Payment Proecssing-lessons Learned Through Real Life Examples
Payment processing is something customers making purchases via credit or debit cards
seldom if ever worry about how the businesses they patronize process payments,unless and or until,it causes an issue for customer.Take a story I recently heard from a few acquaintances that illustrates precisely why having the right payment processing available benefits both your business and your customers.
These acquaintances were eating at a small restaurant in the DFW area. Upon finishing their dinner they were terribly frustrated to discover that the restaurant did not accept credit cards as a form of payment. The restaurants failure to accept credit or debit cards was a big problem as like many of us these days,they use their cards to pay for what they need and were not carrying cash nor did they have a checkbook on them.
The diners were upset and after calling someone to pay, they left mumbling about how they wouldn't be returning. It just wasn't worth it to them to visit an ATM and get cash every time they wanted to eat breakfast.
While this is the most recent and blatant case I've heard of a business losing customers due to a lack of payment processing options, it actually happens quite frequently. It's just usually more subtle.
Customers may opt to do business with another retailer when you don't take payments online or mat choose to dine at a restaurant other than yours because you refuse American Express and only take Visa or Mastercard; both of these are more subtle examples.
Besides losing customers, there are several other reasons accepting cash or check only can be problematic for businesses.
credit cards are far more secure than checks. Businesses can lose a substantial amount of money on pursuing bounced checks.
And our story leaves one more daunting question; how many times do people go out with only their credit and debit cards with no checks or cash?
As you can see from our example,not accepting credit cards can affect your bottom line.
If you would like to begin payment processing and avoid losing customers, sales and revenue, you'll be happy to learn the entire process is simple and affordable.
The first step is to partner with a merchant services provider. While deciding on a merchant services provider it's important to look a the products they offer,their available payment processing plans and the level of customer service they provide.
The right merchant services provider should offer a variety of products that work together to create a custom plan that meets your needs. Don't accept a one-size-fits all plan. Your business is unique; your payment plan should be too.
Also, make sure their customer service will meet your needs. Look for a provider that provides assistance 24 hours a day, seven days a week, 365 days a year.
By partnering with a merchant services provider that offers a variety of products, custom-designed plans and excellent customer service, you can get the most out of your payment processing and avoid losing customers, sales and revenue.
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