1. Use an integrated payment processing solution
If your company uses software for invoicing, this is key because an integrated solution will let you process a credit card payment directly inside your system. That means no having to go back in at the end of the day to do the double work, mark your invoices as paid, balance the general ledger, correct your inventory…etc. An integration takes care of all that for you automatically.
Most modern accounting programs will give you the ability to integrate payment processing, so if you have the option to do so, I suggest you take advantage of it—or, look into pricing structures and the like at the very least. Pricing does vary quite considerably among different vendors, so it’s good to get a few pricing breakdowns before taking the plunge if you’re planning to do so.
2. Take advantage of online shopping carts
In today’s age, almost everyone is buying things online—things of every size and class, from books to produce, all the way to aircraft parts. This new business model automates a good deal of sales, and thus payment processing–and it tends to boost revenue pretty significantly all across the board, since customers who would normally spend time on the phone placing an order can simply replicate that process online, enter their own notes, payment processing information…and wait for their order. There’s an array of shopping cart options available to you, and each has different pricing options and functionality, so do some research before choosing.
3. Take advantage of mobile payment processing apps
If you enlist the help of service people who are mobile themselves, mobile payment processing apps are a fantastic way to further speed up payments. A mobile payment app functions as a miniature version of your payment processing gateway, allowing your salespeople to accept credit card payments right at their job site either by keying in card numbers directly or by swiping cards through an external device that mounts on their Apple or Android devices. As with the shopping cart option, it keeps you off the phone and lets your customer do most of the payment processing legwork.
Not every online gateway comes with a corresponding mobile app, so it’s good to do a bit of research before choosing an option.
4. Make sure your payment processing provider or gateway is PCI compliant
Payment Card Industry (PCI) compliance essentially takes the liability for your customers’ credit card data away from you and places it firmly onto your payment processing provider. Visa and MasterCard thoroughly vet processors to make sure they comply with standards, and processors then pass that charge onto you as a merchant using their services.
Conclusion—safe and automatic solutions are out there in droves
This isn’t an exhaustive list, but the main takeaway from this should be that there are tons of great options in regards to:
- Integrating your processing
- Adding a shopping cart to your business
- Utilizing mobile payment apps, and
- PCI compliance