Today in the United States, credit cards are more important than ever before.
More than a third of all retail purchases are made with a credit card, and two-thirds of all small business customers do not have enough cash to pay for their purchases.
One of the keys to running a successful small business is providing ample ways for customers to purchase items. And in today's world, offering several credit card options gives your small business a huge edge over those that offer none.
But how do you choose the best credit card processing for your small business?
SOCA has put together a guide to help you decide on the best credit card processing options for you. Keep reading to find out more!
A recent survey showed that only 36% of small business customers carry at least $80 in cash. That means that 64% do not.
For small businesses that do not offer a credit card payment option, this is a huge problem.
At the same time, many small-scale merchants worry about paying credit card processing and merchant fees, as these fees cut into their profit margins.
The bigger threat to small businesses currently is turning away customers because they do not have cash, rather than the cost of credit card processing fees.
The best option for your small business going forward is to offer credit card payment as an option.
But how do you determine the best credit card processing company for your business, and if you already use credit card processing, how do you determine if your current credit card company is best?
SOCA has put together a short guide to help you decide.
When determining the best credit card processing company for your business, always go with the option that offers the most transparency.
This includes transparency in their fees, equipment leases, termination, and chargeback costs.
The better your processing company’s transparency, the easier you will understand your fees and the less stress you will have on your end.
You want the most options available to you as possible. Your credit card processor should accept all the major brands (Visa, Master Card, and more), in addition to transactions from online swipes like Apple Pay.
The idea is that you should be able to accept all credit cards both in your brick-and-mortar store and online. Ideally, you should be able to accept all credit cards, gift cards, and rewards cards as well.
Adding credit cards to your system is a great start. But you should also be able to integrate your existing system such as accounting and inventory without additional hassle.
If there is an issue with your credit card processor, you do not want to wait all day (or longer) for a response.
Additionally, you want your credit card processor to turn over funds as quickly as possible. It won't do to keep yourself waiting on credit card funds while your bills pile up. The money from credit card transactions belongs to your business, opt for the credit card company that gets you your funds as quickly as possible.
It might cost a little more for prompt transactions of funds, but it will be more profitable in the long run.
When you are dealing with credit cards and online transactions, accountable security is a must. If your credit card company is constantly dealing with security breaches and information leaks, that will reflect poorly on your business.
Choose a provider with Payment Card Industry compliance to ensure the safety of your and your customer's financial information.
Choosing a credit card processing company is not a process you should rush into. It takes a great deal of research and commitment to find the best option for you.
If you are looking for a credit card processing company that ensures you never miss a sale and can help save you money, look into Elavon US Bank Payment Processing.
Elavon is one of SOCA’s trusted partners, and they help businesses just like yours find the best credit card processing solutions.
For the best in data security and the latest payment technologies, Elavon is the choice for you.
If you are interested in learning more and getting a quote, reach out to SOCA today!