Setting up your business for improved security and customer convenience always seems to circle around how you process payments. Virtual payment processing has emerged as the most secure and quickest form of payment processing types for any business. But despite its name, adding virtual processing to your business can be implemented in three quick and easy steps; steps that will also give you new tools to grow your business further.
Step 1: Add Cloud-Based POS Technology
Gaining the ability to accept virtual payments must start with placing your POS system functions into the cloud. Cloud-based POS features are mandatory in processing virtual payments, but will also noticeably increase the productivity of your business tasks. Having your POS registers connected to the cloud allows you to accept virtual payments regardless of your customer’s location.
Placing the important components of your POS system into the cloud provides better accessibility and security for your data. This is especially important when it comes to virtual payments, as the payment information enters your POS system digitally and must be carefully tracked and managed. The data obtained from each transaction becomes easier to use, as online reports can reveal a minute-by-minute breakdown of sales performances.
Do This: Upgrade your POS solution to store data and business tools in the cloud. This maximizes security and accessibility while giving you more functional options.
Step 2: Utilize Mobility Within Your Business
As the number of consumers using virtual payment mediums continues to grow, so do their expectations for a business to accept virtual payments. With the number of virtual transactions being conducted on mobile devices exploding, it’s beneficial to add mobile-friendly POS technologies into your business. Doing so not only demonstrates your digital prowess with potential customers but also helps to add cost and time savers to your daily business processes.
Mobile apps, as well as web-based tools, such as online invoicing software, are rapidly becoming essential modern business tools. These tools give your physical business the additional perk of using tablets as POS registers. Using tablets gives your staff the freedom to move within your business so that their focus can remain on the customer. It also allows virtual payments to be accepted from anywhere your customers are, whether that is a store aisle, a restaurant table, or a stylist’s chair.
Do This: Choose a POS solution provider that includes a mobile app and a customizable online website that integrates into your POS system.
Step 3: Select an Amenable Payment Processor
This is perhaps the trickiest challenge that small businesses face when it comes to payment acceptance. The volatility of the payment processing market can wreak havoc on a small business’s budget, leading to the excessive payout of unplanned fees. As small businesses often have somewhat strict budgets, they need to have their cost points be fixed and easy to manage to ensure that their projected profit margins hold true.
But negotiating with a payment processor, let alone finding one that accepts virtual payments, is something that many small business owners are not equipped to handle on their own. Although some virtual payment providers, such as PayPal and Venmo, offer easy ways to transfer funds into business accounts, others will add layers of complexity that require input from a payment processing consultant with deep levels of virtual payment experience.
An ideal scenario that has emerged in the competitive small business POS marketplace has POS providers presenting payment processing options to their small business customers. Although many of these can still give business owners unfavorable terms, there are a select few that take the time to negotiate the best payment processing terms possible for each business the provider serves with POS technology, making payment processing an integral part of the overall POS experience.
Do This: When deciding between POS providers on the market, choose the one that offers flexible payment processing terms that do not lock you in.
Virtual Payment Processing Can Work For Your Benefit
Choosing to accept virtual payments can open the doors to a broader customer audience. It can also open the doors to potential budgetary risks, such as hidden fees or upward-trending processing fees. Engaging with a POS provider that is willing to negotiate flexible, friendly payment processing terms on your behalf is an invaluable service that makes virtual payment processing work to your advantage.Entering a partnership with talech gives you more than POS technology. We understand your need to stay within your budgetary lines, and will actively work to improve the virtual payment processing terms you obtain for the processing of any payment type.
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