Money aside, managing any business has its challenges. Then technology comes along and things get really interesting – especially when the technology is responsible for collecting payments. Many business owners often underestimate how crucial choosing the right payment technology can be to managing the bottom line.
Imagine a scenario where, a young (and very creative) woman named “Sam” opens a small gift shop in a strip mall that soon becomes very popular for selling unique, handmade gifts. When opening her store, she decides to accept credit card payments using a simple, traditional credit card machine to avoid the hassle of investing the time or money in a more elaborate system.
Within a few months, she decides to take her gifts to local craft shows and begins to also sell her crafts online. She is now tasked with finding a mobile friendly way to accept credit cards at craft shows and an ecommerce solution to accept payments online. Soon she has three separate payment systems – and a very real reporting nightmare.
It’s likely with all the time she is spending trying to reconcile between the three systems, she is losing money and productivity elsewhere. This could have all been prevented from the beginning if she had chosen a payment product that was versatile and could grow with her business.
Here is a complete list of what “Sam” should have looked for when choosing her first Payment platform:
- Accepts all payment types including credit/debit cards, pin debit, checks, gift/loyalty cards, EBT, and cash tender.
- Works across all payment modes: PCs, mobile phones, tablets, laptops, and POS systems.
- Accepts payments from anywhere including retail stores, through the mail, over the phone, on a website, and via on-line forms.
- Accepts different types of payment plans including recurring, installment, and save on file.
- Has multiple transaction options including pre-authorizations, cashier tips, waiter tips, dynamic currency conversion, and multi-currency conversion.
- Works with a variety of hardware and peripherals including signature capture terminals, check imagers, terminal integrations, blue tooth printers. thermal Printers, and EMV Terminals.
- Provides advanced security features including tokenization, address verification (AVS), card verification Value (CVV), and end to end encryption.
- Has additional product features such as auto settlement, credit card account updater, business card BIN specific prompt, email confirmation, dynamic DBA, payment form customization, 12 month rolling reporting, transaction search, self-initiated password resets, and user defined fields
Sound too good to be true? It’s not, there are payment solutions (like Converge) available to business owners that combine all of these features and more.
Interested in learning more about Converge? Click the box below to watch a brief video.
About the Author – Rachida Arteaga, Director of Marketing at NTC Texas is a successful, six year marketing veteran, running events and campaigns for large to small enterprises and non-profits. She specializes in blogging, social media, branding/ identity and search engine optimization, striving to provide NTC Texas customers and fans with entertaining and valuable educational resources to find success in all areas of their businesses.