Credit card processing is an important part of a small business’s livelihood.
Research from a Finder study shows that 73% of people would leave a store without making a purchase if it didn’t offer a card terminal. Only 27% would find an ATM and then come back to the store to purchase something.
And even with this knowledge, a surprising 55% of small businesses still choose not to accept credit cards. Businesses that choose not to invest in a credit card processing system are losing an estimated 11.8 million customers.
Most small businesses can’t afford not to accept credit cards in this age of cashless transactions. Here are some helpful credit card processing tips for small businesses.
Spend Some Time Shopping
Just like a credit card, choosing a credit card processor means doing your research. Each processor has different rates, fees, benefits, and pitfalls.
And since credit card transactions and other associated fees are often the reason a small business is reluctant to implement a credit card processor in the first place.
Take some time to compare fees and features so you can find the processor that best suits your business.
Choose a Processor with Options
Small businesses often need to adjust aspects of their goals, plans, and expenses quickly. While you’re shopping for the perfect credit card processor, pay special attention to those that offer adjustable options – so you can tailor it to your business’s current needs.
Follow the Rules
Previously, credit card processing providers included restrictions to stop small business owners from implementing minimum purchase requirements for credit cards. But now, businesses are legally allowed to set a minimum purchase of up to $10 for credit card transactions.
But just like with the previously mentioned features, you must carefully read and analyze the rules and restrictions that accompany each credit card processor contract.
Right-Size Your Expectations
As we mentioned, credit card processing is an essential (and often headache-inducing) part of staying relevant as a small business. And with 2020’s big push towards online shopping, credit cards and other online payment methods are a must-have.
However, it’s important to manage your expectations. Putting a credit card processor in place will generate more expenses for your business. But you have to weigh that against the revenue that is generated from credit card sales. There are very few businesses, that still exist and thrive as cash-only.
And remember: offering credit card processing means you don’t have to listen to customers and potential clients complain about your lack of credit card acceptance!
Aim for a Processor with Mobile-Friendly Features
Credit card processors can also have features that are compatible with mobile wallets and other payment apps like Venmo, PayPal, and CashApp. It is a good idea to prioritize these processors over those that don’t offer mobile-friendly integrations.
For the best outcome, look for a credit card processor that accepts: all major credit and debit cards, prepaid cards, gift cards, and digital wallet payments (Apple Pay, Samsung Pay, Google Pay, etc.).
Opt for Something with Account Integration
Manually entering payments is a time-wasting hassle. You should make it an essentially desired feature to have the ability to integrate your payment data into the business’s accounting system.
This can eliminate a lot of the potential for human error.
ReliaFund: A Credit Card Processing Partner for Small Businesses
Streamline your payment processing with ReliaFund’s all-in-one platform. You can process credit card, check, online, recurring, and ACH payments.
Contact us to learn more.