016, and experts project them to grow even more in 2017. Did you know that 60 percent of small businesses go under within six months of a data breach? That right there is a compelling reason to make sure you’re fully protected.
To safeguard your business systems from all angles, you should be using a multi-layered approach to protecting card data. Here are some ways to make your business safer:
- Accept EMV chip cards—a must for all merchants in the U.S.
- Comply with PCI DSS standards—a requirement for all types of businesses that handle sensitive data
- Implement tokenization and encryption to protect payment card data while at rest and in flight between systems
- Use SSL (secure socket layer) to protect card data entered into your eCommerce website
Speak with your processing partner to see which security technologies are the best bets for your type of company. Don’t wait until a breach has occurred to ramp up your protection. Doing so now is worth the extra effort and cost.
Would you rather…get a free rate review on credit card processing or undergo acupuncture with hot needles?
This one should be an easy choice. Why would anyone get acupuncture with hot needles? Don’t get stuck on your credit card processing contract. Opt for an annual rate review that assures you that you’re getting what you need for your processing dollars. Plus, you won’t have to spend time researching and potentially switching payment providers. As your business and processing volume grows, you may qualify for different offers or better pricing with your current provider. Keep your business operating efficiently by not neglecting these types of “housekeeping” chores.
Would you rather…train employees on accepting mobile payments or make it to the register after a long grocery line and realize you forgot your wallet?
This one’s a toss-up. Savvy consumers may have left their wallet in the car but they can pay with their smartphone using NFC (near-field communication) technology and a digital wallet. Heck, paying this way is a lot easier than digging out a plastic payment card. The primary reason shoppers love using their phone to pay is speed of checkout. Mobile payments are a win-win for the consumer and the business. The popularity of smartphone payments continues to rise, and 53 percent of consumers say they choose certain businesses because they accept mobile payments.
What’s more, training your staff to accept mobile payments is actually quite easy. Ask your payment processor for signage that advertises your mobile payments acceptance, along with tips for a smooth implementation. If you have upgraded your terminals to accept EMV chip cards, it’s likely you already have the ability to accept mobile payments. In that case, you’ll just need to check that the mobile payments function is turned on, and then let your customers know they can (purposely) leave their physical wallets at home.
Would you rather…review your payment processing statement or teach a two-year-old to play the banjo?
Understanding the intricacies of any type of business billing statement may trigger a headache, but listening to a toddler pluck out an unrecognizable tune on a banjo is guaranteed to give you a migraine. Here’s the good news: your payment advisor is here to help you with any questions you have about your statement. You don’t have to remain in a state of confusion about the line items on your bill, and what you’re being charged for. Your processor can help decipher any billing areas you aren’t clear about. Understanding payments processing and associated billing will help you run a more efficient, successful business. And that’s what it’s all about.
