What Does Payment Processing Include and Why Is It So Important for Your Business?

Mobile payment processing

Let’s face it, all business owners have one goal in mind: making money. And in order to bring in enough revenue to keep a business operating, entrepreneurs have plenty to look out for. From great lead generating advertisements to excellent products and services, running a company takes many skills.

One thing that most business owners don’t want to have to think about is the way in which money goes from customers’ pockets to the company bank account. However, it is important to consider: the more options a business can give its customers when it comes to accepting payments, the more money that company could potentially earn. While taking cash and sometimes checks is a given for most companies — at least the brick and mortar ones — accepting credit cards and debit cards is another matter. In order to give customers the option to pay with plastic, it may be necessary to use a payment processing provider.

What services does payment processing include? Payment processing includes taking customers’ credit card payments and transferring those payments to a business — essentially as a third party for security reasons. Payment processing companies can also offer merchant card services that screen for fraud or other issues.

Having a payment processor help you take credit and debit cards can be a serious advantage, especially considering how many types of cards there are. For example, Visa is the most widely accepted card in the world — taken in over 150 countries by approximately 20 million merchants. While accepting Visa cards is essential, it’s important to consider what other national or international brands you might need to take from your customers, especially if you have an online eCommerce business, too.

Does payment processing include any fees to the business? Typically, yes: a percentage of the sale is taken in the payment transfer process by the payment processing company. The fee all depends on what types of payment processor you choose and what your business requires. High risk merchant services, for instance, which can help protect you from fraudulent transactions, might cost a little bit more.

What other payment processing services are available? Today’s payment processing companies are on the cutting edge of technology, and one of the biggest advances is through the use of mobile technology. Mobile payment processing utilizes tablets and smartphones to accept payments from customers. This is great news for busy shops and restaurants and for businesses that travel and sell their products on the road. These types of terminals, which are 100% secure and PCI compliant, also offer a cost savings when compared with the purchase of multiple terminals and credit card machines.

What does your payment processing company offer? Tell us about your experience or feel free to ask any questions about payment processing in the comments section below.

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