Credit card payment remains to be an influential and far-reaching payment method for both consumers and businesses whether they do dealings in a physical location, online, or through a mobile device. This is especially true these days when cashless payment is strongly promoted to prevent transmission of COVID19. As a business owner, one of the several challenges you might be facing is that you want to be able to offer credit card acceptance to attract as many customers as possible that may prefer this payment method. However, with the growing cases of fraud and chargebacks, it’s vital that you know the safest way to accept credit cards while also seeking a solution that helps you get paid fast.
Here are five secure methods of payment to consider:
1. Merchant Account
A merchant account will let you accept and process credit card payment online, in-store, and mobile.It provides a way to help your business if you have an omnichannel presence. Serving as a middleman, the merchant account services provider, takes care of the entire process and offers you the the tools, equipment, and software needed to handle credit card transactions. They provide in-person credit card processing items such as POS terminals, PIN-pad terminals, wireless terminals, and EVM acceptance. These support tools typically includes many security features, which vary between merchant account providers so it’s critical for you to know and understand the value each of them offers you. Be sure to partner with a company that offers you the most security features as well as PCI- and EMV-compliant.
The benefits are that a merchant account can cover all aspects of your credit card acceptance needs as an all-in-one solution. And, you don’t have to pay exorbitant fees to get all that so make sure to conduct extensive market reserach before shopping around.
2. Mobile Payment Processor
This method for credit card acceptance is a fast and safe way to process cards anytime, anywhere. If your business is a brick-and-mortar store and doesn’t rely on a cash register or other tools, then this could be your best choice. Like a merchant account provider, a mobile payment processor prepares a merchant account to receive credit card payments for you but does so wirelessly. The tools used can be a smartphone or tablet along with a card reader that can plug into a mobile device. Security features are similar to a merchant account provider in terms of PCI compliance, encryption keys, Secure Sockets Layer (SSL), and other measures designed to kick in should a device used to process the credit cards be lost or stolen.
The benefit of this is using a secure credit card payment method that travels with you no matter where you are. However, you need to be extra careful in picking the mobile processing company for your business. Assess which one offers the most competitive fee schedule and list of features.
3. Point-of-Sale System
Widely known as POS system, this choice for securely accepting credit card payment combines a merchant account with software and equipment. Likewise, it offers a way for a retailer to manage customers and inventory, generate sales reports, and cover many operational aspects of the business. It can be a physical or mobile system. It is the top picks for retailers, restaurants, and service companies that have a physical location. In this method, some providers might require you to have a merchant account; but some POS system provider, known as payment aggregators, process through payment gateways and deposit the funds directly into your bank account. Tools and fees come with this credit card processing method, but security is also guaranteed through PCI compliance, encryption, SSL, password protection, data backups and remote wiping for when and if any of the devices or equipment is stolen.
The key advantage of this method is that it is an all-in-one solution that covers so many facets of your business beyond just processing payments.
4. Online Payment Gateway
All kinds of business that wants to engage in the Internet, whether they have a physical location or not can use this method for credit card processing. This is a good method especially for businesses that don’t have high credit card volume as well as for those considered high-risk businesses. The costs or fees to use this service seem to pricey from company to company, so it’s better to do a thorough research first of the charges before partnering with a provider. Because it’s strictly an online credit card processing method, security typically is maxed out, using multiple layers to stop hacking and data breaches. However, it can be costly, especially in a high-risk business.
5. Software and Payment APIs
If you a business owner that prefers a software package and more control over the process, there are solutions that you can buy to enable credit card payments, but you will still have to coordinate with your bank to do the actual processing. Likewise, there are APIs, which are tools for developers that offer a way to tailor any type of payment processing methods for your online credit card processing. This method though is recommended for a business that has a pool of IT experts on board to assist with this process. Otherwise, you should go with one of the other options on this list.
To choose which type of secure method for processing credit cards is right for your business, you need to define the needs of your business first. Do you need a solution that syncs all your data together, including Customer Relationship Management, inventory, sales, payroll, and payment details? Do you want a solution that you can work with no matter where you are or can you work with a payment processing system just within a physical store location? These are just a few questions you need to answer and spend considerable time ensuring you have a trustworthy credit card processing partner that keeps your business and customer data safe.
Should you encounter challenges to evaluate your business needs and identify the best pick for you, please feel free to contact CloudBanking. Our team of business experts is ready to assist you anytime.