Today, you must inevitably be able to accept cards at some point on your business journey. Relying on cash, or even checks, as a payment source is not only outdated but is becoming very difficult for businesses to justify given the recent trends towards cashless or virtual payment options.
But making this change for your own business will require a starting point, and there are a few key questions that you must first answer before diving into the world of card payment acceptance.
What Are the Customer Expectations for Payment Options?
The first step is to know your customer. However, discovering what type of payment method is preferred by a typical customer may seem impossible without asking every one of them. Thankfully, there are better ways to satisfy multiple sets of customer payment expectations using high-tech, POS-based payment options that have the ability to accept cards for payment.
Instead of being concerned with the exact payment methods your customers prefer, offer to instead accept a wide variety of payment options. Some examples of the payment types you will want to accept include multiple types of card options such as swipe, EMV chip-enabled, and NFC.
Additional payment options such as Apple Pay or Google Pay can add to the draw of your business and make customer engagement across multiple channels a realistic option.
Choosing a POS partner that can offer payment acceptance as a part of its engagement will broaden your reach and increase revenue. Your partner will work with you to ensure that you can accept all of the most common types of card payments at a minimal cost to your business and guide you towards modern payment methods.
Where Do Your Customers Prefer to Pay?
Contactless and online payment methods continue to become more popular, so your business must be able to accommodate these lasting trends. Although the online world may not be on your radar yet, taking your business online has never been easier or more cost-effective.
Online payment options will be imperative for any small business owner going forward. Using POS software that supports payment and can effortlessly store payment information is a pivotal piece of the puzzle for taking advantage of online-generated sales leads.
These payment options allow you to add delivery services and QR codes and will give you additional data that can be used for improving the customer experience and reaching a broader audience.
Virtual terminals will be instrumental in bridging the payment gap and managing payments received via multiple sales channels. These terminals will allow you to quickly add or remove supported payment types. This gives your business flexibility and adaptability in response to changing market conditions.
How Will POS Software Factor Into Your Ability to Accept Cards?
As you can see, many options take the ability to accept cards to new levels and can drive business success. New markets can be opened up, both through the ability to provide an online experience to your brand and to accept payments from these new channels.
But regardless of how far you take the ability to accept card payments, there are several features that a POS system must have to ensure the security of customer information and to manage the books on the back-end.
The POS system you use must be cloud-based allowing for payment information to be securely transmitted and stored. Mobile payment apps become an important piece and will also require the use of cloud-based data storage.
Advanced reporting options, including the ability to craft custom reporting, will be necessary with a POS solution. Finally, you will need to use a virtual terminal that integrates into mobile payment apps and your POS system without any additional effort.
Where Do I Turn to Put All of These Pieces Together?
With the decision to transition your business to one that relies less on cash comes the responsibility of upgrading your supporting business technology. POS software can introduce the tools necessary to not only accept cards but to use modern payment types that help to expand the reach of your brand to a wider audience. But before you try this on your own, reach out to a POS consultant that has proven experience putting these solutions together for small businesses like yours.
At talech, we see every business as a business partner. Our work does not end with just the sale of POS software—it continues in areas of business support like helping you navigate how to accept cards or utilizing the POS technology that is best for your budget. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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