loader image
The Flag of the United States of America

5 Safe Payment Methods to Accept Credit Cards at Your Business

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.

Leave a Reply

inquiry

© Copyright 2020 CloudBanking Ltd. All Rights Reserved.

ACCOUNTING SERVICES

Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.